Geode Capital Management LLC Has $563.71 Million Stock Holdings in Biogen Inc. (NASDAQ:BIIB)

Geode Capital Management LLC increased its position in shares of Biogen Inc. (NASDAQ:BIIB) by 2.3% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,695,476 shares of the biotechnology company’s stock after purchasing an additional 82,456 shares during the quarter. Geode Capital Management LLC’s holdings in Biogen were worth $563,709,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the company. HighPoint Advisor Group LLC raised its position in Biogen by 24.5% in the 4th quarter. HighPoint Advisor Group LLC now owns 1,934 shares of the biotechnology company’s stock valued at $270,000 after purchasing an additional 381 shares during the last quarter. Franklin Resources Inc. lifted its position in Biogen by 5.2% during the 4th quarter. Franklin Resources Inc. now owns 394,391 shares of the biotechnology company’s stock worth $60,310,000 after buying an additional 19,644 shares in the last quarter. B. Metzler seel. Sohn & Co. AG grew its holdings in Biogen by 37.6% during the 4th quarter. B. Metzler seel. Sohn & Co. AG now owns 10,128 shares of the biotechnology company’s stock worth $1,549,000 after acquiring an additional 2,767 shares during the last quarter. Alliancebernstein L.P. increased its position in Biogen by 0.9% in the 4th quarter. Alliancebernstein L.P. now owns 180,723 shares of the biotechnology company’s stock valued at $27,636,000 after acquiring an additional 1,592 shares in the last quarter. Finally, California Public Employees Retirement System raised its stake in shares of Biogen by 0.7% in the fourth quarter. California Public Employees Retirement System now owns 397,849 shares of the biotechnology company’s stock worth $60,839,000 after acquiring an additional 2,778 shares during the last quarter. 87.93% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

BIIB has been the topic of several research analyst reports. Scotiabank decreased their price target on shares of Biogen from $244.00 to $224.00 and set a “sector outperform” rating on the stock in a research note on Thursday, February 13th. Piper Sandler reissued a “neutral” rating and issued a $135.00 target price (down from $138.00) on shares of Biogen in a research note on Tuesday, February 18th. Royal Bank of Canada cut their price target on Biogen from $231.00 to $225.00 and set an “outperform” rating on the stock in a research note on Thursday, February 13th. Needham & Company LLC reiterated a “hold” rating on shares of Biogen in a research report on Thursday, February 13th. Finally, Citigroup cut their target price on shares of Biogen from $160.00 to $145.00 and set a “neutral” rating on the stock in a research report on Thursday, February 13th. Seventeen analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $213.33.

Biogen Stock Down 0.5 %

Biogen stock opened at $130.71 on Friday. The company has a 50 day moving average of $141.14 and a 200-day moving average of $158.43. The company has a quick ratio of 0.90, a current ratio of 1.35 and a debt-to-equity ratio of 0.27. Biogen Inc. has a twelve month low of $128.51 and a twelve month high of $238.00. The stock has a market capitalization of $19.13 billion, a PE ratio of 11.68, a price-to-earnings-growth ratio of 1.51 and a beta of 0.01.

Biogen (NASDAQ:BIIB) last announced its earnings results on Wednesday, February 12th. The biotechnology company reported $3.44 earnings per share for the quarter, topping analysts’ consensus estimates of $3.43 by $0.01. Biogen had a net margin of 16.87% and a return on equity of 14.98%. On average, equities research analysts anticipate that Biogen Inc. will post 15.83 EPS for the current fiscal year.

Insider Activity at Biogen

In other news, Director Stephen A. Sherwin sold 8,760 shares of the business’s stock in a transaction on Friday, March 7th. The shares were sold at an average price of $150.02, for a total value of $1,314,175.20. Following the sale, the director now owns 11,318 shares of the company’s stock, valued at $1,697,926.36. The trade was a 43.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.16% of the stock is owned by insiders.

Biogen Company 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.