Veriti Management LLC Boosts Stake in Biogen Inc. (NASDAQ:BIIB)

Posted by Defense World Staff on Apr 2nd, 2023

Veriti Management LLC boosted its holdings in shares of Biogen Inc. (NASDAQ:BIIB – Get Rating) by 28.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,760 shares of the biotechnology company’s stock after acquiring an additional 388 shares during the quarter. Veriti Management LLC’s holdings in Biogen were worth $487,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of BIIB. FNY Investment Advisers LLC boosted its stake in shares of Biogen by 526.7% during the third quarter. FNY Investment Advisers LLC now owns 94 shares of the biotechnology company’s stock valued at $25,000 after purchasing an additional 79 shares during the period. Larson Financial Group LLC bought a new stake in Biogen during the 3rd quarter valued at about $25,000. CVA Family Office LLC boosted its position in Biogen by 50.0% in the 3rd quarter. CVA Family Office LLC now owns 105 shares of the biotechnology company’s stock valued at $28,000 after buying an additional 35 shares during the period. MinichMacGregor Wealth Management LLC bought a new position in Biogen in the 4th quarter worth about $28,000. Finally, Trustcore Financial Services LLC increased its position in shares of Biogen by 564.7% during the third quarter. Trustcore Financial Services LLC now owns 113 shares of the biotechnology company’s stock worth $30,000 after acquiring an additional 96 shares during the period. Institutional investors own 84.40% of the company’s stock.

Insider Buying and Selling at Biogen

In other news, insider Priya Singhal sold 568 shares of Biogen stock in a transaction on Tuesday, March 28th. The shares were sold at an average price of $270.06, for a total transaction of $153,394.08. Following the completion of the sale, the insider now directly owns 2,842 shares in the company, valued at $767,510.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.65% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

BIIB has been the topic of several research analyst reports. Oppenheimer dropped their price objective on Biogen from $320.00 to $310.00 and set an “outperform” rating on the stock in a research note on Thursday, February 16th. TheStreet lowered Biogen from a “b” rating to a “c+” rating in a research note on Wednesday, February 15th. Cowen upped their price objective on shares of Biogen from $300.00 to $315.00 and gave the stock an “outperform” rating in a research note on Thursday, February 16th. Morgan Stanley raised their target price on shares of Biogen from $345.00 to $351.00 and gave the company an “overweight” rating in a research report on Thursday, February 16th. Finally, Royal Bank of Canada boosted their price target on shares of Biogen from $335.00 to $350.00 in a report on Monday, March 13th. Six analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Biogen currently has a consensus rating of “Moderate Buy” and a consensus target price of $319.00.

Biogen Trading Up 1.1 %

Shares of NASDAQ:BIIB opened at $278.03 on Friday. The business’s 50-day moving average is $275.66 and its 200 day moving average is $274.17. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.99 and a quick ratio of 2.58. Biogen Inc. has a 1 year low of $187.16 and a 1 year high of $311.88. The firm has a market capitalization of $40.17 billion, a P/E ratio of 13.28, a P/E/G ratio of 2.32 and a beta of 0.19.

Biogen (NASDAQ:BIIB – Get Rating) last posted its quarterly earnings data on Wednesday, February 15th. The biotechnology company reported $4.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.48 by $0.57. The firm had revenue of $2.54 billion for the quarter, compared to the consensus estimate of $2.44 billion. Biogen had a net margin of 29.95% and a return on equity of 20.96%. The company’s revenue for the quarter was down 6.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $3.39 earnings per share. On average, research analysts predict that Biogen Inc. will post 15.53 earnings per share 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. 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.

Institutional Ownership by Quarter for Biogen (NASDAQ:BIIB)

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