Penserra Capital Management LLC Purchases 112 Shares of Biogen Inc. (NASDAQ:BIIB)

Posted by on Feb 28th, 2023

Penserra Capital Management LLC boosted its holdings in Biogen Inc. (NASDAQ:BIIB – Get Rating) by 466.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 136 shares of the biotechnology company’s stock after buying an additional 112 shares during the quarter. Penserra Capital Management LLC’s holdings in Biogen were worth $36,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Raymond James Trust N.A. grew its stake in shares of Biogen by 16.4% in the first quarter. Raymond James Trust N.A. now owns 3,294 shares of the biotechnology company’s stock worth $693,000 after purchasing an additional 464 shares during the last quarter. Cibc World Market Inc. grew its position in shares of Biogen by 39.9% in the 1st quarter. Cibc World Market Inc. now owns 15,244 shares of the biotechnology company’s stock valued at $3,210,000 after buying an additional 4,349 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Biogen by 1.6% in the first quarter. Vanguard Group Inc. now owns 11,720,584 shares of the biotechnology company’s stock valued at $2,468,356,000 after buying an additional 183,285 shares during the period. Baird Financial Group Inc. raised its position in shares of Biogen by 15.3% during the first quarter. Baird Financial Group Inc. now owns 89,722 shares of the biotechnology company’s stock worth $18,896,000 after acquiring an additional 11,882 shares during the last quarter. Finally, Brown Brothers Harriman & Co. lifted its stake in shares of Biogen by 10.7% in the first quarter. Brown Brothers Harriman & Co. now owns 5,938 shares of the biotechnology company’s stock worth $1,251,000 after acquiring an additional 573 shares during the period. 84.40% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have issued reports on BIIB. Jefferies Financial Group raised their price target on shares of Biogen from $325.00 to $350.00 and gave the stock a “buy” rating in a report on Wednesday, November 30th. Wedbush boosted their target price on shares of Biogen from $218.00 to $247.00 and gave the company a “neutral” rating in a report on Wednesday, November 30th. Oppenheimer decreased their price target on Biogen from $320.00 to $310.00 and set an “outperform” rating for the company in a report on Thursday, February 16th. Barclays lifted their price objective on Biogen from $275.00 to $313.00 and gave the stock an “equal weight” rating in a research report on Wednesday, November 30th. Finally, Truist Financial lifted their price objective on Biogen from $265.00 to $350.00 and gave the stock a “buy” rating in a research report on Tuesday, November 15th. Seven equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $314.73.

Biogen Price Performance

BIIB stock opened at $269.20 on Tuesday. Biogen Inc. has a 52-week low of $187.16 and a 52-week high of $311.88. The business has a 50-day simple moving average of $282.18 and a two-hundred day simple moving average of $264.37. The company has a market capitalization of $38.90 billion, a P/E ratio of 12.86, a price-to-earnings-growth ratio of 2.28 and a beta of 0.22. The company has a debt-to-equity ratio of 0.47, a quick ratio of 2.58 and a current ratio of 2.99.

Biogen (NASDAQ:BIIB – Get Rating) last announced its earnings results on Wednesday, February 15th. The biotechnology company reported $4.05 earnings per share for the quarter, topping analysts’ consensus estimates of $3.48 by $0.57. Biogen had a return on equity of 20.96% and a net margin of 29.95%. The firm had revenue of $2.54 billion for the quarter, compared to the consensus estimate of $2.44 billion. During the same quarter in the previous year, the business earned $3.39 EPS. The company’s revenue was down 6.9% compared to the same quarter last year. Research analysts expect that Biogen Inc. will post 15.57 EPS for the current fiscal year.

Biogen Company Profile

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Biogen, Inc is a biopharmaceutical company, which engages in discovering, developing, and delivering therapies for neurological and neurodegenerative diseases. It offers TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for the treatment of multiple sclerosis, SPINRAZA for the treatment of spinal muscular atrophy, and FUMADERM for the treatment of severe plaque psoriasis.

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Institutional Ownership by Quarter for Biogen (NASDAQ:BIIB)

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