EA Series Trust acquired a new position in Biogen Inc. (NASDAQ:BIIB – Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,510 shares of the biotechnology company’s stock, valued at approximately $430,000.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. raised its holdings in Biogen by 771.2% during the first quarter. Envestnet Asset Management Inc. now owns 2,556,583 shares of the biotechnology company’s stock valued at $90,400,000 after buying an additional 2,263,120 shares in the last quarter. Bank Julius Baer & Co. Ltd Zurich increased its holdings in shares of Biogen by 176,592.0% during the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 2,079,665 shares of the biotechnology company’s stock valued at $592,393,000 after acquiring an additional 2,078,488 shares during the last quarter. Norges Bank bought a new position in shares of Biogen in the 4th quarter valued at approximately $362,129,000. Price T Rowe Associates Inc. MD lifted its holdings in Biogen by 49.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,088,356 shares of the biotechnology company’s stock worth $580,627,000 after purchasing an additional 691,843 shares during the last quarter. Finally, FMR LLC lifted its stake in shares of Biogen by 44.7% in the first quarter. FMR LLC now owns 1,752,614 shares of the biotechnology company’s stock worth $487,279,000 after buying an additional 541,421 shares during the last quarter. Institutional investors own 85.99% of the company’s stock.
Analysts Set New Price Targets
BIIB has been the topic of several research analyst reports. StockNews.com began coverage on shares of Biogen in a research note on Thursday, October 5th. They issued a “buy” rating on the stock. Scotiabank assumed coverage on Biogen in a research report on Thursday, July 27th. They issued a “sector outperform” rating and a $327.00 price objective for the company. Wells Fargo & Company decreased their price target on shares of Biogen from $350.00 to $343.00 and set an “overweight” rating on the stock in a research note on Monday, August 7th. Atlantic Securities reduced their price objective on shares of Biogen from $282.00 to $275.00 and set a “neutral” rating for the company in a report on Tuesday, August 8th. Finally, Robert W. Baird lowered their target price on shares of Biogen from $340.00 to $333.00 in a research note on Monday, August 7th. Four analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $326.48.
Biogen Price Performance
Biogen stock opened at $257.45 on Friday. The company has a current ratio of 3.27, a quick ratio of 2.86 and a debt-to-equity ratio of 0.43. The firm has a market capitalization of $37.28 billion, a P/E ratio of 14.01, a PEG ratio of 2.78 and a beta of 0.14. The business has a 50-day moving average of $261.52 and a 200-day moving average of $280.54. Biogen Inc. has a 1 year low of $248.41 and a 1 year high of $319.76.
Biogen (NASDAQ:BIIB – Get Free Report) last released its quarterly earnings data on Tuesday, July 25th. The biotechnology company reported $4.02 EPS for the quarter, beating analysts’ consensus estimates of $3.77 by $0.25. Biogen had a net margin of 26.72% and a return on equity of 17.33%. The business had revenue of $2.46 billion during the quarter, compared to analysts’ expectations of $2.36 billion. During the same quarter in the prior year, the company earned $5.25 EPS. The firm’s quarterly revenue was down 5.1% on a year-over-year basis. On average, equities analysts anticipate that Biogen Inc. will post 15.27 EPS for the current year.
Insider Activity
In other Biogen news, insider Priya Singhal sold 431 shares of the firm’s stock in a transaction that occurred on Tuesday, September 5th. The shares were sold at an average price of $269.43, for a total transaction of $116,124.33. Following the sale, the insider now directly owns 3,354 shares in the company, valued at approximately $903,668.22. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.60% of the stock is currently owned by company insiders.
About Biogen
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 offers 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.
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