Cairn Investment Group Inc. Grows Stake in Biogen Inc. (NASDAQ:BIIB)

Cairn Investment Group Inc. grew its position in Biogen Inc. (NASDAQ:BIIBFree Report) by 3.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 11,126 shares of the biotechnology company’s stock after buying an additional 323 shares during the quarter. Biogen accounts for 1.8% of Cairn Investment Group Inc.’s holdings, making the stock its 20th largest holding. Cairn Investment Group Inc.’s holdings in Biogen were worth $2,879,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Sequoia Financial Advisors LLC increased its stake in shares of Biogen by 2.3% during the third quarter. Sequoia Financial Advisors LLC now owns 2,043 shares of the biotechnology company’s stock worth $525,000 after purchasing an additional 45 shares in the last quarter. PAX Financial Group LLC lifted its position in Biogen by 2.9% during the third quarter. PAX Financial Group LLC now owns 1,577 shares of the biotechnology company’s stock worth $405,000 after buying an additional 45 shares in the last quarter. Cary Street Partners Investment Advisory LLC boosted its stake in Biogen by 2.4% during the third quarter. Cary Street Partners Investment Advisory LLC now owns 1,955 shares of the biotechnology company’s stock worth $502,000 after buying an additional 45 shares during the last quarter. Quent Capital LLC grew its holdings in Biogen by 17.0% in the 4th quarter. Quent Capital LLC now owns 337 shares of the biotechnology company’s stock valued at $87,000 after buying an additional 49 shares in the last quarter. Finally, NewEdge Wealth LLC increased its stake in shares of Biogen by 3.7% in the 3rd quarter. NewEdge Wealth LLC now owns 1,402 shares of the biotechnology company’s stock worth $360,000 after acquiring an additional 50 shares during the last quarter. Institutional investors own 87.93% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Mizuho dropped their price objective on shares of Biogen from $355.00 to $277.00 and set a “buy” rating for the company in a report on Thursday, February 22nd. Oppenheimer restated an “outperform” rating and set a $270.00 price target on shares of Biogen in a report on Monday, April 29th. Bank of America reduced their price target on shares of Biogen from $280.00 to $260.00 and set a “neutral” rating on the stock in a research report on Friday, April 12th. Bank Of America (Bofa) decreased their price target on Biogen from $290.00 to $280.00 and set a “neutral” rating on the stock in a research note on Monday, February 12th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $294.00 price target on shares of Biogen in a report on Wednesday, May 22nd. Ten research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Biogen currently has an average rating of “Moderate Buy” and an average price target of $286.50.

Read Our Latest Research Report on Biogen

Biogen Stock Down 2.8 %

Biogen stock traded down $6.56 during midday trading on Friday, reaching $225.43. The company’s stock had a trading volume of 958,650 shares, compared to its average volume of 990,787. The company has a market cap of $32.82 billion, a P/E ratio of 28.14, a P/E/G ratio of 2.34 and a beta of -0.02. The company has a quick ratio of 1.32, a current ratio of 2.10 and a debt-to-equity ratio of 0.41. The business has a 50-day simple moving average of $214.54 and a 200-day simple moving average of $229.36. Biogen Inc. has a fifty-two week low of $189.44 and a fifty-two week high of $319.76.

Biogen (NASDAQ:BIIBGet Free Report) last released its quarterly earnings data on Wednesday, April 24th. The biotechnology company reported $3.67 earnings per share for the quarter, topping analysts’ consensus estimates of $3.45 by $0.22. Biogen had a net margin of 12.07% and a return on equity of 14.83%. The company had revenue of $2.29 billion for the quarter, compared to analysts’ expectations of $2.31 billion. During the same quarter last year, the company earned $3.40 earnings per share. The firm’s revenue for the quarter was down 7.0% on a year-over-year basis. On average, research analysts expect that Biogen Inc. will post 15.61 earnings per share for the current fiscal year.

Biogen 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.

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Institutional Ownership by Quarter for Biogen (NASDAQ:BIIB)

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