Los Angeles Capital Management LLC Purchases Shares of 4,282 Biogen Inc. (NASDAQ:BIIB)

Los Angeles Capital Management LLC acquired a new stake in Biogen Inc. (NASDAQ:BIIB - Free Report) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 4,282 shares of the biotechnology company's stock, valued at approximately $830,000.

Several other hedge funds have also recently bought and sold shares of BIIB. Vanguard Group Inc. boosted its holdings in Biogen by 15.0% in the first quarter. Vanguard Group Inc. now owns 16,570,398 shares of the biotechnology company's stock valued at $3,573,075,000 after purchasing an additional 2,163,068 shares during the period. Primecap Management Co. CA increased its stake in shares of Biogen by 0.7% during the second quarter. Primecap Management Co. CA now owns 16,338,294 shares of the biotechnology company's stock worth $3,787,543,000 after buying an additional 117,578 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in Biogen by 5.4% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,589,629 shares of the biotechnology company's stock valued at $342,772,000 after acquiring an additional 81,283 shares in the last quarter. RA Capital Management L.P. raised its holdings in Biogen by 39.0% in the first quarter. RA Capital Management L.P. now owns 740,727 shares of the biotechnology company's stock valued at $159,723,000 after acquiring an additional 207,835 shares in the last quarter. Finally, abrdn plc grew its holdings in Biogen by 6.2% during the 3rd quarter. abrdn plc now owns 568,510 shares of the biotechnology company's stock worth $110,123,000 after acquiring an additional 33,333 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 recently issued reports on BIIB shares. Needham & Company LLC reaffirmed a "buy" rating and set a $270.00 price objective on shares of Biogen in a research report on Wednesday, October 30th. UBS Group dropped their price objective on Biogen from $234.00 to $202.00 and set a "neutral" rating on the stock in a report on Thursday, October 3rd. Scotiabank reduced their price target on shares of Biogen from $275.00 to $244.00 and set a "sector outperform" rating for the company in a research report on Friday, August 2nd. Wolfe Research assumed coverage on Biogen in a report on Friday. They issued a "peer perform" rating for the company. Finally, Morgan Stanley cut shares of Biogen from an "overweight" rating to an "equal weight" rating and cut their target price for the company from $285.00 to $204.00 in a report on Thursday, October 31st. Twelve investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $258.96.

Insider Activity at Biogen

In other Biogen news, insider Priya Singhal sold 431 shares of Biogen stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total value of $88,018.82. Following the completion of the transaction, the insider now directly owns 5,316 shares of the company's stock, valued at $1,085,633.52. The trade was a 7.50 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.16% of the stock is owned by company insiders.

Biogen Stock Down 3.0 %

BIIB stock traded down $4.90 during trading hours on Friday, reaching $159.99. 1,917,074 shares of the stock were exchanged, compared to its average volume of 1,169,550. The company has a market cap of $23.31 billion, a price-to-earnings ratio of 14.45, a PEG ratio of 1.57 and a beta of -0.06. Biogen Inc. has a 12 month low of $159.60 and a 12 month high of $268.30. The firm's 50-day moving average is $185.99 and its 200-day moving average is $207.38. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.26 and a quick ratio of 0.80.

Biogen (NASDAQ:BIIB - Get Free Report) last released its earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.77 by $0.31. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The business had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.43 billion. During the same quarter in the prior year, the company posted $4.36 earnings per share. Biogen's revenue was down 2.5% on a year-over-year basis. On average, equities research analysts expect that Biogen Inc. will post 16.4 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.