Varma Mutual Pension Insurance Co sells 892 shares of Biogen Inc. (NASDAQ:BIIB)

Varma Mutual Pension Insurance Co reduced its holdings in Biogen Inc. (NASDAQ:BIIB – Free Report) by 2.2% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 40,008 shares of the biotechnology company’s stock after selling 892 shares during the quarter. Varma Mutual Pension Insurance Co’s holdings in Biogen were worth $9,275,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in Biogen by 18.2% in the fourth quarter. Vanguard Group Inc. now owns 14,407,330 shares of the biotechnology company’s stock valued at $3,728,185,000 after buying an additional 2,218,744 shares in the last quarter. Norges Bank bought a new position in Biogen in the fourth quarter valued at about $378,728,000. FIL Ltd grew its position in Biogen by 936.4% in the fourth quarter. FIL Ltd now owns 656,502 shares of the biotechnology company’s stock worth $169,883,000 after buying an additional 593,158 shares during the period. First Trust Advisors LP boosted its holdings in Biogen by 141.0% during the 4th quarter. First Trust Advisors LP now owns 977,308 shares of the biotechnology company’s stock worth $252,898,000 after buying an additional 571,795 shares during the period. in the last quarter. Finally, Van ECK Associates Corp grew its position in Biogen by 22.2% in the first quarter. Van ECK Associates Corp now owns 1,737,340 shares of the biotechnology company’s stock valued at $374,623,000 after acquiring an additional 316,144 shares during the period. Institutional investors and hedge funds own 87.93% of the company’s shares.

Analysts set new price targets

BIIB has been the subject of several analyst reports. Robert W. Baird cut their price target 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. StockNews.com upgraded shares of Biogen from a “buy” rating to a “strong-buy” rating in a research report on Monday, September 2nd. Barclays cut their price target on Biogen from $200.00 to $190.00 and set an “equal weight” rating on the stock in a research report on Friday, August 2nd. William Blair reiterated an “outperform” rating on shares of Biogen in a report on Wednesday, July 3rd. Finally, Wedbush cut their price target on Biogen from $215.00 to $210.00 and set a “neutral” rating on the stock in a report on Friday, August 2nd. Eight research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Moderate Buy” and an average target price of $275.52, according to MarketBeat .

Check out our latest research report on Biogen

Insiders place their bets

In other news, insider Priya Singhal sold 431 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total value of $88,018.82. Following the completion of the transaction, the insider now owns 5,316 shares in the company, valued at approximately $1,085,633.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available via this hyperlink. Insiders own 0.16% of the company’s shares.

Biogen stock down 0.8%

Shares of Biogen stock opened at $199.27 on Tuesday. The firm has a market cap of $29.03 billion, a PE ratio of 24.88, a P/E/G ratio of 2.03 and a beta of -0.06. The company’s 50-day simple moving average is $212.73, and its 200-day simple moving average is $216.37. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.48, and a current ratio of 2.29. Biogen Inc. it has a 52-week low of $189.44 and a 52-week high of $269.43.

Biogen (NASDAQ:BIIB – Get Your Free Report ) last released its quarterly earnings data on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.00 by $1.28. Biogen had a net margin of 11.98% and a return on equity of 15.71%. The company had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.39 billion. In the same period last year, the company earned $4.02 per share. The company’s revenue was up 0.4% compared to the same quarter last year. On average, analysts predict that Biogen Inc. will post 16.12 earnings per share for the current fiscal year.

About Biogen

(Free Report)

Biogen Inc discovers, develops, manufactures and supplies therapies to treat 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 for treating Alzheimer’s disease; FUMADERM for treating plaque psoriasis; BENEPALI, an etanercept biosimilar that references ENBREL; IMRALDI, an adalimumab biosimilar that refers to HUMIRA; FLIXABI, a biosimilar infliximab that references REMICADE; and BYOOVIZ, a ranibizumab biosimilar that references LUCENTIS.

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