Biogen Inc. (NASDAQ:BIIB) Position Reduced by Sarissa Capital Management LP

Sarissa Capital Management LP cut its holdings in shares of Biogen Inc. (NASDAQ:BIIB) by 95.8% during the 3rd quarter, Holdings Channel.com reports. The firm owned 26,950 shares of the biotechnology company’s stock after selling 616,050 shares during the quarter. Biogen comprises approximately 1.3% of Sarissa Capital Management LP’s holdings, making the stock its 7th biggest position. Sarissa Capital Management LP’s holdings in Biogen were worth $5,224,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in BIIB. International Assets Investment Management LLC increased its position in shares of Biogen by 19,722.9% during the third quarter. International Assets Investment Management LLC now owns 358,992 shares of the biotechnology company’s stock valued at $695,870,000 after buying an additional 357,181 shares during the period. Mizuho Securities USA LLC increased its position in shares of Biogen by 2,715.9% during the third quarter. Mizuho Securities USA LLC now owns 316,000 shares of the biotechnology company’s stock valued at $61,253,000 after buying an additional 304,778 shares during the period. Erste Asset Management GmbH bought a new stake in shares of Biogen during the third quarter valued at about $55,826,000. RA Capital Management L.P. increased its position in shares of Biogen by 20.6% during the third quarter. RA Capital Management L.P. now owns 1,184,456 shares of the biotechnology company’s stock valued at $229,595,000 after buying an additional 202,317 shares during the period. Finally, Massachusetts Financial Services Co. MA increased its position in shares of Biogen by 29.6% during the third quarter. Massachusetts Financial Services Co. MA now owns 711,184 shares of the biotechnology company’s stock valued at $137,856,000 after buying an additional 162,511 shares during the period. 87.93% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on BIIB shares. Wolfe Research started coverage on shares of Biogen in a research report on Friday, November 15th. They issued a “peer perform” rating on the stock. Cantor Fitzgerald restated an “overweight” rating and issued a $292.00 price objective on shares of Biogen in a research report on Monday, September 9th. BMO Capital Markets decreased their price objective on shares of Biogen from $260.00 to $230.00 and set an “outperform” rating on the stock in a research report on Thursday, October 17th. StockNews.com upgraded shares of Biogen from a “buy” rating to a “strong-buy” rating in a research report on Monday, September 2nd. Finally, Barclays cut their target price on Biogen from $190.00 to $180.00 and set an “equal weight” rating for the company in a research note on Thursday, October 31st. Thirteen equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $257.20.

Biogen Stock Performance

Shares of Biogen stock opened at $160.92 on Thursday. The stock’s fifty day moving average is $176.00 and its two-hundred day moving average is $201.52. The company has a market capitalization of $23.45 billion, a PE ratio of 14.54, a price-to-earnings-growth ratio of 1.52 and a beta of -0.08. The company has a quick ratio of 0.80, a current ratio of 1.26 and a debt-to-equity ratio of 0.28. Biogen Inc. has a 52 week low of $153.62 and a 52 week high of $268.30.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, beating the consensus estimate of $3.77 by $0.31. The company had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.43 billion. Biogen had a return on equity of 14.98% and a net margin of 16.81%. Biogen’s quarterly revenue was down 2.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $4.36 EPS. As a group, analysts expect that Biogen Inc. will post 16.45 earnings per share for the current 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.