Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in Biogen Inc. (NASDAQ:BIIB – Free Report) by 3.4% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 25,243 shares of the biotechnology company’s stock after purchasing an additional 831 shares during the quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Biogen were worth $7,190,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently made changes to their positions in BIIB. Horizon Bancorp Inc. IN increased its stake in shares of Biogen by 128.2% in the 2nd quarter. Horizon Bancorp Inc. IN now owns 89 shares of the biotechnology company’s stock valued at $25,000 after purchasing an additional 50 shares during the last quarter. Altshuler Shaham Ltd bought a new position in shares of Biogen in the fourth quarter worth about $25,000. Global Retirement Partners LLC grew its holdings in shares of Biogen by 82.9% during the 1st quarter. Global Retirement Partners LLC now owns 128 shares of the biotechnology company’s stock valued at $40,000 after purchasing an additional 58 shares during the last quarter. First Manhattan Co. lifted its stake in Biogen by 33.3% in the 4th quarter. First Manhattan Co. now owns 160 shares of the biotechnology company’s stock valued at $44,000 after purchasing an additional 40 shares during the last quarter. Finally, Garda Capital Partners LP bought a new position in Biogen in the 1st quarter valued at approximately $52,000. 85.99% of the stock is currently owned by institutional investors and hedge funds.
Insiders Place Their Bets
In related news, insider Priya Singhal sold 431 shares of the business’s stock in a transaction dated Tuesday, September 5th. The shares were sold at an average price of $269.43, for a total transaction of $116,124.33. Following the transaction, the insider now directly owns 3,354 shares in the company, valued at $903,668.22. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.60% of the company’s stock.
Biogen Price Performance
Biogen (NASDAQ:BIIB – Get Free Report) last released its quarterly earnings data on Wednesday, November 8th. The biotechnology company reported $4.36 earnings per share for the quarter, topping the consensus estimate of $3.99 by $0.37. The firm had revenue of $2.53 billion for the quarter, compared to the consensus estimate of $2.40 billion. Biogen had a net margin of 14.63% and a return on equity of 16.40%. The business’s revenue was up .9% on a year-over-year basis. During the same quarter in the prior year, the company posted $4.77 earnings per share. Sell-side analysts forecast that Biogen Inc. will post 14.92 EPS for the current fiscal year.
Analyst Upgrades and Downgrades
Several brokerages have recently issued reports on BIIB. BMO Capital Markets lowered their price target on shares of Biogen from $314.00 to $295.00 and set an “outperform” rating for the company in a report on Thursday, November 9th. Robert W. Baird dropped their target price on Biogen from $340.00 to $333.00 in a research report on Monday, August 7th. Bank of America reduced their price target on Biogen from $310.00 to $290.00 in a report on Monday, August 7th. StockNews.com lowered shares of Biogen from a “buy” rating to a “hold” rating in a report on Friday, November 10th. Finally, Piper Sandler reduced their target price on shares of Biogen from $380.00 to $350.00 in a report on Monday, August 7th. Five research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $326.08.
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.
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