Grimes & Company Inc. Raises Holdings in Biogen Inc. (NASDAQ:BIIB)

Grimes & Company Inc. grew its position in shares of Biogen Inc. (NASDAQ:BIIB) by 131.7% during the first quarter, Holdings Channel reports. The institutional investor owned 59,334 shares of the biotechnology company’s stock after purchasing an additional 33,721 shares during the quarter. Grimes & Company Inc.’s holdings in Biogen were worth $8,119,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC lifted its holdings in Biogen by 2.7% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 6,843 shares of the biotechnology company’s stock worth $1,026,000 after purchasing an additional 183 shares in the last quarter. Asset Management One Co. Ltd. grew its holdings in Biogen by 5.2% during the 4th quarter. Asset Management One Co. Ltd. now owns 58,226 shares of the biotechnology company’s stock valued at $8,810,000 after buying an additional 2,871 shares in the last quarter. Vontobel Holding Ltd. grew its holdings in Biogen by 36.8% during the 4th quarter. Vontobel Holding Ltd. now owns 15,262 shares of the biotechnology company’s stock valued at $2,334,000 after buying an additional 4,109 shares in the last quarter. Blue Trust Inc. grew its holdings in Biogen by 21.6% during the 4th quarter. Blue Trust Inc. now owns 574 shares of the biotechnology company’s stock valued at $88,000 after buying an additional 102 shares in the last quarter. Finally, Principal Securities Inc. grew its holdings in Biogen by 30.1% during the 4th quarter. Principal Securities Inc. now owns 337 shares of the biotechnology company’s stock valued at $52,000 after buying an additional 78 shares in the last quarter. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Piper Sandler reaffirmed a “neutral” rating and set a $115.00 target price on shares of Biogen in a report on Thursday, June 12th. Wedbush reaffirmed a “neutral” rating and set a $121.00 target price on shares of Biogen in a report on Thursday, June 12th. Truist Financial decreased their target price on Biogen from $210.00 to $199.00 and set a “buy” rating on the stock in a research note on Tuesday, April 29th. Hsbc Global Res lowered Biogen from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 28th. Finally, Argus lowered Biogen from a “buy” rating to a “hold” rating in a research note on Friday, April 4th. Twenty equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $188.19.

Biogen Trading Up 0.3%

Shares of BIIB stock opened at $131.04 on Tuesday. The stock has a market capitalization of $19.20 billion, a PE ratio of 11.71, a P/E/G ratio of 1.51 and a beta of 0.14. Biogen Inc. has a 1-year low of $110.04 and a 1-year high of $238.00. The business has a 50-day moving average of $124.09 and a 200 day moving average of $137.06. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.35 and a quick ratio of 0.90.

Biogen (NASDAQ:BIIB) last issued its earnings results on Thursday, May 1st. The biotechnology company reported $3.02 earnings per share for the quarter, missing the consensus estimate of $3.26 by ($0.24). The company had revenue of $2.43 billion for the quarter, compared to analysts’ expectations of $2.25 billion. Biogen had a net margin of 16.87% and a return on equity of 14.98%. The company’s revenue was up 6.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.67 earnings per share. As a group, sell-side analysts anticipate that Biogen Inc. will post 15.83 earnings per share for the current year.

Biogen 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.