Stonegate Investment Group LLC Acquires New Shares in Biogen Inc. (NASDAQ:BIIB)

Stonegate Investment Group LLC acquired a new stake in Biogen Inc. (NASDAQ:BIIBGet Rating) during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 2,834 shares of the biotechnology company’s stock, valued at approximately $680,000.

Other large investors have also added to or reduced their stakes in the company. UBS Asset Management Americas Inc. boosted its stake in shares of Biogen by 9.4% during the third quarter. UBS Asset Management Americas Inc. now owns 1,244,986 shares of the biotechnology company’s stock valued at $352,319,000 after purchasing an additional 106,513 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Biogen by 5.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,192,250 shares of the biotechnology company’s stock valued at $286,043,000 after purchasing an additional 62,060 shares in the last quarter. Van ECK Associates Corp boosted its stake in shares of Biogen by 24.8% during the fourth quarter. Van ECK Associates Corp now owns 798,929 shares of the biotechnology company’s stock valued at $191,679,000 after purchasing an additional 158,854 shares in the last quarter. Morgan Stanley boosted its stake in shares of Biogen by 7.3% during the third quarter. Morgan Stanley now owns 753,715 shares of the biotechnology company’s stock valued at $213,294,000 after purchasing an additional 51,540 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its stake in shares of Biogen by 18.6% during the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 552,001 shares of the biotechnology company’s stock valued at $132,436,000 after purchasing an additional 86,382 shares in the last quarter. 83.92% of the stock is currently owned by institutional investors and hedge funds.

A number of equities analysts recently commented on BIIB shares. Wedbush reaffirmed a “neutral” rating on shares of Biogen in a research note on Thursday, April 28th. Morgan Stanley cut their price objective on Biogen from $330.00 to $283.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 12th. Robert W. Baird cut their price objective on Biogen from $258.00 to $224.00 and set a “neutral” rating on the stock in a research note on Friday, February 4th. BMO Capital Markets lowered Biogen from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $260.00 to $238.00 in a research note on Friday, February 4th. Finally, Wells Fargo & Company raised Biogen from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $235.00 to $265.00 in a research note on Monday, April 18th. Seventeen analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. According to data from MarketBeat.com, Biogen currently has an average rating of “Buy” and a consensus price target of $284.47.

Shares of NASDAQ:BIIB traded up $3.62 during midday trading on Tuesday, reaching $202.00. 11,161 shares of the company traded hands, compared to its average volume of 1,262,620. The company has a quick ratio of 1.70, a current ratio of 2.01 and a debt-to-equity ratio of 0.56. Biogen Inc. has a 12 month low of $187.16 and a 12 month high of $468.55. The firm has a market capitalization of $29.58 billion, a price-to-earnings ratio of 20.37, a price-to-earnings-growth ratio of 1.24 and a beta of 0.42. The firm’s fifty day moving average price is $207.07 and its two-hundred day moving average price is $224.84.

Biogen (NASDAQ:BIIBGet Rating) last released its quarterly earnings data on Tuesday, May 3rd. The biotechnology company reported $3.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.79). Biogen had a net margin of 13.40% and a return on equity of 23.46%. The company had revenue of $2.53 billion for the quarter, compared to the consensus estimate of $2.50 billion. During the same quarter in the previous year, the firm posted $5.34 earnings per share. The business’s revenue for the quarter was down 6.1% compared to the same quarter last year. Analysts forecast that Biogen Inc. will post 15.43 earnings per share for the current year.

Biogen Company Profile (Get Rating)

Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases. The company offers TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; and FUMADERM to treat plaque psoriasis.

Further Reading

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Institutional Ownership by Quarter for Biogen (NASDAQ:BIIB)

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