Cornercap Investment Counsel Inc. bought a new position in Biogen Inc. (NASDAQ:BIIB - Free Report) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 7,065 shares of the biotechnology company's stock, valued at approximately $1,369,000.
Other institutional investors have also made changes to their positions in the company. Plato Investment Management Ltd raised its holdings in Biogen by 82.8% during the first quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company's stock valued at $25,000 after buying an additional 53 shares in the last quarter. Itau Unibanco Holding S.A. acquired a new stake in shares of Biogen in the second quarter worth $33,000. Ashton Thomas Securities LLC bought a new position in shares of Biogen during the 3rd quarter worth about $33,000. EntryPoint Capital LLC acquired a new position in Biogen in the 1st quarter valued at approximately $36,000. Finally, Versant Capital Management Inc lifted its stake in Biogen by 123.2% during the second quarter. Versant Capital Management Inc now owns 154 shares of the biotechnology company's stock worth $36,000 after purchasing an additional 85 shares during the period. 87.93% of the stock is currently owned by institutional investors and hedge funds.
Biogen Stock Down 3.0 %
Shares of BIIB stock traded down $4.90 on Friday, reaching $159.99. 1,903,480 shares of the company's stock traded hands, compared to its average volume of 1,169,490. Biogen Inc. has a 12-month low of $159.60 and a 12-month high of $268.30. 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 market capitalization of $23.31 billion, a P/E ratio of 14.78, a price-to-earnings-growth ratio of 1.57 and a beta of -0.06. The business's 50 day moving average price is $186.80 and its two-hundred day moving average price is $207.77.
Biogen (NASDAQ:BIIB - Get Free Report) last posted its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share for the quarter, topping the consensus estimate of $3.77 by $0.31. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The company had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.43 billion. During the same quarter last year, the business posted $4.36 earnings per share. The company's revenue was down 2.5% on a year-over-year basis. On average, equities analysts forecast that Biogen Inc. will post 16.4 earnings per share for the current year.
Wall Street Analyst Weigh In
BIIB has been the topic of several recent research reports. Morgan Stanley cut shares of Biogen from an "overweight" rating to an "equal weight" rating and lowered their price target for the stock from $285.00 to $204.00 in a research report on Thursday, October 31st. Cantor Fitzgerald reiterated an "overweight" rating and set a $292.00 target price on shares of Biogen in a report on Monday, September 9th. Scotiabank reduced their price objective on shares of Biogen from $275.00 to $244.00 and set a "sector outperform" rating for the company in a research note on Friday, August 2nd. UBS Group lowered their price target on Biogen from $234.00 to $202.00 and set a "neutral" rating on the stock in a research report on Thursday, October 3rd. Finally, Raymond James reaffirmed a "market perform" rating on shares of Biogen in a research report on Thursday, October 10th. Twelve investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $258.96.
Get Our Latest Report on BIIB
Insider Buying and Selling
In other Biogen news, insider Priya Singhal sold 431 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total value of $88,018.82. Following the transaction, the insider now owns 5,316 shares of the company's stock, valued at approximately $1,085,633.52. This represents a 7.50 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.16% of the stock is currently owned by corporate insiders.
About Biogen
(
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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