Swedbank AB Has $35.86 Million Position in Biogen Inc. (NASDAQ:BIIB)

Swedbank AB lifted its stake in Biogen Inc. (NASDAQ:BIIB) by 85.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 185,008 shares of the biotechnology company’s stock after purchasing an additional 84,981 shares during the period. Swedbank AB owned 0.13% of Biogen worth $35,862,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Wedge Capital Management L L P NC increased its holdings in shares of Biogen by 2.8% in the third quarter. Wedge Capital Management L L P NC now owns 152,661 shares of the biotechnology company’s stock valued at $29,592,000 after purchasing an additional 4,147 shares in the last quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH acquired a new stake in shares of Biogen in the third quarter valued at approximately $100,000. Exchange Traded Concepts LLC grew its holdings in Biogen by 4,516.7% during the 3rd quarter. Exchange Traded Concepts LLC now owns 1,662 shares of the biotechnology company’s stock worth $322,000 after acquiring an additional 1,626 shares during the period. City State Bank raised its position in shares of Biogen by 21.9% during the 3rd quarter. City State Bank now owns 892 shares of the biotechnology company’s stock valued at $173,000 after acquiring an additional 160 shares during the last quarter. Finally, Livforsakringsbolaget Skandia Omsesidigt raised its position in shares of Biogen by 521.7% during the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 1,430 shares of the biotechnology company’s stock valued at $277,000 after acquiring an additional 1,200 shares during the last quarter. Institutional investors and hedge funds own 87.93% of the company’s stock.

Biogen Stock Down 1.3 %

Shares of BIIB opened at $189.00 on Thursday. Biogen Inc. has a 12 month low of $181.31 and a 12 month high of $269.43. The firm’s 50 day moving average is $197.61 and its 200-day moving average is $211.20. The stock has a market capitalization of $27.52 billion, a PE ratio of 23.60, a P/E/G ratio of 1.87 and a beta of -0.06. The company has a current ratio of 2.29, a quick ratio of 1.48 and a debt-to-equity ratio of 0.40.

Biogen (NASDAQ:BIIB) last announced its earnings results on Thursday, August 1st. The biotechnology company reported $5.28 EPS for the quarter, topping the consensus estimate of $4.00 by $1.28. Biogen had a net margin of 11.98% and a return on equity of 15.71%. The company had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.39 billion. During the same period last year, the firm earned $4.02 earnings per share. The business’s revenue for the quarter was up .4% on a year-over-year basis. Equities research analysts forecast that Biogen Inc. will post 16.13 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages have commented on BIIB. Robert W. Baird dropped their target price on shares of Biogen from $316.00 to $294.00 and set an “outperform” rating for the company in a research report on Monday, July 29th. Raymond James reiterated a “market perform” rating on shares of Biogen in a research report on Thursday, October 10th. UBS Group dropped their target price on shares of Biogen from $234.00 to $202.00 and set a “neutral” rating for the company in a research report on Thursday, October 3rd. StockNews.com upgraded shares of Biogen from a “buy” rating to a “strong-buy” rating in a research report on Monday, September 2nd. Finally, Truist Financial reiterated a “buy” rating and set a $302.00 target price (down previously from $340.00) on shares of Biogen in a research report on Monday, August 5th. Nine equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Biogen currently has an average rating of “Moderate Buy” and a consensus price target of $273.78.

Insider Transactions at Biogen

In related news, insider Priya Singhal sold 431 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total transaction of $88,018.82. Following the sale, the insider now owns 5,316 shares in the company, valued at approximately $1,085,633.52. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.16% of the company’s stock.

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.