Van ECK Associates Corp Buys 231,650 Shares of Biogen Inc. (NASDAQ:BIIB)

Van ECK Associates Corp grew its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 19.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,421,196 shares of the biotechnology company’s stock after buying an additional 231,650 shares during the period. Van ECK Associates Corp owned 0.98% of Biogen worth $367,763,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. International Assets Investment Management LLC raised its holdings in Biogen by 24,726.3% during the fourth quarter. International Assets Investment Management LLC now owns 476,913 shares of the biotechnology company’s stock valued at $123,411,000 after acquiring an additional 474,992 shares during the period. abrdn plc raised its stake in Biogen by 237.4% during the 4th quarter. abrdn plc now owns 437,075 shares of the biotechnology company’s stock valued at $113,102,000 after purchasing an additional 307,532 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in Biogen by 204.8% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 446,602 shares of the biotechnology company’s stock worth $114,781,000 after purchasing an additional 300,086 shares in the last quarter. American Century Companies Inc. boosted its stake in Biogen by 28.7% in the 3rd quarter. American Century Companies Inc. now owns 898,928 shares of the biotechnology company’s stock worth $231,033,000 after purchasing an additional 200,310 shares during the period. Finally, Invesco Ltd. grew its holdings in Biogen by 19.1% during the 3rd quarter. Invesco Ltd. now owns 1,181,374 shares of the biotechnology company’s stock valued at $303,625,000 after buying an additional 189,368 shares in the last quarter. 87.93% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages have recently issued reports on BIIB. UBS Group reduced their target price on Biogen from $250.00 to $214.00 and set a “neutral” rating on the stock in a report on Wednesday, April 17th. JPMorgan Chase & Co. decreased their price objective on Biogen from $270.00 to $240.00 and set a “neutral” rating on the stock in a report on Thursday, April 11th. HC Wainwright cut their target price on shares of Biogen from $325.00 to $300.00 and set a “buy” rating for the company in a report on Thursday. Bank Of America (Bofa) decreased their price target on shares of Biogen from $290.00 to $280.00 and set a “neutral” rating on the stock in a research note on Monday, February 12th. Finally, Mizuho lowered their price objective on shares of 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 eighteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $293.88.

Insider Buying and Selling

In other news, insider Priya Singhal sold 262 shares of the business’s stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $221.23, for a total transaction of $57,962.26. Following the sale, the insider now owns 4,886 shares in the company, valued at $1,080,929.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Eric K. Rowinsky bought 455 shares of Biogen stock in a transaction that occurred on Thursday, February 15th. The stock was bought at an average price of $222.54 per share, for a total transaction of $101,255.70. Following the purchase, the director now directly owns 20,629 shares of the company’s stock, valued at approximately $4,590,777.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Priya Singhal sold 262 shares of the business’s stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $221.23, for a total value of $57,962.26. Following the sale, the insider now owns 4,886 shares in the company, valued at approximately $1,080,929.78. The disclosure for this sale can be found here. Insiders have sold a total of 882 shares of company stock worth $202,030 in the last ninety days. 0.60% of the stock is owned by insiders.

Biogen Stock Up 3.2 %

NASDAQ:BIIB traded up $6.60 during trading hours on Monday, reaching $215.50. The company’s stock had a trading volume of 2,068,013 shares, compared to its average volume of 1,216,006. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.32 and a current ratio of 2.10. The company has a market capitalization of $31.38 billion, a P/E ratio of 27.06, a price-to-earnings-growth ratio of 2.13 and a beta of -0.02. The stock has a 50 day moving average price of $212.55 and a two-hundred day moving average price of $233.34. Biogen Inc. has a 12 month low of $189.44 and a 12 month high of $319.76.

Biogen (NASDAQ:BIIB) last posted its earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.45 by $0.22. Biogen had a return on equity of 14.83% and a net margin of 12.07%. The company had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.31 billion. During the same quarter in the previous year, the firm earned $3.40 earnings per share. The firm’s quarterly revenue was down 7.0% compared to the same quarter last year. Equities analysts predict that Biogen Inc. will post 15.57 EPS for the current fiscal 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.