First Trust Advisors LP Increases Position in Biogen Inc. (NASDAQ:BIIB)

First Trust Advisors LP lifted its position in Biogen Inc. (NASDAQ:BIIB) by 42.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 511,280 shares of the biotechnology company’s stock after acquiring an additional 152,789 shares during the period. First Trust Advisors LP owned 0.35% of Biogen worth $78,185,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors 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% in 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. Norges Bank purchased a new position in Biogen during the 4th quarter worth approximately $355,569,000. Van ECK Associates Corp lifted its stake in Biogen by 977.9% during 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 acquiring an additional 967,523 shares during the period. Invesco Ltd. boosted its holdings in shares of Biogen by 30.6% in the 4th quarter. Invesco Ltd. now owns 2,128,807 shares of the biotechnology company’s stock valued at $325,537,000 after acquiring an additional 499,074 shares during the last quarter. Finally, FMR LLC increased its stake in shares of Biogen by 98.7% in the fourth quarter. FMR LLC now owns 757,570 shares of the biotechnology company’s stock worth $115,848,000 after acquiring an additional 376,356 shares during the period. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Insider Buying and Selling

In other Biogen news, Director Stephen A. Sherwin sold 8,760 shares of the company’s stock in a transaction on Friday, March 7th. The stock was sold at an average price of $150.02, for a total transaction of $1,314,175.20. Following the transaction, the director now directly owns 11,318 shares in the company, valued at $1,697,926.36. This represents a 43.63 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.16% of the stock is currently owned by corporate insiders.

Biogen Price Performance

NASDAQ:BIIB opened at $116.49 on Tuesday. The company has a market capitalization of $17.05 billion, a P/E ratio of 10.41, a P/E/G ratio of 1.51 and a beta of 0.06. The company has a quick ratio of 0.90, a current ratio of 1.35 and a debt-to-equity ratio of 0.27. Biogen Inc. has a 52 week low of $110.04 and a 52 week high of $238.00. The stock’s fifty day moving average is $133.95 and its two-hundred day moving average is $150.71.

Biogen (NASDAQ:BIIB) last posted its 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%. Equities analysts expect that Biogen Inc. will post 15.83 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts have commented on BIIB shares. Argus lowered shares of Biogen from a “buy” rating to a “hold” rating in a report on Friday, April 4th. Sanford C. Bernstein began coverage on Biogen in a report on Tuesday, February 11th. They set a “market perform” rating and a $160.00 target price on the stock. Wells Fargo & Company reduced their price target on Biogen from $165.00 to $140.00 and set an “equal weight” rating for the company in a research report on Thursday, February 13th. Bank Of America (Bofa) lowered their price objective on Biogen from $178.00 to $163.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 11th. Finally, Canaccord Genuity Group cut their target price on shares of Biogen from $298.00 to $265.00 and set a “buy” rating for the company in a report on Thursday, February 13th. Eighteen equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $213.15.

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.