Wellington Management Group LLP Lowers Holdings in Biogen Inc. (NASDAQ:BIIB)

Wellington Management Group LLP lowered its holdings in shares of Biogen Inc. (NASDAQ:BIIB) by 0.7% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 5,131,193 shares of the biotechnology company’s stock after selling 35,298 shares during the period. Wellington Management Group LLP’s holdings in Biogen were worth $994,630,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in BIIB. Cetera Investment Advisers grew its stake in Biogen by 235.1% during the first quarter. Cetera Investment Advisers now owns 14,860 shares of the biotechnology company’s stock valued at $3,204,000 after acquiring an additional 10,425 shares in the last quarter. Cetera Advisors LLC grew its position in shares of Biogen by 120.6% during the first quarter. Cetera Advisors LLC now owns 3,175 shares of the biotechnology company’s stock valued at $685,000 after purchasing an additional 1,736 shares in the last quarter. Park Avenue Securities LLC lifted its position in shares of Biogen by 8.3% in the second quarter. Park Avenue Securities LLC now owns 2,529 shares of the biotechnology company’s stock worth $586,000 after buying an additional 193 shares in the last quarter. CWM LLC boosted its stake in Biogen by 1.7% during the second quarter. CWM LLC now owns 3,765 shares of the biotechnology company’s stock valued at $873,000 after buying an additional 62 shares during the last quarter. Finally, CX Institutional purchased a new position in Biogen during the 2nd quarter valued at approximately $233,000. Institutional investors own 87.93% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on BIIB shares. Robert W. Baird upped their price objective on Biogen from $294.00 to $300.00 and gave the stock an “outperform” rating in a report on Friday, November 15th. Wedbush decreased their price target on shares of Biogen from $210.00 to $205.00 and set a “neutral” rating on the stock in a research note on Monday, September 23rd. JPMorgan Chase & Co. dropped their price objective on shares of Biogen from $220.00 to $210.00 and set a “neutral” rating for the company in a research note on Monday, November 4th. Oppenheimer decreased their target price on shares of Biogen from $270.00 to $255.00 and set an “outperform” rating on the stock in a research report on Thursday, October 31st. Finally, Raymond James reiterated a “market perform” rating on shares of Biogen in a research report on Thursday, October 10th. Thirteen investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $257.20.

Biogen Stock Performance

Biogen stock opened at $157.78 on Friday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.80 and a current ratio of 1.26. The company has a 50 day moving average price of $175.31 and a 200-day moving average price of $201.22. The company has a market capitalization of $22.99 billion, a PE ratio of 14.25, a P/E/G ratio of 1.52 and a beta of -0.08. Biogen Inc. has a fifty-two week low of $153.62 and a fifty-two week high of $268.30.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, beating the consensus estimate of $3.77 by $0.31. The business had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.43 billion. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The company’s quarterly revenue was down 2.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $4.36 EPS. As a group, equities analysts forecast that Biogen Inc. will post 16.45 earnings per share for the current year.

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.