Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 517.0% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 140,320 shares of the biotechnology company's stock after buying an additional 117,576 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.10% of Biogen worth $21,458,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Los Angeles Capital Management LLC acquired a new stake in Biogen during the 3rd quarter worth about $830,000. Ashton Thomas Securities LLC acquired a new stake in shares of Biogen during the third quarter worth approximately $33,000. Venturi Wealth Management LLC grew its position in Biogen by 73.8% during the third quarter. Venturi Wealth Management LLC now owns 219 shares of the biotechnology company's stock valued at $42,000 after purchasing an additional 93 shares in the last quarter. GSA Capital Partners LLP increased its stake in Biogen by 44.6% in the 3rd quarter. GSA Capital Partners LLP now owns 4,407 shares of the biotechnology company's stock valued at $854,000 after buying an additional 1,359 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. increased its stake in Biogen by 2.6% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 370,128 shares of the biotechnology company's stock valued at $71,746,000 after buying an additional 9,254 shares during the period. 87.93% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of equities analysts have recently weighed in on BIIB shares. Scotiabank dropped their price target on shares of Biogen from $244.00 to $224.00 and set a "sector outperform" rating on the stock in a research note on Thursday, February 13th. Canaccord Genuity Group cut their price target on Biogen from $298.00 to $265.00 and set a "buy" rating for the company in a research note on Thursday, February 13th. Wells Fargo & Company lowered their price target on Biogen from $165.00 to $140.00 and set an "equal weight" rating for the company in a research note on Thursday, February 13th. Needham & Company LLC reaffirmed a "hold" rating on shares of Biogen in a research report on Thursday, February 13th. Finally, William Blair reiterated an "outperform" rating on shares of Biogen in a research note on Monday, January 13th. Seventeen investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $213.33.
Get Our Latest Analysis on BIIB
Biogen Stock Performance
Shares of NASDAQ BIIB traded up $4.10 during trading hours on Monday, reaching $143.54. The stock had a trading volume of 1,248,968 shares, compared to its average volume of 1,238,958. The company has a market cap of $21.01 billion, a price-to-earnings ratio of 12.83, a PEG ratio of 1.51 and a beta of 0.01. Biogen Inc. has a twelve month low of $128.51 and a twelve month high of $238.00. The business's fifty day moving average is $143.09 and its two-hundred day moving average is $164.02. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.35 and a quick ratio of 0.90.
Biogen (NASDAQ:BIIB - Get Free Report) last issued its earnings results on Wednesday, February 12th. The biotechnology company reported $3.44 earnings per share for the quarter, beating the consensus estimate of $3.43 by $0.01. Biogen had a net margin of 16.87% and a return on equity of 14.98%. As a group, research analysts expect that Biogen Inc. will post 15.83 EPS for the current year.
Insider Buying and Selling
In other Biogen news, Director Stephen A. Sherwin sold 8,760 shares of the business's stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $150.02, for a total value of $1,314,175.20. Following the transaction, the director now directly owns 11,318 shares in the company, valued at $1,697,926.36. The trade was a 43.63 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.16% of the stock is owned by corporate insiders.
Biogen Profile
(
Free Report)
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.
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