Renaissance Technologies LLC Has $143.29 Million Stock Position in Biogen Inc. (NASDAQ:BIIB)

Renaissance Technologies LLC cut its holdings in shares of Biogen Inc. (NASDAQ:BIIB) by 30.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 618,106 shares of the biotechnology company’s stock after selling 266,598 shares during the period. Renaissance Technologies LLC owned approximately 0.42% of Biogen worth $143,289,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of BIIB. KCM Investment Advisors LLC lifted its position in Biogen by 1.7% in the 1st quarter. KCM Investment Advisors LLC now owns 2,953 shares of the biotechnology company’s stock valued at $637,000 after acquiring an additional 48 shares in the last quarter. First Horizon Advisors Inc. boosted its position in Biogen by 39.8% during the 2nd quarter. First Horizon Advisors Inc. now owns 172 shares of the biotechnology company’s stock worth $40,000 after acquiring an additional 49 shares during the last quarter. TFB Advisors LLC boosted its position in Biogen by 2.1% during the 1st quarter. TFB Advisors LLC now owns 2,450 shares of the biotechnology company’s stock worth $530,000 after acquiring an additional 50 shares during the last quarter. QRG Capital Management Inc. raised its holdings in shares of Biogen by 2.0% in the first quarter. QRG Capital Management Inc. now owns 2,634 shares of the biotechnology company’s stock valued at $568,000 after purchasing an additional 51 shares during the last quarter. Finally, Plato Investment Management Ltd raised its holdings in shares of Biogen by 82.8% in the first quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock valued at $25,000 after purchasing an additional 53 shares during the last quarter. 87.93% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

BIIB has been the topic of a number of recent research reports. Barclays lowered their target price 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. Wells Fargo & Company decreased their target price on shares of Biogen from $240.00 to $225.00 and set an “equal weight” rating for the company in a research note on Friday, August 2nd. Needham & Company LLC reaffirmed a “buy” rating and issued a $285.00 target price on shares of Biogen in a report on Wednesday, September 4th. Royal Bank of Canada lifted their price target on Biogen from $282.00 to $292.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Finally, Mizuho dropped their price objective on Biogen from $277.00 to $251.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 6th. Eight investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Biogen presently has a consensus rating of “Moderate Buy” and a consensus target price of $275.52.

Biogen Price Performance

Shares of BIIB opened at $195.63 on Monday. The company has a quick ratio of 1.48, a current ratio of 2.29 and a debt-to-equity ratio of 0.40. The stock has a market cap of $28.50 billion, a PE ratio of 24.42, a PEG ratio of 2.01 and a beta of -0.06. Biogen Inc. has a 12-month low of $189.44 and a 12-month high of $269.43. The business has a 50-day simple moving average of $210.52 and a two-hundred day simple moving average of $215.67.

Biogen (NASDAQ:BIIB) last posted its earnings results on Thursday, August 1st. The biotechnology company reported $5.28 EPS for the quarter, topping the consensus estimate of $4.00 by $1.28. The business had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.39 billion. Biogen had a net margin of 11.98% and a return on equity of 15.71%. The firm’s revenue was up .4% compared to the same quarter last year. During the same period last year, the company earned $4.02 EPS. Analysts anticipate that Biogen Inc. will post 16.12 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Biogen news, insider Priya Singhal sold 431 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were 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 owns 5,316 shares in the company, valued at approximately $1,085,633.52. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.16% of the stock is owned by insiders.

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.