Biogen Inc. (NASDAQ:BIIB) Shares Sold by Wellington Management Group LLP

Wellington Management Group LLP trimmed its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 3.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,930,723 shares of the biotechnology company’s stock after selling 200,470 shares during the period. Wellington Management Group LLP’s holdings in Biogen were worth $754,006,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. California Public Employees Retirement System grew its stake in Biogen by 0.7% during the 4th quarter. California Public Employees Retirement System now owns 397,849 shares of the biotechnology company’s stock valued at $60,839,000 after acquiring an additional 2,778 shares in the last quarter. Allianz SE purchased a new stake in Biogen in the fourth quarter valued at approximately $219,000. Cornercap Investment Counsel Inc. boosted its position in Biogen by 16.6% in the 4th quarter. Cornercap Investment Counsel Inc. now owns 8,239 shares of the biotechnology company’s stock valued at $1,260,000 after buying an additional 1,174 shares during the period. Allstate Corp acquired a new position in shares of Biogen during the 4th quarter worth about $657,000. Finally, Orion Portfolio Solutions LLC increased its stake in Biogen by 12.4% in the fourth quarter. Orion Portfolio Solutions LLC now owns 6,846 shares of the biotechnology company’s stock valued at $1,047,000 after purchasing an additional 754 shares during the last quarter. 87.93% of the stock is owned by hedge funds and other institutional investors.

Biogen Stock Performance

BIIB stock opened at $136.84 on Tuesday. The firm has a market cap of $20.03 billion, a PE ratio of 12.23, a price-to-earnings-growth ratio of 1.51 and a beta of 0.01. Biogen Inc. has a 1-year low of $128.51 and a 1-year high of $238.00. The company has a current ratio of 1.35, a quick ratio of 0.90 and a debt-to-equity ratio of 0.27. The stock has a 50-day moving average price of $141.81 and a 200-day moving average price of $159.27.

Biogen (NASDAQ:BIIB) last announced its earnings results 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 return on equity of 14.98% and a net margin of 16.87%. As a group, equities research analysts expect that Biogen Inc. will post 15.83 earnings per share for the current year.

Insider Transactions at Biogen

In related news, Director Stephen A. Sherwin sold 8,760 shares of the stock in a transaction 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 sale, the director now owns 11,318 shares in the company, valued at approximately $1,697,926.36. This trade represents a 43.63 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.16% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several analysts recently commented on the stock. William Blair reiterated an “outperform” rating on shares of Biogen in a research report on Monday, January 13th. Truist Financial cut their target price on shares of Biogen from $220.00 to $210.00 and set a “buy” rating for the company in a research report on Thursday, February 13th. Bank Of America (Bofa) cut their price objective on shares of Biogen from $178.00 to $163.00 and set a “neutral” rating for the company in a research report on Tuesday, February 11th. The Goldman Sachs Group reduced their price objective on Biogen from $281.00 to $245.00 and set a “buy” rating on the stock in a research note on Thursday, February 13th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Biogen in a report on Thursday, February 13th. Seventeen analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $213.33.

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.