Tokio Marine Asset Management Co. Ltd. Increases Holdings in Biogen Inc. (NASDAQ:BIIB)

Tokio Marine Asset Management Co. Ltd. raised its holdings in shares of Biogen Inc. (NASDAQ:BIIB) by 21.4% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,272 shares of the biotechnology company’s stock after acquiring an additional 754 shares during the quarter. Tokio Marine Asset Management Co. Ltd.’s holdings in Biogen were worth $828,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in BIIB. Vanguard Group Inc. raised its position in shares of Biogen by 15.0% during the 1st quarter. Vanguard Group Inc. now owns 16,570,398 shares of the biotechnology company’s stock worth $3,573,075,000 after purchasing an additional 2,163,068 shares during the last quarter. International Assets Investment Management LLC lifted its position in shares of Biogen by 19,722.9% in 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 acquiring an additional 357,181 shares in the last quarter. RA Capital Management L.P. boosted its stake 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 valued at $159,723,000 after acquiring an additional 207,835 shares during the last quarter. Primecap Management Co. CA increased its position in 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 in the last quarter. Finally, Swedbank AB acquired a new position in Biogen in the 1st quarter valued at about $22,939,000. Institutional investors and hedge funds own 87.93% of the company’s stock.

Insider Buying and Selling at Biogen

In other news, insider Priya Singhal sold 431 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was 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 directly owns 5,316 shares in the company, valued at approximately $1,085,633.52. The trade was a 7.50 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.16% of the stock is currently owned by company insiders.

Biogen Stock Down 3.0 %

NASDAQ:BIIB opened at $159.99 on Friday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.80 and a current ratio of 1.26. The stock has a 50-day simple moving average of $186.80 and a 200 day simple moving average of $207.77. Biogen Inc. has a one year low of $159.60 and a one year high of $268.30. The company has a market capitalization of $23.31 billion, a price-to-earnings ratio of 14.45, a price-to-earnings-growth ratio of 1.57 and a beta of -0.06.

Biogen (NASDAQ:BIIB) last posted its earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, beating the consensus estimate of $3.77 by $0.31. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The company had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.43 billion. During the same period in the prior year, the company earned $4.36 earnings per share. The business’s revenue was down 2.5% compared to the same quarter last year. Sell-side analysts predict that Biogen Inc. will post 16.4 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Morgan Stanley cut shares of Biogen from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $285.00 to $204.00 in a research note on Thursday, October 31st. Mizuho cut their price target on Biogen from $277.00 to $251.00 and set an “outperform” rating for the company in a report on Tuesday, August 6th. Truist Financial restated a “buy” rating and set a $302.00 price objective (down previously from $340.00) on shares of Biogen in a report on Monday, August 5th. JPMorgan Chase & Co. dropped their target price on Biogen from $220.00 to $210.00 and set a “neutral” rating for the company in a research note on Monday, November 4th. Finally, StockNews.com upgraded Biogen from a “buy” rating to a “strong-buy” rating in a report on Monday, September 2nd. Twelve investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given 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 price target of $258.96.

About Biogen

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.