Channing Capital Management LLC Has $8.83 Million Stake in Biogen Inc. (NASDAQ:BIIB)

Channing Capital Management LLC increased its holdings in shares of Biogen Inc. (NASDAQ:BIIB) by 13.6% during the fourth quarter, Holdings Channel reports. The fund owned 34,103 shares of the biotechnology company’s stock after acquiring an additional 4,077 shares during the quarter. Channing Capital Management LLC’s holdings in Biogen were worth $8,825,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the business. International Assets Investment Management LLC increased its holdings in shares of Biogen by 24,726.3% in the fourth quarter. International Assets Investment Management LLC now owns 476,913 shares of the biotechnology company’s stock valued at $123,411,000 after purchasing an additional 474,992 shares during the last quarter. abrdn plc raised its holdings in Biogen by 237.4% in the 4th quarter. abrdn plc now owns 437,075 shares of the biotechnology company’s stock valued at $113,102,000 after acquiring an additional 307,532 shares during the period. Massachusetts Financial Services Co. MA lifted its position in Biogen by 204.8% during the third quarter. Massachusetts Financial Services Co. MA now owns 446,602 shares of the biotechnology company’s stock worth $114,781,000 after acquiring an additional 300,086 shares during the last quarter. Van ECK Associates Corp boosted its holdings in shares of Biogen by 24.5% during the third quarter. Van ECK Associates Corp now owns 1,189,546 shares of the biotechnology company’s stock worth $305,725,000 after acquiring an additional 233,889 shares during the period. Finally, American Century Companies Inc. grew its position in shares of Biogen by 28.7% in the third quarter. American Century Companies Inc. now owns 898,928 shares of the biotechnology company’s stock valued at $231,033,000 after purchasing an additional 200,310 shares during the last quarter. Institutional investors own 87.93% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. HC Wainwright dropped their price target on Biogen from $325.00 to $300.00 and set a “buy” rating for the company in a report on Thursday, April 25th. Needham & Company LLC reissued a “buy” rating and issued a $294.00 target price on shares of Biogen in a research report on Wednesday, April 24th. Bank of America lowered their price target on shares of Biogen from $280.00 to $260.00 and set a “neutral” rating on the stock in a research report on Friday, April 12th. Canaccord Genuity Group dropped their price objective on shares of Biogen from $310.00 to $305.00 and set a “buy” rating for the company in a research note on Tuesday, February 20th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $364.00 target price on shares of Biogen in a research report on Tuesday, March 5th. Ten investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $290.92.

Biogen Price Performance

Biogen stock traded up $4.00 during mid-day trading on Friday, reaching $217.51. The company had a trading volume of 1,144,154 shares, compared to its average volume of 1,334,818. The business has a fifty day simple moving average of $212.00 and a 200 day simple moving average of $231.62. The company has a market cap of $31.67 billion, a P/E ratio of 27.15, a P/E/G ratio of 2.21 and a beta of -0.01. The company has a current ratio of 2.10, a quick ratio of 1.32 and a debt-to-equity ratio of 0.41. Biogen Inc. has a fifty-two week low of $189.44 and a fifty-two week high of $319.76.

Biogen (NASDAQ:BIIB) last released its quarterly earnings data on Wednesday, April 24th. The biotechnology company reported $3.67 earnings per share for the quarter, beating the consensus estimate of $3.45 by $0.22. Biogen had a return on equity of 14.83% and a net margin of 12.07%. The company had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.31 billion. During the same quarter last year, the business posted $3.40 EPS. Biogen’s revenue for the quarter was down 7.0% on a year-over-year basis. On average, equities research analysts predict that Biogen Inc. will post 15.6 earnings per share for the current year.

Insider Activity

In other Biogen news, Director Eric K. Rowinsky bought 455 shares of Biogen stock in a transaction on Thursday, February 15th. The shares were purchased at an average cost of $222.54 per share, with a total value of $101,255.70. Following the acquisition, the director now directly owns 20,629 shares of the company’s stock, valued at approximately $4,590,777.66. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, insider Priya Singhal sold 262 shares of the stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $221.23, for a total value of $57,962.26. Following the completion of the sale, the insider now owns 4,886 shares of the company’s stock, valued at $1,080,929.78. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Eric K. Rowinsky acquired 455 shares of the stock in a transaction dated Thursday, February 15th. The shares were bought at an average price of $222.54 per share, with a total value of $101,255.70. Following the completion of the transaction, the director now directly owns 20,629 shares of the company’s stock, valued at $4,590,777.66. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 882 shares of company stock valued at $202,030. 0.60% of the stock is currently owned by corporate insiders.

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.