Zurcher Kantonalbank Zurich Cantonalbank Lowers Stock Position in Biogen Inc. (NASDAQ:BIIB)

Zurcher Kantonalbank Zurich Cantonalbank cut its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 2.7% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 73,356 shares of the biotechnology company’s stock after selling 1,999 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned 0.05% of Biogen worth $17,005,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in BIIB. Vanguard Group Inc. boosted its position in Biogen by 15.0% during the 1st quarter. Vanguard Group Inc. now owns 16,570,398 shares of the biotechnology company’s stock worth $3,573,075,000 after purchasing an additional 2,163,068 shares during the period. Primecap Management Co. CA boosted its position in Biogen by 1.6% during the 4th quarter. Primecap Management Co. CA now owns 16,264,481 shares of the biotechnology company’s stock worth $4,208,760,000 after purchasing an additional 251,915 shares during the period. Van ECK Associates Corp boosted its position in Biogen by 22.2% during the 1st quarter. Van ECK Associates Corp now owns 1,737,340 shares of the biotechnology company’s stock worth $374,623,000 after purchasing an additional 316,144 shares during the period. Price T Rowe Associates Inc. MD boosted its position in Biogen by 5.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,589,629 shares of the biotechnology company’s stock worth $342,772,000 after purchasing an additional 81,283 shares during the period. Finally, Norges Bank purchased a new stake in Biogen during the 4th quarter worth $378,728,000. 87.93% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on BIIB shares. Wells Fargo & Company decreased their price target on shares of Biogen from $240.00 to $225.00 and set an “equal weight” rating for the company in a research report on Friday, August 2nd. Royal Bank of Canada upped their price target on shares of Biogen from $282.00 to $292.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Scotiabank decreased 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 report on Friday, August 2nd. Needham & Company LLC reissued a “buy” rating and issued a $285.00 price objective on shares of Biogen in a research report on Monday, August 19th. Finally, Robert W. Baird decreased their price objective on shares of Biogen from $316.00 to $294.00 and set an “outperform” rating for the company in a research report on Monday, July 29th. Eight investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. According to data from MarketBeat.com, Biogen has an average rating of “Moderate Buy” and an average price target of $276.35.

Biogen Stock Performance

BIIB traded down $1.06 on Friday, hitting $203.76. 191,561 shares of the company’s stock were exchanged, compared to its average volume of 1,104,271. The firm has a market cap of $29.67 billion, a PE ratio of 25.57, a P/E/G ratio of 2.09 and a beta of -0.04. Biogen Inc. has a twelve month low of $189.44 and a twelve month high of $270.50. The stock has a fifty day moving average of $216.53 and a two-hundred day moving average of $217.59. The company has a current ratio of 2.29, a quick ratio of 1.32 and a debt-to-equity ratio of 0.40.

Biogen (NASDAQ:BIIB) last released its quarterly earnings data on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share for the quarter, topping the consensus estimate of $4.00 by $1.28. Biogen had a net margin of 11.98% and a return on equity of 15.71%. The firm had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.39 billion. During the same quarter in the prior year, the business earned $4.02 earnings per share. Biogen’s quarterly revenue was up .4% on a year-over-year basis. On average, research analysts anticipate that Biogen Inc. will post 15.87 earnings per share 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.