Edgestream Partners L.P. Purchases 10,289 Shares of Biogen Inc. (NASDAQ:BIIB)

Edgestream Partners L.P. grew its position in shares of Biogen Inc. (NASDAQ:BIIB) by 1,107.5% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 11,218 shares of the biotechnology company’s stock after buying an additional 10,289 shares during the quarter. Edgestream Partners L.P.’s holdings in Biogen were worth $2,174,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. PDT Partners LLC boosted its stake in Biogen by 153.8% in the third quarter. PDT Partners LLC now owns 16,497 shares of the biotechnology company’s stock worth $3,198,000 after purchasing an additional 9,997 shares in the last quarter. Martingale Asset Management L P raised its holdings in shares of Biogen by 2.6% in the third quarter. Martingale Asset Management L P now owns 55,772 shares of the biotechnology company’s stock valued at $10,811,000 after buying an additional 1,431 shares during the last quarter. Suvretta Capital Management LLC acquired a new position in Biogen during the 3rd quarter worth about $5,805,000. Public Sector Pension Investment Board grew its holdings in Biogen by 12.4% during the 3rd quarter. Public Sector Pension Investment Board now owns 6,361 shares of the biotechnology company’s stock worth $1,233,000 after acquiring an additional 700 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Biogen by 1.7% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,152,691 shares of the biotechnology company’s stock valued at $223,438,000 after acquiring an additional 18,905 shares in the last quarter. Institutional investors and hedge funds own 87.93% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on BIIB. Morgan Stanley lowered shares of Biogen from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $285.00 to $204.00 in a report on Thursday, October 31st. Raymond James restated a “market perform” rating on shares of Biogen in a research report on Thursday, October 10th. JPMorgan Chase & Co. decreased their price target on Biogen from $220.00 to $210.00 and set a “neutral” rating on the stock in a report on Monday, November 4th. Royal Bank of Canada dropped their price objective on Biogen from $292.00 to $269.00 and set an “outperform” rating for the company in a report on Friday, October 4th. Finally, Wedbush lowered their price target on shares of Biogen from $210.00 to $205.00 and set a “neutral” rating for the company in a research report on Monday, September 23rd. Thirteen analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $257.20.

Biogen Stock Up 2.2 %

Biogen stock opened at $164.23 on Tuesday. The company has a 50 day moving average of $177.23 and a 200-day moving average of $202.29. 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 twelve month low of $153.62 and a twelve month high of $268.30. The stock has a market capitalization of $23.93 billion, a PE ratio of 14.84, a price-to-earnings-growth ratio of 1.52 and a beta of -0.06.

Biogen (NASDAQ:BIIB) last released its earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.77 by $0.31. The firm had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.43 billion. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The company’s revenue was down 2.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $4.36 EPS. On average, equities research analysts anticipate that Biogen Inc. will post 16.44 EPS for the current fiscal 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.