Edgestream Partners L.P. Grows Stock Holdings in Biogen Inc. (NASDAQ:BIIB)

Edgestream Partners L.P. raised its stake in Biogen Inc. (NASDAQ:BIIB - Free Report) by 1,107.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 11,218 shares of the biotechnology company's stock after purchasing an additional 10,289 shares during the quarter. Edgestream Partners L.P.'s holdings in Biogen were worth $2,174,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Itau Unibanco Holding S.A. purchased a new position in Biogen during the second quarter worth about $33,000. Ashton Thomas Securities LLC acquired a new stake in shares of Biogen in the 3rd quarter valued at approximately $33,000. Versant Capital Management Inc boosted its stake in shares of Biogen by 123.2% in the second quarter. Versant Capital Management Inc now owns 154 shares of the biotechnology company's stock valued at $36,000 after buying an additional 85 shares in the last quarter. Blue Trust Inc. grew its holdings in Biogen by 249.0% during the second quarter. Blue Trust Inc. now owns 178 shares of the biotechnology company's stock worth $38,000 after acquiring an additional 127 shares during the period. Finally, First Horizon Advisors Inc. raised its position in Biogen by 39.8% in the second quarter. First Horizon Advisors Inc. now owns 172 shares of the biotechnology company's stock worth $40,000 after acquiring an additional 49 shares in the last quarter. Institutional investors and hedge funds own 87.93% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on BIIB shares. BMO Capital Markets decreased their target price on shares of Biogen from $260.00 to $230.00 and set an "outperform" rating on the stock in a research report on Thursday, October 17th. Needham & Company LLC downgraded shares of Biogen from a "buy" rating to a "hold" rating and set a $270.00 price objective on the stock. in a report on Monday, November 18th. Morgan Stanley cut shares of Biogen from an "overweight" rating to an "equal weight" rating and dropped their target price for the company from $285.00 to $204.00 in a report on Thursday, October 31st. Wolfe Research began coverage on Biogen in a research note on Friday, November 15th. They set a "peer perform" rating on the stock. Finally, UBS Group dropped their price objective on Biogen from $234.00 to $202.00 and set a "neutral" rating for the company in a research note on Thursday, October 3rd. Thirteen equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Biogen presently has an average rating of "Moderate Buy" and a consensus price target of $257.20.

Biogen Trading Down 2.1 %

Shares of BIIB traded down $3.38 during mid-day trading on Tuesday, hitting $160.85. The company had a trading volume of 1,210,747 shares, compared to its average volume of 1,187,165. Biogen Inc. has a 1-year low of $153.62 and a 1-year high of $268.30. The company has a quick ratio of 0.80, a current ratio of 1.26 and a debt-to-equity ratio of 0.28. The business's 50-day simple moving average is $176.56 and its 200-day simple moving average is $201.80. The stock has a market cap of $23.44 billion, a PE ratio of 14.53, a P/E/G ratio of 1.55 and a beta of -0.08.

Biogen (NASDAQ:BIIB - Get Free Report) last announced its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.77 by $0.31. The company had revenue of $2.47 billion during the quarter, compared to analysts' expectations of $2.43 billion. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The business's quarterly revenue was down 2.5% compared to the same quarter last year. During the same period in the previous year, the company earned $4.36 EPS. Sell-side 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.