Victory Capital Management Inc. decreased its stake in shares of Biogen Inc. (NASDAQ:BIIB – Free Report) by 9.9% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 140,373 shares of the biotechnology company’s stock after selling 15,490 shares during the period. Victory Capital Management Inc. owned 0.10% of Biogen worth $39,028,000 as of its most recent SEC filing.
Several other large investors have also added to or reduced their stakes in the stock. Raymond James Trust N.A. lifted its position in Biogen by 16.4% during the first quarter. Raymond James Trust N.A. now owns 3,294 shares of the biotechnology company’s stock valued at $693,000 after purchasing an additional 464 shares during the last quarter. Cibc World Market Inc. raised its position in Biogen by 39.9% during the first quarter. Cibc World Market Inc. now owns 15,244 shares of the biotechnology company’s stock valued at $3,210,000 after purchasing an additional 4,349 shares in the last quarter. Vanguard Group Inc. lifted its stake in Biogen by 1.6% during the first quarter. Vanguard Group Inc. now owns 11,720,584 shares of the biotechnology company’s stock worth $2,468,356,000 after purchasing an additional 183,285 shares during the last quarter. Baird Financial Group Inc. boosted its holdings in shares of Biogen by 15.3% in the 1st quarter. Baird Financial Group Inc. now owns 89,722 shares of the biotechnology company’s stock worth $18,896,000 after purchasing an additional 11,882 shares in the last quarter. Finally, Brown Brothers Harriman & Co. increased its position in shares of Biogen by 10.7% during the 1st quarter. Brown Brothers Harriman & Co. now owns 5,938 shares of the biotechnology company’s stock valued at $1,251,000 after purchasing an additional 573 shares during the last quarter. Institutional investors own 86.35% of the company’s stock.
Analyst Upgrades and Downgrades
A number of research analysts have commented on BIIB shares. Wedbush increased their price target on shares of Biogen from $249.00 to $263.00 and gave the company a “neutral” rating in a research report on Monday, April 17th. Barclays cut their price target on shares of Biogen from $307.00 to $302.00 in a research report on Wednesday, April 26th. Piper Sandler boosted their target price on Biogen from $346.00 to $360.00 in a research note on Thursday, June 1st. BMO Capital Markets reduced their price target on Biogen from $357.00 to $347.00 and set an “outperform” rating on the stock in a research report on Wednesday. Finally, Stifel Nicolaus decreased their price target on Biogen from $324.00 to $320.00 and set a “buy” rating on the stock in a research note on Tuesday. Five investment analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $331.19.
Biogen Trading Down 0.9 %
Shares of NASDAQ BIIB opened at $262.79 on Friday. The firm has a 50-day moving average of $290.02 and a 200 day moving average of $286.45. Biogen Inc. has a 1 year low of $193.65 and a 1 year high of $319.76. The stock has a market cap of $38.06 billion, a P/E ratio of 14.31, a price-to-earnings-growth ratio of 2.18 and a beta of 0.17. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.27 and a quick ratio of 2.81.
Biogen (NASDAQ:BIIB – Get Free Report) last posted its quarterly earnings results on Tuesday, July 25th. The biotechnology company reported $4.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.77 by $0.25. Biogen had a return on equity of 17.33% and a net margin of 26.72%. The firm had revenue of $2.46 billion during the quarter, compared to analyst estimates of $2.36 billion. During the same quarter in the previous year, the firm earned $5.25 EPS. Biogen’s quarterly revenue was down 5.1% compared to the same quarter last year. As a group, sell-side analysts expect that Biogen Inc. will post 15.46 EPS for the current fiscal year.
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.
Further Reading
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