Wedge Capital Management L L P NC Acquires 26,530 Shares of Biogen Inc. (NASDAQ:BIIB)

Wedge Capital Management L L P NC grew its holdings in Biogen Inc. (NASDAQ:BIIB - Free Report) by 17.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 179,191 shares of the biotechnology company's stock after acquiring an additional 26,530 shares during the quarter. Wedge Capital Management L L P NC owned 0.12% of Biogen worth $27,402,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the business. State Street Corp increased its holdings in Biogen by 3.5% during the 3rd quarter. State Street Corp now owns 7,344,960 shares of the biotechnology company's stock worth $1,423,747,000 after purchasing an additional 248,942 shares in the last quarter. Geode Capital Management LLC raised its position in Biogen by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 3,613,020 shares of the biotechnology company's stock valued at $698,062,000 after buying an additional 47,055 shares during the last quarter. RA Capital Management L.P. lifted its stake in Biogen by 20.6% in the 3rd quarter. RA Capital Management L.P. now owns 1,184,456 shares of the biotechnology company's stock valued at $229,595,000 after acquiring an additional 202,317 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Biogen by 1.7% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,152,691 shares of the biotechnology company's stock valued at $223,438,000 after purchasing an additional 18,905 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Biogen by 1.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 913,029 shares of the biotechnology company's stock worth $176,982,000 after purchasing an additional 12,319 shares in the last quarter. Institutional investors and hedge funds own 87.93% of the company's stock.

Biogen Price Performance

Shares of Biogen stock traded down $0.68 during trading on Friday, reaching $140.55. 1,149,845 shares of the company's stock were exchanged, compared to its average volume of 1,295,436. The firm's 50-day moving average price is $154.27 and its 200 day moving average price is $184.55. The company has a market cap of $20.48 billion, a P/E ratio of 12.70, a PEG ratio of 1.69 and a beta of -0.07. 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 1-year low of $140.05 and a 1-year high of $252.17.

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 firm had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.43 billion. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The business's quarterly revenue was down 2.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $4.36 earnings per share. As a group, research analysts anticipate that Biogen Inc. will post 16.43 earnings per share for the current year.

Analyst Upgrades and Downgrades

BIIB has been the subject of a number of recent research reports. HC Wainwright restated a "buy" rating and set a $300.00 price objective on shares of Biogen in a research note on Thursday, October 31st. Bank of America reaffirmed a "neutral" rating and set a $178.00 price target on shares of Biogen in a research report on Tuesday, December 10th. Truist Financial decreased their target price on shares of Biogen from $302.00 to $220.00 and set a "buy" rating for the company in a research note on Wednesday, January 8th. StockNews.com cut shares of Biogen from a "strong-buy" rating to a "buy" rating in a research note on Saturday, December 28th. Finally, Robert W. Baird boosted their price objective on shares of Biogen from $294.00 to $300.00 and gave the stock an "outperform" rating in a research note on Friday, November 15th. Sixteen analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $230.00.

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.