Biogen Inc. (NASDAQ:BIIB) is Stoneridge Investment Partners LLC’s 6th Largest Position

Stoneridge Investment Partners LLC boosted its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 2.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 30,555 shares of the biotechnology company’s stock after acquiring an additional 681 shares during the quarter. Biogen accounts for 2.7% of Stoneridge Investment Partners LLC’s holdings, making the stock its 6th largest position. Stoneridge Investment Partners LLC’s holdings in Biogen were worth $7,083,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Leo Wealth LLC acquired a new stake in shares of Biogen in the fourth quarter valued at about $2,265,000. Duality Advisers LP purchased a new position in shares of Biogen in the first quarter valued at approximately $1,290,000. Tocqueville Asset Management L.P. boosted its stake in shares of Biogen by 924.4% in the first quarter. Tocqueville Asset Management L.P. now owns 46,200 shares of the biotechnology company’s stock worth $9,962,000 after acquiring an additional 41,690 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its stake in Biogen by 0.9% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 386,482 shares of the biotechnology company’s stock valued at $83,337,000 after purchasing an additional 3,380 shares during the last quarter. Finally, Cetera Investment Advisers lifted its holdings in Biogen by 235.1% in the 1st quarter. Cetera Investment Advisers now owns 14,860 shares of the biotechnology company’s stock valued at $3,204,000 after purchasing an additional 10,425 shares in the last quarter. Institutional investors and hedge funds own 87.93% of the company’s stock.

Insider Buying and Selling at Biogen

In other Biogen news, insider Priya Singhal sold 431 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total value of $88,018.82. Following the completion of the transaction, the insider now owns 5,316 shares in the company, valued at $1,085,633.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.16% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

BIIB has been the topic of several research reports. Truist Financial reissued a “buy” rating and issued a $302.00 price target (down from $340.00) on shares of Biogen in a research note on Monday, August 5th. Royal Bank of Canada upped their price target on Biogen from $282.00 to $292.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Needham & Company LLC reissued a “buy” rating and set a $285.00 price objective on shares of Biogen in a research note on Wednesday, September 4th. Scotiabank reduced their price target on Biogen from $275.00 to $244.00 and set a “sector outperform” rating on the stock in a report on Friday, August 2nd. Finally, HC Wainwright reissued a “buy” rating and issued a $300.00 price objective on shares of Biogen in a report on Thursday, May 23rd. Eight analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Biogen presently has an average rating of “Moderate Buy” and a consensus price target of $275.52.

Biogen Stock Down 1.1 %

Shares of NASDAQ:BIIB opened at $195.63 on Friday. The firm’s 50 day moving average price is $210.52 and its 200 day moving average price is $215.77. The stock has a market cap of $28.50 billion, a price-to-earnings ratio of 24.42, a price-to-earnings-growth ratio of 2.01 and a beta of -0.06. Biogen Inc. has a fifty-two week low of $189.44 and a fifty-two week high of $269.43. The company has a quick ratio of 1.48, a current ratio of 2.29 and a debt-to-equity ratio of 0.40.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings data on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share for the quarter, beating analysts’ consensus estimates of $4.00 by $1.28. The firm had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.39 billion. Biogen had a net margin of 11.98% and a return on equity of 15.71%. Biogen’s quarterly revenue was up .4% on a year-over-year basis. During the same period last year, the firm posted $4.02 EPS. As a group, equities research analysts predict that Biogen Inc. will post 16.12 earnings per share for the current fiscal year.

About Biogen

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.