Rafferty Asset Management LLC Purchases 29,319 Shares of Biogen Inc. (NASDAQ:BIIB)

Rafferty Asset Management LLC lifted its position in Biogen Inc. (NASDAQ:BIIB) by 18.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 189,520 shares of the biotechnology company’s stock after acquiring an additional 29,319 shares during the quarter. Rafferty Asset Management LLC owned 0.13% of Biogen worth $28,981,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Raiffeisen Bank International AG bought a new stake in shares of Biogen in the 4th quarter worth about $236,000. Point72 Hong Kong Ltd bought a new stake in shares of Biogen in the 4th quarter worth about $4,003,000. ProShare Advisors LLC lifted its holdings in shares of Biogen by 17.3% in the 4th quarter. ProShare Advisors LLC now owns 198,326 shares of the biotechnology company’s stock worth $30,328,000 after acquiring an additional 29,294 shares during the last quarter. Quantinno Capital Management LP lifted its holdings in shares of Biogen by 104.8% in the 4th quarter. Quantinno Capital Management LP now owns 6,284 shares of the biotechnology company’s stock worth $961,000 after acquiring an additional 3,215 shares during the last quarter. Finally, Mufg Securities Americas Inc. bought a new stake in shares of Biogen in the 4th quarter worth about $329,000. Institutional investors own 87.93% of the company’s stock.

Insiders Place Their Bets

In other Biogen news, Director Stephen A. Sherwin sold 8,760 shares of Biogen stock in a transaction on Friday, March 7th. The shares were sold at an average price of $150.02, for a total value of $1,314,175.20. Following the transaction, the director now directly owns 11,318 shares of the company’s stock, valued at approximately $1,697,926.36. The trade was a 43.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.16% of the company’s stock.

Biogen Price Performance

NASDAQ BIIB opened at $123.70 on Friday. The firm’s fifty day simple moving average is $126.32 and its two-hundred day simple moving average is $142.98. The company has a current ratio of 1.35, a quick ratio of 0.90 and a debt-to-equity ratio of 0.27. Biogen Inc. has a 12-month low of $110.04 and a 12-month high of $238.00. The firm has a market capitalization of $18.13 billion, a P/E ratio of 11.05, a P/E/G ratio of 1.51 and a beta of 0.12.

Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Thursday, May 1st. The biotechnology company reported $3.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.26 by ($0.24). Biogen had a return on equity of 14.98% and a net margin of 16.87%. The firm had revenue of $2.43 billion during the quarter, compared to analysts’ expectations of $2.25 billion. During the same period in the prior year, the firm posted $3.67 earnings per share. Biogen’s revenue for the quarter was up 6.2% compared to the same quarter last year. Analysts forecast that Biogen Inc. will post 15.83 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on BIIB shares. JPMorgan Chase & Co. lowered their target price on shares of Biogen from $185.00 to $175.00 and set a “neutral” rating for the company in a report on Monday, May 5th. Truist Financial lowered their price objective on shares of Biogen from $210.00 to $199.00 and set a “buy” rating for the company in a research report on Tuesday, April 29th. HC Wainwright reduced their target price on shares of Biogen from $241.00 to $187.00 and set a “buy” rating on the stock in a research report on Friday, May 2nd. Scotiabank reduced their target price on shares of Biogen from $244.00 to $224.00 and set a “sector outperform” rating on the stock in a research report on Thursday, February 13th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Biogen in a research report on Friday, May 2nd. Twenty equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $191.30.

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 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.