Zurcher Kantonalbank Zurich Cantonalbank Reduces Stock Holdings in Biogen Inc. (NASDAQ:BIIB)

Zurcher Kantonalbank Zurich Cantonalbank trimmed its position in Biogen Inc. (NASDAQ:BIIB) by 21.0% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 169,381 shares of the biotechnology company’s stock after selling 45,019 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned about 0.12% of Biogen worth $43,831,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Altshuler Shaham Ltd bought a new position in shares of Biogen in the fourth quarter worth about $25,000. OFI Invest Asset Management bought a new position in shares of Biogen in the third quarter worth about $26,000. Gladius Capital Management LP bought a new position in shares of Biogen in the third quarter worth about $28,000. KB Financial Partners LLC raised its stake in shares of Biogen by 105.1% in the third quarter. KB Financial Partners LLC now owns 121 shares of the biotechnology company’s stock worth $31,000 after buying an additional 62 shares during the period. Finally, CVA Family Office LLC bought a new position in shares of Biogen in the fourth quarter worth about $36,000. 87.93% of the stock is owned by hedge funds and other institutional investors.

Biogen Price Performance

Shares of Biogen stock opened at $197.01 on Wednesday. The stock has a 50 day moving average price of $218.13 and a 200-day moving average price of $236.87. Biogen Inc. has a one year low of $194.94 and a one year high of $319.76. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.26 and a current ratio of 2.00. The stock has a market cap of $28.64 billion, a price-to-earnings ratio of 24.45, a price-to-earnings-growth ratio of 1.87 and a beta of -0.02.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings data on Tuesday, February 13th. The biotechnology company reported $2.95 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.18 by ($0.23). Biogen had a net margin of 11.81% and a return on equity of 14.91%. The business had revenue of $2.39 billion for the quarter, compared to analysts’ expectations of $2.47 billion. During the same quarter in the previous year, the firm earned $4.05 EPS. Equities analysts expect that Biogen Inc. will post 15.48 EPS for the current year.

Insider Activity at Biogen

In other news, insider Priya Singhal sold 419 shares of the stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $239.45, for a total value of $100,329.55. Following the transaction, the insider now directly owns 4,516 shares of the company’s stock, valued at $1,081,356.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Priya Singhal sold 419 shares of the stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $239.45, for a total value of $100,329.55. Following the transaction, the insider now directly owns 4,516 shares of the company’s stock, valued at $1,081,356.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Eric K. Rowinsky acquired 455 shares of the business’s stock in a transaction dated Thursday, February 15th. The stock was purchased at an average cost of $222.54 per share, for a total transaction of $101,255.70. Following the completion of the acquisition, the director now directly owns 20,629 shares of the company’s stock, valued at approximately $4,590,777.66. The disclosure for this purchase can be found here. Insiders sold a total of 882 shares of company stock worth $202,030 in the last quarter. 0.60% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have recently commented on BIIB. Bank Of America (Bofa) decreased their price objective on Biogen from $290.00 to $280.00 and set a “neutral” rating on the stock in a research note on Monday, February 12th. Piper Sandler decreased their target price on Biogen from $350.00 to $325.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 14th. Mizuho decreased their target price on Biogen from $355.00 to $277.00 and set a “buy” rating on the stock in a research note on Thursday, February 22nd. Robert W. Baird decreased their target price on Biogen from $333.00 to $316.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 14th. Finally, Oppenheimer decreased their target price on Biogen from $295.00 to $290.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 14th. Ten equities research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Biogen currently has an average rating of “Moderate Buy” and an average price target of $298.96.

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.