Biogen Inc. (NASDAQ:BIIB) Shares Acquired by Empirical Asset Management LLC

Empirical Asset Management LLC lifted its position in shares of Biogen Inc. (NASDAQ:BIIBFree Report) by 8.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,315 shares of the biotechnology company’s stock after acquiring an additional 106 shares during the period. Empirical Asset Management LLC’s holdings in Biogen were worth $340,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in BIIB. Norges Bank acquired a new stake in shares of Biogen during the 4th quarter valued at approximately $362,129,000. Price T Rowe Associates Inc. MD increased its position in Biogen by 49.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,088,356 shares of the biotechnology company’s stock worth $580,627,000 after buying an additional 691,843 shares during the period. Massachusetts Financial Services Co. MA increased its position in Biogen by 204.8% in the third quarter. Massachusetts Financial Services Co. MA now owns 446,602 shares of the biotechnology company’s stock worth $114,781,000 after buying an additional 300,086 shares during the period. Van ECK Associates Corp increased its position in Biogen by 24.5% in the third quarter. Van ECK Associates Corp now owns 1,189,546 shares of the biotechnology company’s stock worth $305,725,000 after buying an additional 233,889 shares during the period. Finally, AQR Capital Management LLC increased its position in Biogen by 113.6% in the first quarter. AQR Capital Management LLC now owns 422,486 shares of the biotechnology company’s stock worth $117,012,000 after buying an additional 224,668 shares during the period. 85.99% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have weighed in on BIIB. Wells Fargo & Company lowered Biogen from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $315.00 to $240.00 in a research report on Wednesday, February 14th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $311.00 target price on shares of Biogen in a research report on Tuesday, February 20th. Wedbush increased their price target on Biogen from $239.00 to $245.00 and gave the stock a “neutral” rating in a research note on Monday, February 12th. Bank Of America (Bofa) decreased their price target on Biogen from $290.00 to $280.00 and set a “neutral” rating for the company in a research note on Monday, February 12th. Finally, Canaccord Genuity Group decreased their price target on Biogen from $310.00 to $305.00 and set a “buy” rating for the company in a research note on Tuesday, February 20th. Nine research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company’s stock. According to MarketBeat, Biogen has an average rating of “Moderate Buy” and an average price target of $305.68.

View Our Latest Research Report on BIIB

Biogen Stock Up 1.2 %

Shares of BIIB traded up $2.60 during midday trading on Thursday, reaching $220.75. 1,001,065 shares of the stock were exchanged, compared to its average volume of 1,169,526. Biogen Inc. has a 12-month low of $215.35 and a 12-month high of $319.76. The firm has a 50 day simple moving average of $232.73 and a 200-day simple moving average of $243.71. The company has a quick ratio of 1.26, a current ratio of 2.00 and a debt-to-equity ratio of 0.46. The company has a market cap of $32.09 billion, a price-to-earnings ratio of 27.34, a P/E/G ratio of 1.83 and a beta of -0.03.

Biogen (NASDAQ:BIIBGet Free Report) last issued its quarterly earnings data on Tuesday, February 13th. The biotechnology company reported $2.95 EPS for the quarter, missing analysts’ consensus estimates of $3.18 by ($0.23). The company had revenue of $2.39 billion for the quarter, compared to analyst estimates of $2.47 billion. Biogen had a net margin of 11.81% and a return on equity of 14.91%. During the same period in the prior year, the company posted $4.05 EPS. Research analysts forecast that Biogen Inc. will post 15.48 EPS for the current year.

Insider Activity

In related news, Director Eric K. Rowinsky acquired 455 shares of the stock in a transaction dated Thursday, February 15th. The shares were acquired at an average price of $222.54 per share, with a total value of $101,255.70. Following the acquisition, the director now owns 20,629 shares in the company, valued at approximately $4,590,777.66. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Biogen news, Director Eric K. Rowinsky bought 455 shares of the stock in a transaction on Thursday, February 15th. The shares were purchased at an average price of $222.54 per share, with a total value of $101,255.70. Following the acquisition, the director now directly owns 20,629 shares of the company’s stock, valued at approximately $4,590,777.66. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Priya Singhal sold 262 shares of the firm’s stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $221.23, for a total value of $57,962.26. Following the completion of the sale, the insider now directly owns 4,886 shares in the company, valued at approximately $1,080,929.78. The disclosure for this sale can be found here. In the last quarter, insiders have sold 789 shares of company stock valued at $182,213. Insiders own 0.60% of the company’s stock.

Biogen Company Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Biogen (NASDAQ:BIIB)

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