Zurcher Kantonalbank Zurich Cantonalbank Lowers Holdings in Biogen Inc. (NASDAQ:BIIB)

Zurcher Kantonalbank Zurich Cantonalbank lowered its holdings in Biogen Inc. (NASDAQ:BIIB) by 21.0% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 169,381 shares of the biotechnology company’s stock after selling 45,019 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Biogen were worth $43,831,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Snowden Capital Advisors LLC lifted its holdings in Biogen by 2.5% in the second quarter. Snowden Capital Advisors LLC now owns 1,591 shares of the biotechnology company’s stock valued at $453,000 after acquiring an additional 39 shares during the period. First Manhattan Co. raised its stake in shares of Biogen by 33.3% during the 4th quarter. First Manhattan Co. now owns 160 shares of the biotechnology company’s stock worth $44,000 after buying an additional 40 shares during the last quarter. Systematic Financial Management LP raised its stake in shares of Biogen by 2.5% during the 1st quarter. Systematic Financial Management LP now owns 1,640 shares of the biotechnology company’s stock worth $456,000 after buying an additional 40 shares during the last quarter. Stratos Wealth Partners LTD. raised its stake in shares of Biogen by 1.1% during the 3rd quarter. Stratos Wealth Partners LTD. now owns 4,032 shares of the biotechnology company’s stock worth $1,036,000 after buying an additional 42 shares during the last quarter. Finally, Sequoia Financial Advisors LLC raised its stake in shares of Biogen by 2.3% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 2,043 shares of the biotechnology company’s stock worth $525,000 after buying an additional 45 shares during the last quarter. Institutional investors and hedge funds own 87.93% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Truist Financial reissued a “buy” rating and issued a $340.00 target price on shares of Biogen in a research note on Monday, March 25th. Bank Of America (Bofa) lowered their price target on Biogen from $290.00 to $280.00 and set a “neutral” rating for the company in a report on Monday, February 12th. William Blair reiterated an “outperform” rating on shares of Biogen in a report on Monday, April 1st. Cantor Fitzgerald reiterated an “overweight” rating and set a $311.00 target price on shares of Biogen in a report on Tuesday, February 20th. Finally, Bank of America decreased their target price on Biogen from $280.00 to $260.00 and set a “neutral” rating for the company in a report on Friday, April 12th. Ten equities research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $298.96.

Biogen Stock Performance

Shares of BIIB opened at $197.01 on Wednesday. The business’s 50 day moving average is $218.13 and its two-hundred day moving average is $236.87. Biogen Inc. has a 52-week low of $194.94 and a 52-week high of $319.76. The firm has a market cap of $28.64 billion, a price-to-earnings ratio of 24.45, a PEG ratio of 1.87 and a beta of -0.02. The company has a quick ratio of 1.26, a current ratio of 2.00 and a debt-to-equity ratio of 0.46.

Biogen (NASDAQ:BIIB) last announced its earnings results on Tuesday, February 13th. The biotechnology company reported $2.95 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.18 by ($0.23). Biogen had a net margin of 11.81% and a return on equity of 14.91%. The business had revenue of $2.39 billion during the quarter, compared to analyst estimates of $2.47 billion. During the same period in the previous year, the company earned $4.05 earnings per share. Analysts forecast that Biogen Inc. will post 15.48 EPS for the current fiscal year.

Insider Activity at Biogen

In related news, insider Priya Singhal sold 419 shares of the company’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $239.45, for a total transaction of $100,329.55. Following the sale, the insider now directly owns 4,516 shares of the company’s stock, valued at approximately $1,081,356.20. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, insider Priya Singhal sold 419 shares of the company’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $239.45, for a total transaction of $100,329.55. Following the sale, the insider now directly owns 4,516 shares of the company’s stock, valued at approximately $1,081,356.20. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Eric K. Rowinsky acquired 455 shares of the stock in a transaction that occurred on Thursday, February 15th. The shares were bought at an average price of $222.54 per share, with a total value of $101,255.70. Following the completion of the purchase, the director now owns 20,629 shares in the company, valued at $4,590,777.66. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 882 shares of company stock valued at $202,030. Corporate insiders own 0.60% of the company’s stock.

Biogen Profile

Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases in the United States, Europe, Germany, Asia, and internationally. The company provides TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; ADUHELM to treat Alzheimer's disease; FUMADERM to treat plaque psoriasis; BENEPALI, an etanercept biosimilar referencing ENBREL; IMRALDI, an adalimumab biosimilar referencing HUMIRA; FLIXABI, an infliximab biosimilar referencing REMICADE; and BYOOVIZ, a ranibizumab biosimilar referencing LUCENTIS.