Point72 Asset Management L.P. raised its stake in Biogen Inc (NASDAQ:BIIB) by 76.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 444,615 shares of the biotechnology company’s stock after purchasing an additional 192,296 shares during the period. Point72 Asset Management L.P. owned 0.21% of Biogen worth $121,744,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Pin Oak Investment Advisors Inc. bought a new stake in Biogen in the fourth quarter valued at $261,000. Banco de Sabadell S.A bought a new stake in Biogen in the fourth quarter valued at $7,061,000. Alliancebernstein L.P. increased its stake in Biogen by 27.0% in the fourth quarter. Alliancebernstein L.P. now owns 3,414,672 shares of the biotechnology company’s stock valued at $1,087,812,000 after purchasing an additional 727,007 shares in the last quarter. Wealthsource Partners LLC bought a new stake in Biogen in the fourth quarter valued at $217,000. Finally, Pinnacle Wealth Planning Services Inc. bought a new stake in Biogen in the fourth quarter valued at $133,000. 87.43% of the stock is owned by hedge funds and other institutional investors.
Biogen opened at $307.81 on Wednesday, according to Marketbeat. Biogen Inc has a 12-month low of $249.17 and a 12-month high of $370.57. The company has a debt-to-equity ratio of 0.42, a quick ratio of 2.95 and a current ratio of 3.23. The company has a market capitalization of $64.71 billion, a PE ratio of 14.12, a price-to-earnings-growth ratio of 1.80 and a beta of 0.84.
Biogen (NASDAQ:BIIB) last posted its quarterly earnings results on Tuesday, April 24th. The biotechnology company reported $6.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.93 by $0.12. Biogen had a net margin of 23.54% and a return on equity of 37.64%. The company had revenue of $3.13 billion for the quarter, compared to analyst estimates of $3.15 billion. During the same quarter in the previous year, the firm posted $5.20 earnings per share. The company’s quarterly revenue was up 11.4% compared to the same quarter last year. research analysts predict that Biogen Inc will post 23.85 earnings per share for the current fiscal year.
A number of research analysts have recently issued reports on the stock. Mizuho set a $423.00 price objective on shares of Biogen and gave the company a “buy” rating in a report on Tuesday, June 5th. Canaccord Genuity set a $335.00 price objective on shares of Biogen and gave the company a “buy” rating in a report on Wednesday, June 6th. BidaskClub upgraded shares of Biogen from a “hold” rating to a “buy” rating in a report on Friday, June 1st. ValuEngine upgraded shares of Biogen from a “sell” rating to a “hold” rating in a report on Saturday, May 12th. Finally, Citigroup reduced their price objective on shares of Biogen from $360.00 to $290.00 and set a “neutral” rating for the company in a report on Wednesday, May 2nd. Nine analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $353.18.
In other Biogen news, Director Alexander J. Denner purchased 48,000 shares of the stock in a transaction dated Wednesday, April 25th. The shares were bought at an average price of $269.91 per share, with a total value of $12,955,680.00. Following the completion of the transaction, the director now directly owns 10,029 shares in the company, valued at approximately $2,706,927.39. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.29% of the company’s stock.
Biogen Inc discovers, develops, manufactures, and delivers therapies for the treatment of neurological and neurodegenerative diseases worldwide. The company offers TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, ZINBRYTA, and FAMPYRA for the treatment of multiple sclerosis (MS); FUMADERM for the treatment of plaque psoriasis; and SPINRAZA to treat spinal muscular atrophy.
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