Primecap Management Co. CA Sells 268,870 Shares of Biogen Inc. (NASDAQ:BIIB)

Primecap Management Co. CA reduced its position in shares of Biogen Inc. (NASDAQ:BIIB) by 1.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 16,046,209 shares of the biotechnology company’s stock after selling 268,870 shares during the period. Biogen accounts for about 1.9% of Primecap Management Co. CA’s holdings, making the stock its 13th biggest position. Primecap Management Co. CA owned approximately 11.01% of Biogen worth $2,453,786,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. State Street Corp lifted its position in Biogen by 3.5% during the third quarter. State Street Corp now owns 7,344,960 shares of the biotechnology company’s stock valued at $1,423,747,000 after purchasing an additional 248,942 shares during the last quarter. Geode Capital Management LLC increased its position in Biogen by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 3,613,020 shares of the biotechnology company’s stock valued at $698,062,000 after purchasing an additional 47,055 shares during the period. Pacer Advisors Inc. increased its position in Biogen by 13,574.7% during the 4th quarter. Pacer Advisors Inc. now owns 2,667,531 shares of the biotechnology company’s stock valued at $407,919,000 after purchasing an additional 2,648,024 shares during the period. Amundi grew its position in shares of Biogen by 35.6% in the 4th quarter. Amundi now owns 1,216,990 shares of the biotechnology company’s stock worth $183,461,000 after buying an additional 319,478 shares during the period. Finally, RA Capital Management L.P. grew its position in shares of Biogen by 20.6% in the 3rd quarter. RA Capital Management L.P. now owns 1,184,456 shares of the biotechnology company’s stock worth $229,595,000 after buying an additional 202,317 shares during the period. Institutional investors own 87.93% of the company’s stock.

Insider Activity at Biogen

In other Biogen news, Director Stephen A. Sherwin sold 8,760 shares of the company’s stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $150.02, for a total value of $1,314,175.20. Following the completion of the transaction, the director now owns 11,318 shares of the company’s stock, valued at $1,697,926.36. This represents a 43.63 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.16% of the company’s stock.

Analyst Ratings Changes

Several analysts recently commented on BIIB shares. Morgan Stanley cut their price objective on shares of Biogen from $192.00 to $157.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 13th. Canaccord Genuity Group lowered their price objective on shares of Biogen from $298.00 to $265.00 and set a “buy” rating on the stock in a research note on Thursday, February 13th. William Blair reissued an “outperform” rating on shares of Biogen in a report on Monday, January 13th. Wells Fargo & Company reduced their target price on shares of Biogen from $165.00 to $140.00 and set an “equal weight” rating for the company in a report on Thursday, February 13th. Finally, Stifel Nicolaus cut shares of Biogen from a “buy” rating to a “hold” rating and set a $175.00 price objective on the stock. in a research report on Monday, December 16th. Seventeen research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $213.33.

Biogen Trading Up 2.9 %

NASDAQ:BIIB opened at $143.54 on Tuesday. The company has a quick ratio of 0.90, a current ratio of 1.35 and a debt-to-equity ratio of 0.27. The business’s 50 day moving average is $142.90 and its two-hundred day moving average is $163.58. Biogen Inc. has a 52 week low of $128.51 and a 52 week high of $238.00. The company has a market cap of $21.01 billion, a PE ratio of 12.83, a P/E/G ratio of 1.51 and a beta of 0.01.

Biogen (NASDAQ:BIIB) last announced its quarterly 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 return on equity of 14.98% and a net margin of 16.87%. On average, analysts predict that Biogen Inc. will post 15.83 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.