Wellington Management Group LLP Sells 49,914 Shares of Biogen Inc. (NASDAQ:BIIB)

Wellington Management Group LLP cut its holdings in shares of Biogen Inc. (NASDAQ:BIIB) by 0.9% during the fourth quarter, Holdings Channel.com reports. The fund owned 5,324,396 shares of the biotechnology company’s stock after selling 49,914 shares during the period. Wellington Management Group LLP’s holdings in Biogen were worth $1,377,794,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Norges Bank purchased a new position in Biogen in the fourth quarter worth about $378,728,000. FIL Ltd grew its position in Biogen by 936.4% in the fourth quarter. FIL Ltd now owns 656,502 shares of the biotechnology company’s stock worth $169,883,000 after acquiring an additional 593,158 shares in the last quarter. First Trust Advisors LP grew its position in Biogen by 141.0% in the fourth quarter. First Trust Advisors LP now owns 977,308 shares of the biotechnology company’s stock worth $252,898,000 after acquiring an additional 571,795 shares in the last quarter. International Assets Investment Management LLC grew its position in Biogen by 24,726.3% in the fourth quarter. International Assets Investment Management LLC now owns 476,913 shares of the biotechnology company’s stock worth $123,411,000 after acquiring an additional 474,992 shares in the last quarter. Finally, abrdn plc grew its position in Biogen by 237.4% in the fourth quarter. abrdn plc now owns 437,075 shares of the biotechnology company’s stock worth $113,102,000 after acquiring an additional 307,532 shares in the last quarter. 87.93% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms recently commented on BIIB. Bank of America dropped their price target on Biogen from $280.00 to $260.00 and set a “neutral” rating for the company in a research report on Friday, April 12th. Canaccord Genuity Group dropped their target price on Biogen from $310.00 to $305.00 and set a “buy” rating for the company in a research report on Tuesday, February 20th. William Blair restated an “outperform” rating on shares of Biogen in a research report on Monday, April 1st. Cantor Fitzgerald restated an “overweight” rating and set a $311.00 target price on shares of Biogen in a research report on Tuesday, February 20th. Finally, Mizuho dropped their target price on Biogen from $355.00 to $277.00 and set a “buy” rating for the company in a research report on Thursday, February 22nd. Ten equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $286.50.

Biogen Stock Down 0.9 %

NASDAQ BIIB traded down $2.15 on Friday, hitting $231.69. The stock had a trading volume of 747,882 shares, compared to its average volume of 943,791. The business’s fifty day moving average price is $216.73 and its 200 day moving average price is $229.32. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.10 and a quick ratio of 1.32. Biogen Inc. has a 52-week low of $189.44 and a 52-week high of $304.79. The stock has a market cap of $33.73 billion, a price-to-earnings ratio of 28.93, a price-to-earnings-growth ratio of 2.33 and a beta of -0.02.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings data on Wednesday, April 24th. The biotechnology company reported $3.67 earnings per share for the quarter, beating analysts’ consensus estimates of $3.45 by $0.22. The firm had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.31 billion. Biogen had a net margin of 12.07% and a return on equity of 14.83%. The business’s quarterly revenue was down 7.0% compared to the same quarter last year. During the same period in the previous year, the company earned $3.40 earnings per share. Equities research analysts anticipate that Biogen Inc. will post 15.63 earnings per share for the current year.

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.