Primecap Management Co. CA Has $2.45 Billion Stock Holdings in Biogen Inc. (NASDAQ:BIIB)

Primecap Management Co. CA lessened its holdings in shares of Biogen Inc. (NASDAQ:BIIB) by 1.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 16,046,209 shares of the biotechnology company’s stock after selling 268,870 shares during the quarter. Biogen accounts for approximately 1.9% of Primecap Management Co. CA’s holdings, making the stock its 13th largest holding. Primecap Management Co. CA owned 0.11% of Biogen worth $2,453,786,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Empowered Funds LLC grew its holdings in Biogen by 455.8% during the third quarter. Empowered Funds LLC now owns 18,908 shares of the biotechnology company’s stock worth $3,665,000 after purchasing an additional 15,506 shares during the period. Swiss National Bank increased its stake in 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 during the last quarter. Aljian Capital Management LLC bought a new stake in shares of Biogen during the third quarter worth $522,000. LMR Partners LLP grew its stake in shares of Biogen by 25.7% in the third quarter. LMR Partners LLP now owns 8,121 shares of the biotechnology company’s stock worth $1,574,000 after purchasing an additional 1,661 shares during the last quarter. Finally, Tidemark LLC bought a new stake in shares of Biogen in the third quarter worth $115,000. Institutional investors and hedge funds own 87.93% of the company’s stock.

Insider Buying and Selling at Biogen

In other Biogen news, Director Stephen A. Sherwin sold 8,760 shares of the stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $150.02, for a total transaction of $1,314,175.20. Following the transaction, the director now owns 11,318 shares of the company’s stock, valued at $1,697,926.36. This trade represents a 43.63 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.16% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. StockNews.com lowered shares of Biogen from a “strong-buy” rating to a “buy” rating in a report on Saturday, December 28th. HC Wainwright reduced their target price on shares of Biogen from $300.00 to $241.00 and set a “buy” rating for the company in a research report on Thursday, February 13th. Scotiabank dropped their price target on shares of Biogen from $244.00 to $224.00 and set a “sector outperform” rating on the stock in a research note on Thursday, February 13th. William Blair reiterated an “outperform” rating on shares of Biogen in a research note on Monday, January 13th. Finally, Royal Bank of Canada lowered their price objective on shares of Biogen from $231.00 to $225.00 and set an “outperform” rating on the stock in a research report on Thursday, February 13th. Seventeen analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, Biogen presently has an average rating of “Hold” and a consensus price target of $213.33.

Biogen Stock Up 2.9 %

Shares of BIIB opened at $143.54 on Tuesday. The company’s 50-day simple moving average is $142.90 and its 200-day simple moving average is $163.58. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.90 and a current ratio of 1.35. Biogen Inc. has a 1 year low of $128.51 and a 1 year high of $238.00. The stock has a market capitalization of $21.01 billion, a PE ratio of 12.83, a P/E/G ratio of 1.51 and a beta of 0.01.

Biogen (NASDAQ:BIIB) last announced its earnings results on Wednesday, February 12th. The biotechnology company reported $3.44 EPS for the quarter, beating analysts’ consensus estimates of $3.43 by $0.01. Biogen had a net margin of 16.87% and a return on equity of 14.98%. Analysts forecast that Biogen Inc. will post 15.83 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.