Chevy Chase Trust Holdings LLC Has $17.46 Million Stock Position in Biogen Inc. (NASDAQ:BIIB)

Chevy Chase Trust Holdings LLC reduced its position in shares of Biogen Inc. (NASDAQ:BIIB) by 0.9% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 80,965 shares of the biotechnology company’s stock after selling 704 shares during the quarter. Chevy Chase Trust Holdings LLC owned about 0.06% of Biogen worth $17,458,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in BIIB. Primecap Management Co. CA increased its holdings in Biogen by 1.6% during the 4th quarter. Primecap Management Co. CA now owns 16,264,481 shares of the biotechnology company’s stock worth $4,208,760,000 after purchasing an additional 251,915 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Biogen by 18.2% in the fourth quarter. Vanguard Group Inc. now owns 14,407,330 shares of the biotechnology company’s stock valued at $3,728,185,000 after acquiring an additional 2,218,744 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of Biogen by 0.5% in the third quarter. Wellington Management Group LLP now owns 5,374,310 shares of the biotechnology company’s stock valued at $1,381,251,000 after acquiring an additional 27,951 shares in the last quarter. Van ECK Associates Corp grew its holdings in shares of Biogen by 22.2% in the first quarter. Van ECK Associates Corp now owns 1,737,340 shares of the biotechnology company’s stock valued at $374,623,000 after acquiring an additional 316,144 shares in the last quarter. Finally, Morgan Stanley grew its holdings in shares of Biogen by 4.3% in the third quarter. Morgan Stanley now owns 1,493,113 shares of the biotechnology company’s stock valued at $383,745,000 after acquiring an additional 61,814 shares in the last quarter. 87.93% of the stock is owned by institutional investors and hedge funds.

Biogen Price Performance

BIIB traded up $3.02 during trading on Thursday, reaching $235.77. The stock had a trading volume of 47,090 shares, compared to its average volume of 1,128,048. The stock has a market cap of $34.33 billion, a PE ratio of 29.06, a PEG ratio of 2.30 and a beta of -0.04. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.32 and a current ratio of 2.10. Biogen Inc. has a one year low of $189.44 and a one year high of $281.68. The business has a 50-day moving average of $225.78 and a 200-day moving average of $227.18.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings data on Wednesday, April 24th. The biotechnology company reported $3.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.45 by $0.22. Biogen had a return on equity of 14.83% and a net margin of 12.07%. The firm had revenue of $2.29 billion for the quarter, compared to analysts’ expectations of $2.31 billion. During the same period last year, the firm earned $3.40 earnings per share. The company’s revenue for the quarter was down 7.0% compared to the same quarter last year. As a group, equities research analysts anticipate that Biogen Inc. will post 15.63 EPS for the current fiscal year.

Analyst Ratings Changes

BIIB has been the subject of several recent analyst reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $294.00 target price on shares of Biogen in a report on Friday, June 28th. JPMorgan Chase & Co. reduced their target price on Biogen from $270.00 to $240.00 and set a “neutral” rating for the company in a report on Thursday, April 11th. William Blair reaffirmed an “outperform” rating on shares of Biogen in a report on Wednesday, July 3rd. Truist Financial reaffirmed a “buy” rating and issued a $340.00 target price on shares of Biogen in a report on Thursday, May 16th. Finally, Barclays reduced their price objective on Biogen from $215.00 to $200.00 and set an “equal weight” rating for the company in a report on Thursday, April 25th. Ten equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $286.50.

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.