FORA Capital LLC Invests $3.43 Million in Biogen Inc. (NASDAQ:BIIB)

FORA Capital LLC acquired a new stake in shares of Biogen Inc. (NASDAQ:BIIB) during the third quarter, according to its most recent filing with the SEC. The fund acquired 17,700 shares of the biotechnology company’s stock, valued at approximately $3,431,000.

A number of other institutional investors have also added to or reduced their stakes in the stock. Principal Financial Group Inc. lifted its holdings in shares of Biogen by 3.2% in the third quarter. Principal Financial Group Inc. now owns 168,631 shares of the biotechnology company’s stock worth $32,687,000 after buying an additional 5,270 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Biogen by 1.4% in the 3rd 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. Arlington Partners LLC boosted its holdings in Biogen by 34.3% in the 3rd quarter. Arlington Partners LLC now owns 19,214 shares of the biotechnology company’s stock valued at $3,724,000 after purchasing an additional 4,902 shares during the period. Cetera Investment Advisers grew its position in shares of Biogen by 235.1% during the 1st quarter. Cetera Investment Advisers now owns 14,860 shares of the biotechnology company’s stock valued at $3,204,000 after purchasing an additional 10,425 shares in the last quarter. Finally, National Pension Service increased its holdings in shares of Biogen by 10.1% in the third quarter. National Pension Service now owns 359,569 shares of the biotechnology company’s stock worth $69,699,000 after purchasing an additional 32,914 shares during the period. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Biogen Stock Up 1.1 %

NASDAQ:BIIB traded up $1.76 during mid-day trading on Wednesday, hitting $159.45. 151,010 shares of the company’s stock were exchanged, compared to its average volume of 1,179,985. Biogen Inc. has a one year low of $153.62 and a one year high of $268.30. The business has a fifty day moving average price of $180.22 and a 200 day moving average price of $204.22. The company has a market cap of $23.24 billion, a PE ratio of 14.24, a P/E/G ratio of 1.50 and a beta of -0.06. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.26 and a quick ratio of 0.80.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, beating the consensus estimate of $3.77 by $0.31. The company had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.43 billion. Biogen had a net margin of 16.81% and a return on equity of 14.98%. Biogen’s revenue for the quarter was down 2.5% on a year-over-year basis. During the same period in the prior year, the firm posted $4.36 EPS. Equities analysts predict that Biogen Inc. will post 16.44 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on BIIB shares. TD Cowen reduced their target price on Biogen from $300.00 to $275.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. Truist Financial reaffirmed a “buy” rating and issued a $302.00 target price (down from $340.00) on shares of Biogen in a research note on Monday, August 5th. Wells Fargo & Company cut their price target on shares of Biogen from $240.00 to $225.00 and set an “equal weight” rating for the company in a research note on Friday, August 2nd. Robert W. Baird raised their price objective on shares of Biogen from $294.00 to $300.00 and gave the company an “outperform” rating in a research report on Friday, November 15th. Finally, Needham & Company LLC lowered shares of Biogen from a “buy” rating to a “hold” rating and set a $270.00 target price for the company. in a research report on Monday, November 18th. Thirteen research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $257.20.

Insider Activity

In related news, insider Priya Singhal sold 431 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total value of $88,018.82. Following the completion of the sale, the insider now directly owns 5,316 shares of the company’s stock, valued at approximately $1,085,633.52. This represents a 7.50 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.16% of the company’s stock.

Biogen Company 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.