Baker Avenue Asset Management LP Acquires Shares of 1,241 Biogen Inc. (NASDAQ:BIIB)

Baker Avenue Asset Management LP acquired a new position in shares of Biogen Inc. (NASDAQ:BIIB) in the 3rd quarter, according to its most recent disclosure with the SEC. The fund acquired 1,241 shares of the biotechnology company’s stock, valued at approximately $241,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of BIIB. First Horizon Advisors Inc. increased its stake in shares of Biogen by 39.8% during the 2nd quarter. First Horizon Advisors Inc. now owns 172 shares of the biotechnology company’s stock worth $40,000 after purchasing an additional 49 shares in the last quarter. QRG Capital Management Inc. raised its holdings in shares of Biogen by 2.0% in the first quarter. QRG Capital Management Inc. now owns 2,634 shares of the biotechnology company’s stock worth $568,000 after acquiring an additional 51 shares during the last quarter. Plato Investment Management Ltd boosted its stake in shares of Biogen by 82.8% during the first quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock valued at $25,000 after acquiring an additional 53 shares during the last quarter. Jacobi Capital Management LLC increased its position in Biogen by 3.4% during the 1st quarter. Jacobi Capital Management LLC now owns 1,664 shares of the biotechnology company’s stock worth $359,000 after purchasing an additional 55 shares in the last quarter. Finally, CWM LLC raised its stake in Biogen by 1.7% in the 2nd quarter. CWM LLC now owns 3,765 shares of the biotechnology company’s stock valued at $873,000 after purchasing an additional 62 shares during the last quarter. Institutional investors and hedge funds own 87.93% of the company’s stock.

Biogen Stock Down 0.6 %

Shares of NASDAQ BIIB opened at $172.03 on Tuesday. Biogen Inc. has a 1 year low of $170.71 and a 1 year high of $268.30. The stock’s 50-day simple moving average is $189.71 and its 200-day simple moving average is $208.87. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.80 and a current ratio of 1.26. The firm has a market cap of $25.07 billion, a price-to-earnings ratio of 15.54, a PEG ratio of 1.64 and a beta of -0.06.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.77 by $0.31. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The business had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.43 billion. During the same quarter in the previous year, the firm earned $4.36 earnings per share. The business’s revenue was down 2.5% compared to the same quarter last year. As a group, equities analysts anticipate that Biogen Inc. will post 16.4 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently commented on BIIB. UBS Group lowered their price target on shares of Biogen from $234.00 to $202.00 and set a “neutral” rating for the company in a report on Thursday, October 3rd. BMO Capital Markets cut their price target on Biogen from $260.00 to $230.00 and set an “outperform” rating for the company in a report on Thursday, October 17th. Raymond James restated a “market perform” rating on shares of Biogen in a report on Thursday, October 10th. HC Wainwright reiterated a “buy” rating and issued a $300.00 target price on shares of Biogen in a research note on Thursday, October 31st. Finally, Wells Fargo & Company decreased their price target on Biogen from $240.00 to $225.00 and set an “equal weight” rating on the stock in a research note on Friday, August 2nd. Ten investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $261.58.

Insider Transactions at Biogen

In related news, insider Priya Singhal sold 431 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was 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 $1,085,633.52. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate 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.