Chevy Chase Trust Holdings LLC Decreases Stock Position in Biogen Inc. (NASDAQ:BIIB)

Chevy Chase Trust Holdings LLC lowered its stake in Biogen Inc. (NASDAQ:BIIB) by 2.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 76,820 shares of the biotechnology company’s stock after selling 1,805 shares during the period. Chevy Chase Trust Holdings LLC owned approximately 0.05% of Biogen worth $11,747,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of BIIB. Pacer Advisors Inc. increased its holdings in shares of Biogen by 13,574.7% in the fourth quarter. Pacer Advisors Inc. now owns 2,667,531 shares of the biotechnology company’s stock worth $407,919,000 after buying an additional 2,648,024 shares during the period. Van ECK Associates Corp increased its holdings in Biogen by 977.9% during the 4th quarter. Van ECK Associates Corp now owns 1,066,460 shares of the biotechnology company’s stock valued at $163,083,000 after purchasing an additional 967,523 shares during the period. International Assets Investment Management LLC increased its holdings in Biogen by 19,722.9% during the 3rd quarter. International Assets Investment Management LLC now owns 358,992 shares of the biotechnology company’s stock valued at $695,870,000 after purchasing an additional 357,181 shares during the period. Mizuho Securities USA LLC increased its holdings in Biogen by 2,715.9% during the 3rd quarter. Mizuho Securities USA LLC now owns 316,000 shares of the biotechnology company’s stock valued at $61,253,000 after purchasing an additional 304,778 shares during the period. Finally, Erste Asset Management GmbH purchased a new position in Biogen during the 3rd quarter valued at about $55,826,000. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Analyst Ratings Changes

BIIB has been the topic of a number of research analyst reports. Citigroup reduced their price target on Biogen from $160.00 to $145.00 and set a “neutral” rating on the stock in a report on Thursday. Truist Financial reduced their price target on Biogen from $220.00 to $210.00 and set a “buy” rating on the stock in a report on Thursday. Sanford C. Bernstein initiated coverage on Biogen in a report on Tuesday, February 11th. They set a “market perform” rating and a $160.00 price target on the stock. StockNews.com downgraded Biogen from a “strong-buy” rating to a “buy” rating in a report on Saturday, December 28th. Finally, HC Wainwright cut their price objective on Biogen from $300.00 to $241.00 and set a “buy” rating on the stock in a research report on Thursday. Seventeen investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $211.96.

Biogen Stock Performance

BIIB stock opened at $137.33 on Monday. The stock has a market capitalization of $20.01 billion, a PE ratio of 12.41, a price-to-earnings-growth ratio of 1.65 and a beta of -0.08. Biogen Inc. has a 12-month low of $128.51 and a 12-month high of $238.00. The company has a current ratio of 1.26, a quick ratio of 0.80 and a debt-to-equity ratio of 0.28. The stock’s 50 day simple moving average is $146.90 and its 200 day simple moving average is $172.99.

Biogen (NASDAQ:BIIB) last released its quarterly earnings data on Wednesday, February 12th. The biotechnology company reported $3.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.43 by $0.01. Biogen had a return on equity of 14.98% and a net margin of 16.81%. As a group, research analysts forecast that Biogen Inc. will post 16.42 earnings per share for the current fiscal 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.