Biogen Inc. (NASDAQ:BIIB) Stake Lowered by Mitsubishi UFJ Trust & Banking Corp

Mitsubishi UFJ Trust & Banking Corp cut its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 1.8% in the 1st quarter, Holdings Channel reports. The firm owned 227,051 shares of the biotechnology company’s stock after selling 4,253 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp’s holdings in Biogen were worth $59,563,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently bought and sold shares of BIIB. Ironwood Wealth Management LLC. bought a new position in shares of Biogen during the fourth quarter valued at approximately $825,000. CIBC Asset Management Inc grew its holdings in Biogen by 5.5% in the 4th quarter. CIBC Asset Management Inc now owns 32,196 shares of the biotechnology company’s stock worth $7,884,000 after buying an additional 1,665 shares in the last quarter. Winslow Evans & Crocker Inc. grew its holdings in Biogen by 4.4% in the 4th quarter. Winslow Evans & Crocker Inc. now owns 1,622 shares of the biotechnology company’s stock worth $397,000 after buying an additional 69 shares in the last quarter. Baker Tilly Financial LLC bought a new position in Biogen in the 4th quarter worth approximately $435,000. Finally, State of Wisconsin Investment Board grew its holdings in Biogen by 57.8% in the 4th quarter. State of Wisconsin Investment Board now owns 187,435 shares of the biotechnology company’s stock worth $45,895,000 after buying an additional 68,634 shares in the last quarter. 85.10% of the stock is owned by institutional investors.

BIIB has been the subject of a number of recent analyst reports. Barclays increased their price objective on Biogen from $265.00 to $395.00 and gave the stock an “equal weight” rating in a report on Tuesday. Cowen raised Biogen from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $225.00 to $450.00 in a report on Monday. Citigroup upgraded Biogen from a “sell” rating to a “neutral” rating in a research report on Tuesday. Bank of America upgraded Biogen from an “underperform” rating to a “neutral” rating and upped their target price for the stock from $235.00 to $400.00 in a research report on Monday. Finally, Atlantic Securities upgraded Biogen from an “underweight” rating to a “neutral” rating and set a $415.00 target price for the company in a research report on Tuesday. Sixteen analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $374.34.

In other Biogen news, Director Brian S. Posner sold 360 shares of the stock in a transaction on Friday, June 4th. The shares were sold at an average price of $274.17, for a total transaction of $98,701.20. Following the transaction, the director now directly owns 7,400 shares of the company’s stock, valued at $2,028,858. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Alfred Sandrock sold 7,672 shares of the firm’s stock in a transaction dated Monday, June 7th. The shares were sold at an average price of $440.00, for a total value of $3,375,680.00. Following the completion of the sale, the insider now directly owns 2,919 shares in the company, valued at $1,284,360. The disclosure for this sale can be found here. Corporate insiders own 0.62% of the company’s stock.

NASDAQ BIIB opened at $414.71 on Friday. Biogen Inc. has a 1-year low of $223.25 and a 1-year high of $468.55. The company has a debt-to-equity ratio of 0.68, a current ratio of 2.12 and a quick ratio of 1.75. The firm has a market capitalization of $62.44 billion, a P/E ratio of 21.76, a PEG ratio of 1.87 and a beta of 0.44. The stock has a fifty day moving average of $282.68.

Biogen (NASDAQ:BIIB) last posted its earnings results on Wednesday, April 21st. The biotechnology company reported $5.34 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $5.06 by $0.28. The firm had revenue of $2.69 billion for the quarter, compared to the consensus estimate of $2.67 billion. Biogen had a net margin of 23.89% and a return on equity of 42.04%. The business’s quarterly revenue was down 23.8% on a year-over-year basis. During the same period in the prior year, the business posted $9.14 earnings per share. Analysts anticipate that Biogen Inc. will post 18.43 EPS for the current fiscal year.

About Biogen

Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases worldwide. The company offers TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; and FUMADERM to treat plaque psoriasis.

Further Reading: Cost of Debt

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Institutional Ownership by Quarter for Biogen (NASDAQ:BIIB)

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