CIBC Asset Management Inc Boosts Holdings in Biogen Inc. (NASDAQ:BIIB)

CIBC Asset Management Inc grew its holdings in Biogen Inc. (NASDAQ:BIIB) by 5.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 45,184 shares of the biotechnology company’s stock after purchasing an additional 2,509 shares during the quarter. CIBC Asset Management Inc’s holdings in Biogen were worth $8,758,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Plato Investment Management Ltd lifted its stake in Biogen by 82.8% in the first quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock worth $25,000 after acquiring an additional 53 shares during the last quarter. Itau Unibanco Holding S.A. purchased a new position in Biogen in the second quarter worth approximately $33,000. Ashton Thomas Securities LLC purchased a new position in Biogen in the third quarter worth approximately $33,000. EntryPoint Capital LLC purchased a new position in Biogen in the first quarter worth approximately $36,000. Finally, Versant Capital Management Inc lifted its stake in Biogen by 123.2% in the second quarter. Versant Capital Management Inc now owns 154 shares of the biotechnology company’s stock worth $36,000 after acquiring an additional 85 shares during the last quarter. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Analyst Upgrades and Downgrades

BIIB has been the subject of a number of recent research reports. BMO Capital Markets decreased their price target on shares of Biogen from $260.00 to $230.00 and set an “outperform” rating for the company in a research note on Thursday, October 17th. Wolfe Research assumed coverage on shares of Biogen in a research report on Friday. They set a “peer perform” rating for the company. Scotiabank reduced their price objective on shares of Biogen from $275.00 to $244.00 and set a “sector outperform” rating for the company in a research report on Friday, August 2nd. HC Wainwright restated a “buy” rating and set a $300.00 price objective on shares of Biogen in a research report on Thursday, October 31st. Finally, Wells Fargo & Company reduced their price objective on shares of Biogen from $240.00 to $225.00 and set an “equal weight” rating for the company in a research report on Friday, August 2nd. Twelve research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $258.96.

Biogen Stock Performance

NASDAQ:BIIB opened at $159.99 on Friday. The company has a quick ratio of 0.80, a current ratio of 1.26 and a debt-to-equity ratio of 0.28. Biogen Inc. has a fifty-two week low of $159.60 and a fifty-two week high of $268.30. The stock has a market cap of $23.31 billion, a PE ratio of 14.45, a price-to-earnings-growth ratio of 1.57 and a beta of -0.06. The firm’s fifty day simple moving average is $185.99 and its 200-day simple moving average is $207.38.

Biogen (NASDAQ:BIIB) last released its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, topping the consensus estimate of $3.77 by $0.31. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The business had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.43 billion. During the same period in the previous year, the firm earned $4.36 EPS. The business’s revenue for the quarter was down 2.5% compared to the same quarter last year. Analysts expect that Biogen Inc. will post 16.4 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Priya Singhal sold 431 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total value of $88,018.82. Following the sale, the insider now directly owns 5,316 shares in the company, valued at $1,085,633.52. The trade was a 7.50 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.16% of the company’s stock.

Biogen Company 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.