Smith Group Asset Management LLC Takes Position in Biogen Inc. (NASDAQ:BIIB)

Smith Group Asset Management LLC purchased a new position in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 2,000 shares of the biotechnology company's stock, valued at approximately $306,000.

Several other institutional investors have also made changes to their positions in BIIB. Pacer Advisors Inc. boosted its holdings in shares of Biogen by 13,574.7% during the fourth quarter. Pacer Advisors Inc. now owns 2,667,531 shares of the biotechnology company's stock worth $407,919,000 after purchasing an additional 2,648,024 shares during the period. International Assets Investment Management LLC raised its position in Biogen by 19,722.9% during the third quarter. International Assets Investment Management LLC now owns 358,992 shares of the biotechnology company's stock valued at $695,870,000 after acquiring an additional 357,181 shares in the last quarter. Mizuho Securities USA LLC raised its position in Biogen by 2,715.9% during the third quarter. Mizuho Securities USA LLC now owns 316,000 shares of the biotechnology company's stock valued at $61,253,000 after acquiring an additional 304,778 shares in the last quarter. Erste Asset Management GmbH bought a new position in Biogen during the third quarter valued at approximately $55,826,000. Finally, State Street Corp raised its position in Biogen by 3.5% during the third quarter. State Street Corp now owns 7,344,960 shares of the biotechnology company's stock valued at $1,423,747,000 after acquiring an additional 248,942 shares in the last quarter. 87.93% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Bank of America reaffirmed a "neutral" rating and set a $178.00 price objective on shares of Biogen in a research report on Tuesday, December 10th. William Blair reaffirmed an "outperform" rating on shares of Biogen in a research report on Monday, January 13th. BMO Capital Markets lowered shares of Biogen from an "outperform" rating to a "market perform" rating and dropped their price target for the company from $230.00 to $164.00 in a research report on Friday, December 20th. UBS Group dropped their price target on shares of Biogen from $234.00 to $202.00 and set a "neutral" rating on the stock in a research report on Thursday, October 3rd. Finally, JPMorgan Chase & Co. dropped their price target on shares of Biogen from $220.00 to $210.00 and set a "neutral" rating on the stock in a research report on Monday, November 4th. Sixteen research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $228.80.

Biogen Stock Up 1.8 %

Shares of NASDAQ BIIB traded up $2.54 during midday trading on Thursday, reaching $146.95. The company's stock had a trading volume of 169,725 shares, compared to its average volume of 1,231,839. The company has a current ratio of 1.26, a quick ratio of 0.80 and a debt-to-equity ratio of 0.28. Biogen Inc. has a fifty-two week low of $139.71 and a fifty-two week high of $251.99. The stock has a market capitalization of $21.41 billion, a price-to-earnings ratio of 13.28, a PEG ratio of 1.64 and a beta of -0.07. The stock has a 50 day simple moving average of $151.32 and a 200-day simple moving average of $179.80.

Biogen (NASDAQ:BIIB - Get Free Report) last issued its earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share for the quarter, topping analysts' consensus estimates of $3.77 by $0.31. The business 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 company earned $4.36 earnings per share. Equities research analysts predict that Biogen Inc. will post 16.41 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.