Pictet Asset Management Holding SA boosted its position in shares of Biogen Inc. (NASDAQ:BIIB – Free Report) by 139.4% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,039,056 shares of the biotechnology company’s stock after acquiring an additional 1,187,237 shares during the period. Pictet Asset Management Holding SA’s holdings in Biogen were worth $460,582,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. AlphaCentric Advisors LLC boosted its position in shares of Biogen by 5.2% in the 3rd quarter. AlphaCentric Advisors LLC now owns 4,092 shares of the biotechnology company’s stock worth $924,000 after purchasing an additional 201 shares in the last quarter. Parallel Advisors LLC grew its stake in Biogen by 542.7% during the 3rd quarter. Parallel Advisors LLC now owns 26,640 shares of the biotechnology company’s stock worth $6,017,000 after buying an additional 22,495 shares during the last quarter. Abacus Wealth Partners LLC increased its position in Biogen by 12.1% during the 3rd quarter. Abacus Wealth Partners LLC now owns 5,390 shares of the biotechnology company’s stock valued at $1,217,000 after buying an additional 582 shares in the last quarter. Asset Dedication LLC increased its position in Biogen by 4,575.0% during the 3rd quarter. Asset Dedication LLC now owns 1,496 shares of the biotechnology company’s stock valued at $338,000 after buying an additional 1,464 shares in the last quarter. Finally, Alps Advisors Inc. increased its position in Biogen by 1,469.0% during the 3rd quarter. Alps Advisors Inc. now owns 26,548 shares of the biotechnology company’s stock valued at $5,997,000 after buying an additional 24,856 shares in the last quarter. Hedge funds and other institutional investors own 87.93% of the company’s stock.
Wall Street Analyst Weigh In
Several equities research analysts have weighed in on the company. UBS Group raised their price target on Biogen from $270.00 to $300.00 and gave the stock a “buy” rating in a report on Thursday, October 29th. Bank of America upped their price objective on shares of Biogen from $219.00 to $244.00 and gave the company a “neutral” rating in a report on Thursday, October 22nd. Seaport Research Partners upgraded shares of Biogen to an “outperform” rating in a report on Monday, October 12th. Stifel Nicolaus set a $242.00 price objective on shares of Biogen in a research report on Thursday, September 10th. Finally, Wall Street Zen upgraded shares of Biogen from a “hold” rating to a “strong-buy” rating in a research note on Saturday, October 31st. One research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $252.34.
Check Out Our Latest Stock Analysis on BIIB
Biogen Price Performance
NASDAQ BIIB opened at $248.35 on Friday. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.95 and a quick ratio of 1.37. The stock’s fifty day moving average price is $230.01 and its 200 day moving average price is $203.04. Biogen Inc. has a 1 year low of $151.83 and a 1 year high of $258.78. The company has a market cap of $36.71 billion, a price-to-earnings ratio of 106.13, a PEG ratio of 2.82 and a beta of 0.10.
Biogen (NASDAQ:BIIB – Get Free Report) last issued its earnings results on Wednesday, October 28th. The biotechnology company reported $2.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.99 by $0.63. Biogen had a return on equity of 9.38% and a net margin of 3.37%. The company had revenue of $2.80 billion during the quarter, compared to analyst estimates of $2.63 billion. During the same quarter last year, the business posted $4.81 EPS. The firm’s quarterly revenue was up 10.6% on a year-over-year basis. As a group, equities research analysts forecast that Biogen Inc. will post 12.45 earnings per share for the current year.
Biogen Profile
Biogen is a biotechnology company focused on developing and commercializing medicines for neurological and rare diseases. Its areas of focus include multiple sclerosis, Alzheimer’s disease, spinal muscular atrophy and Friedreich’s ataxia.
Its products include multiple sclerosis treatments such as Tysabri, Tecfidera and Vumerity, and Skyclarys for Friedreich’s ataxia. Biogen shares rights to several medicines with other companies, including Leqembi for Alzheimer’s disease with Eisai and Spinraza for spinal muscular atrophy with Ionis Pharmaceuticals.
Founded in 1978, Biogen is headquartered in Cambridge, Massachusetts, and serves patients and healthcare providers in the United States and international markets.
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