Biogen Inc. (NASDAQ:BIIB) Position Increased by Empirical Finance LLC

Empirical Finance LLC raised its position in shares of Biogen Inc. (NASDAQ:BIIB) by 3.4% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,343 shares of the biotechnology company’s stock after buying an additional 178 shares during the quarter. Empirical Finance LLC’s holdings in Biogen were worth $1,152,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Leo Wealth LLC purchased a new stake in Biogen during the fourth quarter valued at about $2,265,000. ICICI Prudential Asset Management Co Ltd increased its holdings in shares of Biogen by 15.0% in the 4th quarter. ICICI Prudential Asset Management Co Ltd now owns 35,989 shares of the biotechnology company’s stock valued at $9,313,000 after purchasing an additional 4,693 shares during the period. Dynamic Advisor Solutions LLC increased its holdings in shares of Biogen by 6.2% in the 4th quarter. Dynamic Advisor Solutions LLC now owns 4,850 shares of the biotechnology company’s stock valued at $1,251,000 after purchasing an additional 285 shares during the period. Public Sector Pension Investment Board increased its holdings in shares of Biogen by 12.2% in the 3rd quarter. Public Sector Pension Investment Board now owns 15,550 shares of the biotechnology company’s stock valued at $3,997,000 after purchasing an additional 1,690 shares during the period. Finally, Everence Capital Management Inc. increased its holdings in shares of Biogen by 26.6% in the 4th quarter. Everence Capital Management Inc. now owns 5,000 shares of the biotechnology company’s stock valued at $1,294,000 after purchasing an additional 1,050 shares during the period. 87.93% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently weighed in on BIIB. UBS Group dropped their target price on Biogen from $250.00 to $214.00 and set a “neutral” rating on the stock in a report on Wednesday, April 17th. Piper Sandler dropped their target price on Biogen from $335.00 to $313.00 and set an “overweight” rating on the stock in a report on Friday. HC Wainwright reiterated a “buy” rating and issued a $300.00 target price on shares of Biogen in a report on Thursday, May 23rd. Bank of America dropped their target price on Biogen from $280.00 to $260.00 and set a “neutral” rating on the stock in a report on Friday, April 12th. Finally, Wedbush increased their price objective on Biogen from $213.00 to $215.00 and gave the stock a “neutral” rating in a report on Thursday, April 25th. Ten research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $286.00.

Biogen Stock Performance

Shares of BIIB traded down $6.74 during mid-day trading on Friday, hitting $230.06. The company’s stock had a trading volume of 1,465,177 shares, compared to its average volume of 1,135,246. Biogen Inc. has a one year low of $189.44 and a one year high of $281.12. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.32 and a current ratio of 2.10. The firm has a market capitalization of $33.50 billion, a PE ratio of 28.42, a price-to-earnings-growth ratio of 2.34 and a beta of -0.04. The stock’s 50-day moving average is $226.25 and its two-hundred day moving average is $227.24.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings data on Wednesday, April 24th. The biotechnology company reported $3.67 earnings per share for the quarter, beating the consensus estimate of $3.45 by $0.22. Biogen had a return on equity of 14.83% and a net margin of 12.07%. The company had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.31 billion. During the same period in the prior year, the business earned $3.40 earnings per share. Biogen’s revenue for the quarter was down 7.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that Biogen Inc. will post 15.63 EPS for the current year.

Biogen 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.