Empowered Funds LLC increased its position in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 455.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 18,908 shares of the biotechnology company's stock after purchasing an additional 15,506 shares during the quarter. Empowered Funds LLC's holdings in Biogen were worth $3,665,000 as of its most recent SEC filing.
Other institutional investors have also added to or reduced their stakes in the company. Edgestream Partners L.P. purchased a new position in shares of Biogen in the 1st quarter worth about $356,000. O Shaughnessy Asset Management LLC boosted its stake in Biogen by 5.0% in the first quarter. O Shaughnessy Asset Management LLC now owns 3,940 shares of the biotechnology company's stock valued at $849,000 after acquiring an additional 188 shares during the last quarter. Seven Eight Capital LP bought a new position in shares of Biogen during the 1st quarter valued at approximately $372,000. Natixis increased its stake in shares of Biogen by 51.7% during the 1st quarter. Natixis now owns 101,738 shares of the biotechnology company's stock worth $21,938,000 after purchasing an additional 34,665 shares during the last quarter. Finally, MQS Management LLC bought a new stake in shares of Biogen in the 1st quarter worth approximately $433,000. 87.93% of the stock is owned by institutional investors.
Insiders Place Their Bets
In other Biogen news, insider Priya Singhal sold 431 shares of the firm's stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total transaction of $88,018.82. Following the completion of the transaction, the insider now owns 5,316 shares of the company's stock, valued at approximately $1,085,633.52. This trade represents a 7.50 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.16% of the company's stock.
Analysts Set New Price Targets
A number of analysts have issued reports on the company. Royal Bank of Canada decreased their target price on Biogen from $292.00 to $269.00 and set an "outperform" rating for the company in a research report on Friday, October 4th. Barclays decreased their price objective on Biogen from $190.00 to $180.00 and set an "equal weight" rating for the company in a report on Thursday, October 31st. HC Wainwright reaffirmed a "buy" rating and set a $300.00 price objective on shares of Biogen in a report on Thursday, October 31st. Scotiabank reduced their target price 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. Finally, Citigroup started coverage on shares of Biogen in a research note on Thursday, November 14th. They set a "neutral" rating and a $190.00 price target on the stock. Thirteen research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Biogen currently has an average rating of "Moderate Buy" and an average target price of $258.96.
Check Out Our Latest Report on Biogen
Biogen Trading Down 1.6 %
BIIB traded down $2.51 on Tuesday, hitting $155.43. 1,296,683 shares of the company were exchanged, compared to its average volume of 1,172,187. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.80 and a current ratio of 1.26. Biogen Inc. has a 12 month low of $155.28 and a 12 month high of $268.30. The firm has a fifty day simple moving average of $184.26 and a two-hundred day simple moving average of $206.44. The stock has a market capitalization of $22.65 billion, a PE ratio of 14.04, a price-to-earnings-growth ratio of 1.52 and a beta of -0.06.
Biogen (NASDAQ:BIIB - Get Free Report) last issued its earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, topping the consensus estimate of $3.77 by $0.31. The company had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.43 billion. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The firm's revenue for the quarter was down 2.5% on a year-over-year basis. During the same period in the previous year, the firm earned $4.36 earnings per share. Sell-side analysts expect that Biogen Inc. will post 16.42 earnings per share for the current year.
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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