Factory Mutual Insurance Co. Lowers Holdings in Biogen Inc. (NASDAQ:BIIB)

Factory Mutual Insurance Co. trimmed its position in Biogen Inc. (NASDAQ:BIIB) by 21.1% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 40,000 shares of the biotechnology company’s stock after selling 10,700 shares during the period. Factory Mutual Insurance Co.’s holdings in Biogen were worth $11,347,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Louisiana State Employees Retirement System lifted its holdings in Biogen by 14.3% in the third quarter. Louisiana State Employees Retirement System now owns 8,000 shares of the biotechnology company’s stock valued at $2,269,000 after acquiring an additional 1,000 shares during the period. Carl P. Sherr & Co. LLC acquired a new stake in Biogen in the third quarter valued at $323,000. 6 Meridian lifted its holdings in Biogen by 407.8% in the third quarter. 6 Meridian now owns 24,742 shares of the biotechnology company’s stock valued at $7,019,000 after acquiring an additional 19,870 shares during the period. Buckley Wealth Management LLC lifted its holdings in Biogen by 6.5% in the third quarter. Buckley Wealth Management LLC now owns 1,638 shares of the biotechnology company’s stock valued at $465,000 after acquiring an additional 100 shares during the period. Finally, IBM Retirement Fund raised its stake in shares of Biogen by 31.6% during the 3rd quarter. IBM Retirement Fund now owns 5,527 shares of the biotechnology company’s stock worth $1,568,000 after buying an additional 1,327 shares during the last quarter. Hedge funds and other institutional investors own 83.74% of the company’s stock.

Shares of BIIB stock traded down $4.10 during mid-day trading on Wednesday, reaching $263.02. The stock had a trading volume of 28,189 shares, compared to its average volume of 1,657,691. The firm’s 50 day simple moving average is $278.23 and its 200 day simple moving average is $289.08. The company has a quick ratio of 2.19, a current ratio of 2.46 and a debt-to-equity ratio of 0.66. Biogen Inc. has a one year low of $221.56 and a one year high of $374.99. The firm has a market cap of $42.29 billion, a PE ratio of 7.82, a P/E/G ratio of 1.62 and a beta of 0.54.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings data on Wednesday, July 22nd. The biotechnology company reported $10.26 EPS for the quarter, topping the Zacks’ consensus estimate of $8.03 by $2.23. Biogen had a return on equity of 50.10% and a net margin of 40.91%. The company had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.44 billion. During the same quarter last year, the company earned $9.15 EPS. Sell-side analysts forecast that Biogen Inc. will post 34.64 earnings per share for the current fiscal year.

Several research analysts recently weighed in on the stock. Wells Fargo & Company boosted their target price on shares of Biogen from $311.00 to $324.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 22nd. Mizuho reissued a “hold” rating and set a $316.00 price target on shares of Biogen in a research report on Wednesday, July 22nd. Morgan Stanley decreased their price target on Biogen from $357.00 to $355.00 and set an “overweight” rating for the company in a research note on Tuesday, October 13th. Credit Suisse Group raised Biogen from a “neutral” rating to an “outperform” rating and upped their target price for the company from $270.00 to $375.00 in a report on Friday, August 7th. Finally, Oppenheimer raised their price target on Biogen from $325.00 to $360.00 and gave the stock an “outperform” rating in a research note on Friday, August 7th. Six research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and eleven have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $311.82.

Biogen Company Profile

Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases worldwide. The company offers TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for multiple sclerosis (MS); SPINRAZA for the treatment of spinal muscular atrophy; and FUMADERM to treat plaque psoriasis.

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Institutional Ownership by Quarter for Biogen (NASDAQ:BIIB)

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