Biogen Inc. (NASDAQ:BIIB) Shares Acquired by CIBC Asset Management Inc

CIBC Asset Management Inc raised its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 3.6% in the 4th quarter, Holdings Channel reports. The fund owned 46,807 shares of the biotechnology company’s stock after acquiring an additional 1,623 shares during the quarter. CIBC Asset Management Inc’s holdings in Biogen were worth $7,158,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Pacer Advisors Inc. raised its stake in shares of Biogen by 13,574.7% during the fourth quarter. Pacer Advisors Inc. now owns 2,667,531 shares of the biotechnology company’s stock worth $407,919,000 after purchasing an additional 2,648,024 shares during the last quarter. Van ECK Associates Corp increased its stake in Biogen by 977.9% in the 4th quarter. Van ECK Associates Corp now owns 1,066,460 shares of the biotechnology company’s stock valued at $163,083,000 after buying an additional 967,523 shares during the period. International Assets Investment Management LLC raised its position in Biogen by 19,722.9% during the 3rd quarter. International Assets Investment Management LLC now owns 358,992 shares of the biotechnology company’s stock worth $695,870,000 after buying an additional 357,181 shares during the last quarter. Mizuho Securities USA LLC lifted its stake in shares of Biogen by 2,715.9% in the 3rd quarter. Mizuho Securities USA LLC now owns 316,000 shares of the biotechnology company’s stock worth $61,253,000 after acquiring an additional 304,778 shares during the period. Finally, Erste Asset Management GmbH purchased a new stake in shares of Biogen in the third quarter valued at about $55,826,000. 87.93% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on BIIB. JPMorgan Chase & Co. cut their price target on shares of Biogen from $220.00 to $210.00 and set a “neutral” rating for the company in a report on Monday, November 4th. Citigroup cut their target price on Biogen from $160.00 to $145.00 and set a “neutral” rating for the company in a research note on Thursday, February 13th. Piper Sandler restated a “neutral” rating and issued a $135.00 price target (down from $138.00) on shares of Biogen in a research note on Tuesday. Jefferies Financial Group cut Biogen from a “buy” rating to a “hold” rating and cut their price objective for the stock from $250.00 to $180.00 in a research report on Monday, December 9th. Finally, Truist Financial reduced their target price on Biogen from $220.00 to $210.00 and set a “buy” rating for the company in a report on Thursday, February 13th. Seventeen investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $211.85.

Biogen Price Performance

NASDAQ:BIIB opened at $136.54 on Thursday. Biogen Inc. has a 12-month low of $128.51 and a 12-month high of $238.00. The firm has a market cap of $19.99 billion, a price-to-earnings ratio of 12.20, a price-to-earnings-growth ratio of 1.47 and a beta of -0.08. The company’s 50-day moving average is $146.13 and its two-hundred day moving average is $171.71. The company has a current ratio of 1.35, a quick ratio of 0.90 and a debt-to-equity ratio of 0.27.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings data on Wednesday, February 12th. The biotechnology company reported $3.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.43 by $0.01. Biogen had a net margin of 16.87% and a return on equity of 14.98%. Research analysts expect that Biogen Inc. will post 15.89 EPS for the current year.

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.