Stratos Wealth Advisors LLC bought a new stake in Biogen Inc. (NASDAQ:BIIB – Get Rating) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 908 shares of the biotechnology company’s stock, valued at approximately $251,000.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in Biogen by 0.5% in the third quarter. Vanguard Group Inc. now owns 11,914,973 shares of the biotechnology company’s stock valued at $3,181,298,000 after purchasing an additional 54,951 shares during the period. State Street Corp increased its position in shares of Biogen by 2.8% during the first quarter. State Street Corp now owns 7,208,906 shares of the biotechnology company’s stock worth $1,518,196,000 after acquiring an additional 197,400 shares during the period. Point72 Asset Management L.P. increased its position in shares of Biogen by 268.1% during the third quarter. Point72 Asset Management L.P. now owns 1,677,982 shares of the biotechnology company’s stock worth $448,021,000 after acquiring an additional 1,222,182 shares during the period. Price T Rowe Associates Inc. MD increased its position in shares of Biogen by 48.8% during the third quarter. Price T Rowe Associates Inc. MD now owns 1,534,515 shares of the biotechnology company’s stock worth $409,717,000 after acquiring an additional 503,584 shares during the period. Finally, Legal & General Group Plc increased its position in shares of Biogen by 1.1% during the second quarter. Legal & General Group Plc now owns 1,455,970 shares of the biotechnology company’s stock worth $296,931,000 after acquiring an additional 15,609 shares during the period. Hedge funds and other institutional investors own 84.40% of the company’s stock.
Wall Street Analyst Weigh In
BIIB has been the topic of a number of recent analyst reports. Needham & Company LLC reiterated a “buy” rating and issued a $325.00 price objective on shares of Biogen in a report on Wednesday, February 15th. StockNews.com started coverage on Biogen in a research note on Thursday, March 16th. They set a “strong-buy” rating on the stock. Royal Bank of Canada lifted their target price on Biogen from $335.00 to $350.00 in a research note on Monday, March 13th. Oppenheimer lowered their target price on Biogen from $320.00 to $310.00 and set an “outperform” rating on the stock in a research note on Thursday, February 16th. Finally, TheStreet cut Biogen from a “b” rating to a “c+” rating in a report on Wednesday, February 15th. Six investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $319.00.
Biogen Stock Performance
Biogen (NASDAQ:BIIB – Get Rating) last announced its quarterly earnings data on Wednesday, February 15th. The biotechnology company reported $4.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.48 by $0.57. The company had revenue of $2.54 billion during the quarter, compared to analysts’ expectations of $2.44 billion. Biogen had a net margin of 29.95% and a return on equity of 20.96%. The firm’s revenue was down 6.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.39 EPS. As a group, analysts expect that Biogen Inc. will post 15.53 earnings per share for the current fiscal year.
Insider Activity at Biogen
In other Biogen news, insider Priya Singhal sold 568 shares of Biogen stock in a transaction dated Tuesday, March 28th. The shares were sold at an average price of $270.06, for a total value of $153,394.08. Following the completion of the transaction, the insider now directly owns 2,842 shares of the company’s stock, valued at $767,510.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.65% of the stock is currently owned by corporate insiders.
Biogen Profile
Biogen, Inc is a biopharmaceutical company, which engages in discovering, developing, and delivering therapies for neurological and neurodegenerative diseases. Its products include TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI and FAMPYRA for the treatment of MS, SPINRAZA for the treatment of SMA, ADUHELM for the treatment of Alzheimer’s disease, and FUMADERM for the treatment of severe plaque psoriasis.
Further Reading
- Get a free copy of the StockNews.com research report on Biogen (BIIB)
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