Raymond James Financial Inc. Makes New Investment in Biogen Inc. (NASDAQ:BIIB)

Raymond James Financial Inc. purchased a new stake in Biogen Inc. (NASDAQ:BIIB - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 141,968 shares of the biotechnology company's stock, valued at approximately $21,710,000. Raymond James Financial Inc. owned approximately 0.10% of Biogen as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in BIIB. Signaturefd LLC increased its position in shares of Biogen by 3.5% in the fourth quarter. Signaturefd LLC now owns 2,092 shares of the biotechnology company's stock valued at $320,000 after acquiring an additional 71 shares during the period. Quent Capital LLC raised its position in Biogen by 31.9% during the 4th quarter. Quent Capital LLC now owns 298 shares of the biotechnology company's stock valued at $46,000 after purchasing an additional 72 shares during the last quarter. Principal Securities Inc. lifted its holdings in Biogen by 30.1% in the 4th quarter. Principal Securities Inc. now owns 337 shares of the biotechnology company's stock worth $52,000 after buying an additional 78 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in shares of Biogen by 1.6% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 5,018 shares of the biotechnology company's stock worth $767,000 after buying an additional 79 shares during the last quarter. Finally, Deseret Mutual Benefit Administrators increased its stake in shares of Biogen by 5.7% during the fourth quarter. Deseret Mutual Benefit Administrators now owns 1,612 shares of the biotechnology company's stock valued at $247,000 after buying an additional 87 shares during the period. Institutional investors and hedge funds own 87.93% of the company's stock.

Biogen Price Performance

Shares of BIIB traded down $0.62 during mid-day trading on Wednesday, hitting $118.27. 1,493,257 shares of the stock were exchanged, compared to its average volume of 1,632,412. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.90 and a current ratio of 1.35. The company has a market cap of $17.31 billion, a PE ratio of 10.57, a price-to-earnings-growth ratio of 1.51 and a beta of 0.06. Biogen Inc. has a 52-week low of $110.04 and a 52-week high of $238.00. The firm has a 50-day moving average of $133.56 and a two-hundred day moving average of $150.49.

Biogen (NASDAQ:BIIB - Get Free Report) last issued its quarterly earnings data on Wednesday, February 12th. The biotechnology company reported $3.44 EPS for the quarter, topping analysts' consensus estimates of $3.43 by $0.01. Biogen had a net margin of 16.87% and a return on equity of 14.98%. On average, equities analysts predict that Biogen Inc. will post 15.83 earnings per share for the current year.

Analysts Set New Price Targets

BIIB has been the subject of several research analyst reports. Canaccord Genuity Group dropped their target price on shares of Biogen from $298.00 to $265.00 and set a "buy" rating for the company in a research report on Thursday, February 13th. William Blair reaffirmed an "outperform" rating on shares of Biogen in a research note on Monday, January 13th. Argus cut shares of Biogen from a "buy" rating to a "hold" rating in a report on Friday, April 4th. Morgan Stanley dropped their price objective on shares of Biogen from $157.00 to $152.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 9th. Finally, HC Wainwright cut their price objective on shares of Biogen from $300.00 to $241.00 and set a "buy" rating on the stock in a report on Thursday, February 13th. Eighteen research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $211.37.

Insider Activity at Biogen

In other Biogen news, Director Stephen A. Sherwin sold 8,760 shares of the company's stock in a transaction on Friday, March 7th. The stock was sold at an average price of $150.02, for a total value of $1,314,175.20. Following the transaction, the director now owns 11,318 shares of the company's stock, valued at $1,697,926.36. This represents a 43.63 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.16% of the stock is currently owned by insiders.

Biogen 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.