Asahi Life Asset Management CO. LTD. Buys New Stake in Biogen Inc. (NASDAQ:BIIB)

Asahi Life Asset Management CO. LTD. purchased a new position in shares of Biogen Inc. (NASDAQ:BIIB) in the 3rd quarter, Holdings Channel reports. The firm purchased 1,800 shares of the biotechnology company’s stock, valued at approximately $349,000.

A number of other institutional investors also recently made changes to their positions in BIIB. Vanguard Group Inc. boosted its stake in shares of Biogen by 15.0% during the first quarter. Vanguard Group Inc. now owns 16,570,398 shares of the biotechnology company’s stock valued at $3,573,075,000 after acquiring an additional 2,163,068 shares during the last quarter. Primecap Management Co. CA boosted its stake in shares of 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. Price T Rowe Associates Inc. MD boosted its stake in shares of 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 last quarter. RA Capital Management L.P. grew its holdings in shares of Biogen by 39.0% during the first quarter. RA Capital Management L.P. now owns 740,727 shares of the biotechnology company’s stock worth $159,723,000 after buying an additional 207,835 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its position in shares of Biogen by 27.2% in the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 570,533 shares of the biotechnology company’s stock valued at $123,024,000 after buying an additional 122,101 shares during the last quarter. 87.93% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Biogen

In related news, insider Priya Singhal sold 431 shares of the firm’s stock in a transaction 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 sale, the insider now directly owns 5,316 shares of the company’s stock, valued at approximately $1,085,633.52. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.16% of the company’s stock.

Biogen Trading Up 1.8 %

NASDAQ:BIIB opened at $185.01 on Tuesday. Biogen Inc. has a 12 month low of $181.24 and a 12 month high of $268.30. The business’s 50-day moving average is $194.86 and its two-hundred day moving average is $210.08. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.29 and a quick ratio of 1.48. The firm has a market capitalization of $26.94 billion, a PE ratio of 23.10, a price-to-earnings-growth ratio of 1.87 and a beta of -0.06.

Biogen (NASDAQ:BIIB) last announced its earnings results on Thursday, August 1st. The biotechnology company reported $5.28 EPS for the quarter, beating 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 return on equity of 15.71% and a net margin of 11.98%. The company’s revenue was up .4% on a year-over-year basis. During the same period last year, the business posted $4.02 EPS. Research analysts predict that Biogen Inc. will post 16.14 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

BIIB has been the topic of a number of analyst reports. Robert W. Baird decreased their target price on shares of Biogen from $316.00 to $294.00 and set an “outperform” rating on the stock in a research report on Monday, July 29th. StockNews.com raised Biogen from a “buy” rating to a “strong-buy” rating in a research report on Monday, September 2nd. Truist Financial reiterated a “buy” rating and issued a $302.00 target price (down from $340.00) on shares of Biogen in a research note on Monday, August 5th. Scotiabank decreased their price target on Biogen from $275.00 to $244.00 and set a “sector outperform” rating on the stock in a research note on Friday, August 2nd. Finally, Mizuho dropped their price objective on shares of Biogen from $277.00 to $251.00 and set an “outperform” rating for the company in a research note on Tuesday, August 6th. Nine equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Biogen has an average rating of “Moderate Buy” and an average target price of $271.39.

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.