Ethic Inc. raised its holdings in Biogen Inc. (NASDAQ:BIIB – Free Report) by 599.4% in the third quarter, Holdings Channel reports. The firm owned 349,961 shares of the biotechnology company’s stock after purchasing an additional 299,927 shares during the period. Biogen accounts for 0.9% of Ethic Inc.’s investment portfolio, making the stock its 14th largest holding. Ethic Inc.’s holdings in Biogen were worth $79,049,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently bought and sold shares of the business. Pictet Asset Management Holding SA increased its position in shares of Biogen by 139.4% during the 3rd quarter. Pictet Asset Management Holding SA now owns 2,039,056 shares of the biotechnology company’s stock valued at $460,582,000 after purchasing an additional 1,187,237 shares during the last quarter. AlphaCentric Advisors LLC raised its stake in shares of Biogen by 5.2% during 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 during the period. Parallel Advisors LLC boosted its holdings in shares of Biogen by 542.7% in 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 boosted its holdings in shares of Biogen by 12.1% in the 3rd quarter. Abacus Wealth Partners LLC now owns 5,390 shares of the biotechnology company’s stock worth $1,217,000 after buying an additional 582 shares during the last quarter. Finally, Asset Dedication LLC boosted its holdings in shares of Biogen by 4,575.0% in the 3rd quarter. Asset Dedication LLC now owns 1,496 shares of the biotechnology company’s stock worth $338,000 after buying an additional 1,464 shares during the last quarter. Institutional investors own 87.93% of the company’s stock.
Analyst Ratings Changes
Several equities analysts recently weighed in on the stock. JPMorgan Chase & Co. upgraded shares of Biogen from a “neutral” rating to an “overweight” rating and increased their price target for the company from $210.00 to $300.00 in a research report on Monday, October 12th. Wells Fargo & Company lifted their price objective on shares of Biogen from $250.00 to $310.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 20th. Citigroup reaffirmed a “neutral” rating on shares of Biogen in a research report on Wednesday, October 28th. Argus upgraded shares of Biogen from a “hold” rating to a “buy” rating and set a $280.00 target price on the stock in a research note on Thursday, October 29th. Finally, Mizuho increased their target price on shares of Biogen from $221.00 to $241.00 and gave the company an “outperform” rating in a research report on Tuesday, August 4th. One analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $252.34.
Read Our Latest Stock Analysis on BIIB
Biogen Stock Performance
Shares of BIIB opened at $248.35 on Friday. The firm has a market cap of $36.71 billion, a PE ratio of 106.13, a PEG ratio of 2.82 and a beta of 0.10. The stock’s fifty day moving average price is $230.01 and its two-hundred day moving average price is $203.04. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.95 and a quick ratio of 1.37. Biogen Inc. has a 1 year low of $151.83 and a 1 year high of $258.78.
Biogen (NASDAQ:BIIB – Get Free Report) last issued its quarterly earnings results on Wednesday, October 28th. The biotechnology company reported $2.62 EPS for the quarter, beating analysts’ consensus estimates of $1.99 by $0.63. The firm had revenue of $2.80 billion for the quarter, compared to analysts’ expectations of $2.63 billion. Biogen had a return on equity of 9.38% and a net margin of 3.37%. The business’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $4.81 EPS. On average, equities research analysts forecast that Biogen Inc. will post 12.45 EPS for the current year.
About Biogen
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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