Massachusetts Financial Services Co. MA Acquires 162,511 Shares of Biogen Inc. (NASDAQ:BIIB)

Massachusetts Financial Services Co. MA raised its holdings in Biogen Inc. (NASDAQ:BIIB) by 29.6% in the third quarter, Holdings Channel reports. The fund owned 711,184 shares of the biotechnology company’s stock after acquiring an additional 162,511 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Biogen were worth $137,856,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. Principal Financial Group Inc. lifted its position in Biogen by 3.2% in the 3rd quarter. Principal Financial Group Inc. now owns 168,631 shares of the biotechnology company’s stock valued at $32,687,000 after acquiring an additional 5,270 shares in the last quarter. Arlington Partners LLC lifted its holdings in shares of Biogen by 34.3% in the third quarter. Arlington Partners LLC now owns 19,214 shares of the biotechnology company’s stock valued at $3,724,000 after purchasing an additional 4,902 shares in the last quarter. Cetera Investment Advisers boosted its position in shares of Biogen by 235.1% during the first quarter. Cetera Investment Advisers now owns 14,860 shares of the biotechnology company’s stock worth $3,204,000 after buying an additional 10,425 shares during the period. National Pension Service grew its holdings in shares of Biogen by 10.1% during the third quarter. National Pension Service now owns 359,569 shares of the biotechnology company’s stock worth $69,699,000 after buying an additional 32,914 shares in the last quarter. Finally, Tidal Investments LLC raised its position in Biogen by 99.1% in the 1st quarter. Tidal Investments LLC now owns 10,211 shares of the biotechnology company’s stock valued at $2,202,000 after buying an additional 5,082 shares during the last quarter. 87.93% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Citigroup initiated coverage on Biogen in a research report on Thursday, November 14th. They set a “neutral” rating and a $190.00 price target for the company. Cantor Fitzgerald restated an “overweight” rating and set a $292.00 target price on shares of Biogen in a report on Monday, September 9th. Mizuho lowered their price target on shares of Biogen from $251.00 to $207.00 and set an “outperform” rating on the stock in a research note on Thursday. Scotiabank reduced their price objective on shares of Biogen from $275.00 to $244.00 and set a “sector outperform” rating for the company in a research note on Friday, August 2nd. Finally, StockNews.com upgraded Biogen from a “buy” rating to a “strong-buy” rating in a report on Monday, September 2nd. Thirteen investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Biogen has an average rating of “Moderate Buy” and an average price target of $257.20.

Biogen Stock Performance

BIIB opened at $157.90 on Friday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.26 and a quick ratio of 0.80. The business has a fifty day simple moving average of $181.85 and a 200 day simple moving average of $205.22. Biogen Inc. has a 1 year low of $153.62 and a 1 year high of $268.30. The company has a market capitalization of $23.01 billion, a PE ratio of 14.26, a price-to-earnings-growth ratio of 1.49 and a beta of -0.06.

Biogen (NASDAQ:BIIB) last announced its earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.77 by $0.31. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The company had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.43 billion. During the same quarter in the previous year, the business posted $4.36 earnings per share. Biogen’s quarterly revenue was down 2.5% on a year-over-year basis. Research analysts expect that Biogen Inc. will post 16.44 EPS for the current year.

Insiders Place Their Bets

In related news, insider Priya Singhal sold 431 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total value of $88,018.82. Following the completion of the sale, the insider now directly owns 5,316 shares in the company, valued at approximately $1,085,633.52. The trade was a 7.50 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.16% of the company’s stock.

Biogen 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.