Primecap Management Co. CA Has $3.79 Billion Stock Holdings in Biogen Inc. (NASDAQ:BIIB)

Primecap Management Co. CA increased its position in shares of Biogen Inc. (NASDAQ:BIIB) by 0.7% in the 2nd quarter, HoldingsChannel reports. The fund owned 16,338,294 shares of the biotechnology company’s stock after acquiring an additional 117,578 shares during the period. Biogen makes up about 2.7% of Primecap Management Co. CA’s portfolio, making the stock its 7th largest holding. Primecap Management Co. CA owned about 0.11% of Biogen worth $3,787,543,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of BIIB. Plato Investment Management Ltd increased its stake in Biogen by 82.8% during the 1st quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock valued at $25,000 after purchasing an additional 53 shares in the last quarter. Livelsberger Financial Advisory acquired a new position in Biogen during the 4th quarter valued at approximately $26,000. Rise Advisors LLC acquired a new position in Biogen during the 1st quarter valued at approximately $27,000. EntryPoint Capital LLC acquired a new position in Biogen during the 1st quarter valued at approximately $36,000. Finally, Versant Capital Management Inc increased its stake in Biogen by 123.2% during the 2nd quarter. Versant Capital Management Inc now owns 154 shares of the biotechnology company’s stock valued at $36,000 after purchasing an additional 85 shares in the last quarter. Institutional investors and hedge funds own 87.93% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on BIIB. Wedbush cut their price target on shares of Biogen from $215.00 to $210.00 and set a “neutral” rating on the stock in a research note on Friday, August 2nd. Scotiabank dropped their price objective on shares of Biogen from $275.00 to $244.00 and set a “sector outperform” rating on the stock in a report on Friday, August 2nd. Piper Sandler dropped their price objective on shares of Biogen from $335.00 to $313.00 and set an “overweight” rating on the stock in a report on Friday, July 12th. StockNews.com raised shares of Biogen from a “buy” rating to a “strong-buy” rating in a report on Monday, September 2nd. Finally, Wells Fargo & Company dropped their price objective on shares of Biogen from $240.00 to $225.00 and set an “equal weight” rating on the stock in a report on Friday, August 2nd. Eight equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $275.52.

Biogen Stock Performance

BIIB opened at $199.58 on Tuesday. The company has a quick ratio of 1.48, a current ratio of 2.29 and a debt-to-equity ratio of 0.40. The company has a market cap of $29.06 billion, a price-to-earnings ratio of 24.92, a PEG ratio of 2.01 and a beta of -0.06. Biogen Inc. has a 52-week low of $189.44 and a 52-week high of $269.43. The firm’s fifty day simple moving average is $209.95 and its two-hundred day simple moving average is $215.55.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings data on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.00 by $1.28. The business had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.39 billion. Biogen had a net margin of 11.98% and a return on equity of 15.71%. The company’s revenue was up .4% compared to the same quarter last year. During the same period last year, the firm posted $4.02 earnings per share. Equities analysts anticipate that Biogen Inc. will post 16.12 earnings per share for the current fiscal year.

Insider Buying and Selling at Biogen

In other Biogen news, insider Priya Singhal sold 431 shares of the stock in a transaction 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 transaction, the insider now directly owns 5,316 shares of the company’s stock, valued at $1,085,633.52. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 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.