Corebridge Financial Inc. Lowers Stake in Biogen Inc. (NASDAQ:BIIB)

Corebridge Financial Inc. cut its stake in Biogen Inc. (NASDAQ:BIIB) by 3.6% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 45,492 shares of the biotechnology company’s stock after selling 1,710 shares during the period. Corebridge Financial Inc.’s holdings in Biogen were worth $6,957,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in BIIB. Crowley Wealth Management Inc. bought a new position in shares of Biogen during the 4th quarter valued at about $944,000. Vanguard Group Inc. grew its position in Biogen by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 16,748,875 shares of the biotechnology company’s stock valued at $2,561,238,000 after acquiring an additional 70,368 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new position in shares of Biogen during the fourth quarter worth approximately $14,126,000. Hillsdale Investment Management Inc. bought a new stake in shares of Biogen in the 4th quarter worth approximately $705,000. Finally, Mizuho Securities USA LLC boosted its stake in shares of Biogen by 46.2% in the 4th quarter. Mizuho Securities USA LLC now owns 13,811 shares of the biotechnology company’s stock valued at $2,112,000 after purchasing an additional 4,366 shares in the last quarter. Institutional investors own 87.93% of the company’s stock.

Biogen Stock Performance

Shares of BIIB stock opened at $138.37 on Friday. The company has a market capitalization of $20.25 billion, a price-to-earnings ratio of 12.37, a price-to-earnings-growth ratio of 1.51 and a beta of 0.01. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.90 and a current ratio of 1.35. Biogen Inc. has a one year low of $128.51 and a one year high of $238.00. The company’s 50-day moving average is $141.88 and its 200 day moving average is $160.25.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings results on Wednesday, February 12th. The biotechnology company reported $3.44 EPS for the quarter, beating 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%. Sell-side analysts expect that Biogen Inc. will post 15.83 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. BMO Capital Markets lowered their price target on shares of Biogen from $156.00 to $139.00 and set a “market perform” rating for the company in a research note on Thursday, February 13th. The Goldman Sachs Group dropped their target price on Biogen from $281.00 to $245.00 and set a “buy” rating for the company in a report on Thursday, February 13th. Citigroup decreased their price target on Biogen from $160.00 to $145.00 and set a “neutral” rating on the stock in a research note on Thursday, February 13th. Jefferies Financial Group downgraded shares of Biogen from a “buy” rating to a “hold” rating and lowered their price objective for the company from $250.00 to $180.00 in a research note on Monday, December 9th. Finally, Truist Financial cut their target price on Biogen from $220.00 to $210.00 and set a “buy” rating on the stock in a research note on Thursday, February 13th. Seventeen equities 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 presently has a consensus rating of “Hold” and an average price target of $213.33.

Insiders Place Their Bets

In related news, Director Stephen A. Sherwin sold 8,760 shares of Biogen stock in a transaction dated 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 sale, the director now directly owns 11,318 shares in the company, valued at approximately $1,697,926.36. This trade represents a 43.63 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.16% of the company’s stock.

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.