Zurcher Kantonalbank Zurich Cantonalbank Has $13.50 Million Stock Position in Biogen Inc. (NASDAQ:BIIB)

Zurcher Kantonalbank Zurich Cantonalbank cut its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 5.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 69,649 shares of the biotechnology company’s stock after selling 3,707 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Biogen were worth $13,501,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in BIIB. Primecap Management Co. CA lifted its holdings in Biogen by 0.7% during the 2nd quarter. Primecap Management Co. CA now owns 16,338,294 shares of the biotechnology company’s stock worth $3,787,543,000 after purchasing an additional 117,578 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in Biogen by 1.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 913,029 shares of the biotechnology company’s stock worth $176,982,000 after buying an additional 12,319 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in shares of Biogen by 29.6% during the third quarter. Massachusetts Financial Services Co. MA now owns 711,184 shares of the biotechnology company’s stock worth $137,856,000 after buying an additional 162,511 shares in the last quarter. abrdn plc boosted its position in shares of Biogen by 6.2% in the third quarter. abrdn plc now owns 568,510 shares of the biotechnology company’s stock valued at $110,123,000 after acquiring an additional 33,333 shares during the period. Finally, Swiss National Bank grew its stake in shares of Biogen by 0.4% in the third quarter. Swiss National Bank now owns 432,100 shares of the biotechnology company’s stock valued at $83,758,000 after acquiring an additional 1,700 shares in the last quarter. Institutional investors own 87.93% of the company’s stock.

Analysts Set New Price Targets

BIIB has been the subject of a number of recent research reports. Robert W. Baird boosted their price objective on shares of Biogen from $294.00 to $300.00 and gave the company an “outperform” rating in a report on Friday, November 15th. BMO Capital Markets cut their price target on Biogen from $260.00 to $230.00 and set an “outperform” rating for the company in a research note on Thursday, October 17th. Barclays reduced their price target on Biogen from $190.00 to $180.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. TD Cowen dropped their price objective on Biogen from $300.00 to $275.00 and set a “buy” rating for the company in a report on Thursday, October 31st. Finally, Wolfe Research began coverage on Biogen in a report on Friday, November 15th. They set a “peer perform” rating on the stock. Thirteen investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Biogen has an average rating of “Moderate Buy” and an average price target of $257.20.

Biogen Stock Performance

Shares of BIIB stock opened at $160.63 on Friday. The firm has a market capitalization of $23.41 billion, a price-to-earnings ratio of 14.51, a PEG ratio of 1.51 and a beta of -0.06. The company has a current ratio of 1.26, a quick ratio of 0.80 and a debt-to-equity ratio of 0.28. The business’s 50-day moving average price is $177.86 and its 200-day moving average price is $202.99. Biogen Inc. has a 12 month low of $153.62 and a 12 month high of $268.30.

Biogen (NASDAQ:BIIB) last posted its earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, topping the consensus estimate of $3.77 by $0.31. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The business had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.43 billion. During the same period last year, the company earned $4.36 EPS. The firm’s revenue was down 2.5% compared to the same quarter last year. Equities research analysts forecast that Biogen Inc. will post 16.44 EPS for the current year.

Insider Buying and Selling

In other news, insider Priya Singhal sold 431 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total transaction of $88,018.82. Following the completion of the transaction, the insider now directly owns 5,316 shares in the company, valued at $1,085,633.52. This trade represents a 7.50 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.16% of the stock is currently owned by insiders.

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.