E Fund Management Co. Ltd. Grows Position in Biogen Inc. (NASDAQ:BIIB)

E Fund Management Co. Ltd. boosted its stake in Biogen Inc. (NASDAQ:BIIB) by 68.9% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 7,067 shares of the biotechnology company’s stock after purchasing an additional 2,884 shares during the quarter. E Fund Management Co. Ltd.’s holdings in Biogen were worth $1,638,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in Biogen by 15.0% in the first quarter. Vanguard Group Inc. now owns 16,570,398 shares of the biotechnology company’s stock valued at $3,573,075,000 after purchasing an additional 2,163,068 shares during the period. Primecap Management Co. CA grew its stake in Biogen by 0.7% during the second quarter. Primecap Management Co. CA now owns 16,338,294 shares of the biotechnology company’s stock worth $3,787,543,000 after buying an additional 117,578 shares during the period. Van ECK Associates Corp grew its stake in Biogen by 22.2% during the first quarter. Van ECK Associates Corp now owns 1,737,340 shares of the biotechnology company’s stock worth $374,623,000 after buying an additional 316,144 shares during the period. Price T Rowe Associates Inc. MD grew its stake in Biogen by 5.4% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,589,629 shares of the biotechnology company’s stock worth $342,772,000 after buying an additional 81,283 shares during the period. Finally, Norges Bank purchased a new stake in Biogen during the fourth quarter worth approximately $378,728,000. 87.93% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on BIIB shares. Wells Fargo & Company decreased their price objective on shares of Biogen from $240.00 to $225.00 and set an “equal weight” rating for the company in a research note on Friday, August 2nd. Royal Bank of Canada boosted their price objective on shares of Biogen from $282.00 to $292.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Cantor Fitzgerald reiterated an “overweight” rating and set a $292.00 price objective on shares of Biogen in a research note on Monday, September 9th. HC Wainwright reiterated a “buy” rating and set a $300.00 price objective on shares of Biogen in a research note on Thursday, May 23rd. Finally, Piper Sandler decreased their target price on shares of Biogen from $335.00 to $313.00 and set an “overweight” rating for the company in a research note on Friday, July 12th. Eight research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $275.52.

Biogen Stock Down 0.7 %

Shares of NASDAQ:BIIB opened at $198.21 on Wednesday. The stock has a market capitalization of $28.86 billion, a price-to-earnings ratio of 24.75, a price-to-earnings-growth ratio of 2.01 and a beta of -0.06. Biogen Inc. has a 1-year low of $189.44 and a 1-year high of $269.43. The company’s fifty day moving average is $209.33 and its two-hundred day moving average is $215.39. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.48 and a current ratio of 2.29.

Biogen (NASDAQ:BIIB) last issued its earnings results on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share for the quarter, topping analysts’ consensus estimates of $4.00 by $1.28. The company had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.39 billion. Biogen had a net margin of 11.98% and a return on equity of 15.71%. The firm’s revenue was up .4% compared to the same quarter last year. During the same period in the prior year, the company earned $4.02 earnings per share. Equities analysts anticipate that Biogen Inc. will post 16.12 EPS for the current year.

Insiders Place Their Bets

In other news, insider Priya Singhal sold 431 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total transaction of $88,018.82. Following the completion of the transaction, the insider now owns 5,316 shares in the company, valued at $1,085,633.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.16% of the stock is owned by corporate insiders.

About Biogen

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.