Martingale Asset Management L P Raises Holdings in Biogen Inc. (NASDAQ:BIIB)

Martingale Asset Management L P boosted its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 2.6% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 55,772 shares of the biotechnology company’s stock after purchasing an additional 1,431 shares during the quarter. Martingale Asset Management L P’s holdings in Biogen were worth $10,811,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of BIIB. First Horizon Advisors Inc. increased its holdings in shares of Biogen by 39.8% in the 2nd quarter. First Horizon Advisors Inc. now owns 172 shares of the biotechnology company’s stock valued at $40,000 after acquiring an additional 49 shares during the last quarter. CWM LLC increased its holdings in shares of Biogen by 1.7% in the 2nd quarter. CWM LLC now owns 3,765 shares of the biotechnology company’s stock valued at $873,000 after acquiring an additional 62 shares during the last quarter. Grandfield & Dodd LLC increased its holdings in shares of Biogen by 5.2% in the 3rd quarter. Grandfield & Dodd LLC now owns 1,261 shares of the biotechnology company’s stock valued at $244,000 after acquiring an additional 62 shares during the last quarter. Quintet Private Bank Europe S.A. increased its holdings in shares of Biogen by 9.7% in the 3rd quarter. Quintet Private Bank Europe S.A. now owns 710 shares of the biotechnology company’s stock valued at $138,000 after acquiring an additional 63 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its holdings in shares of Biogen by 1.1% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 6,122 shares of the biotechnology company’s stock valued at $1,419,000 after acquiring an additional 64 shares during the last quarter. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Biogen Stock Performance

NASDAQ BIIB opened at $160.63 on Friday. Biogen Inc. has a 1-year low of $153.62 and a 1-year high of $268.30. The company has a market capitalization of $23.41 billion, a P/E ratio of 14.51, a PEG ratio of 1.51 and a beta of -0.06. The business has a 50 day moving average price of $177.86 and a 200 day moving average price of $203.15. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.26 and a quick ratio of 0.80.

Biogen (NASDAQ:BIIB) last released its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share for the quarter, beating the consensus estimate of $3.77 by $0.31. The firm had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.43 billion. Biogen had a return on equity of 14.98% and a net margin of 16.81%. Biogen’s quarterly revenue was down 2.5% on a year-over-year basis. During the same period last year, the business posted $4.36 EPS. Sell-side analysts expect that Biogen Inc. will post 16.44 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

BIIB has been the topic of a number of recent analyst reports. Needham & Company LLC downgraded Biogen from a “buy” rating to a “hold” rating and set a $270.00 price objective on the stock. in a report on Monday, November 18th. Raymond James reissued a “market perform” rating on shares of Biogen in a research report on Thursday, October 10th. Truist Financial reissued a “buy” rating and issued a $302.00 target price (down from $340.00) on shares of Biogen in a research report on Monday, August 5th. Wells Fargo & Company decreased their target price on Biogen from $240.00 to $225.00 and set an “equal weight” rating for the company in a research report on Friday, August 2nd. Finally, HC Wainwright reissued a “buy” rating and issued a $300.00 target price on shares of Biogen in a research report on Thursday, October 31st. Thirteen equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $257.20.

Insiders Place Their Bets

In other Biogen news, insider Priya Singhal sold 431 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total transaction of $88,018.82. Following the completion of the transaction, the insider now owns 5,316 shares of the company’s stock, valued at approximately $1,085,633.52. This trade represents a 7.50 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 0.16% of the stock is currently owned by company insiders.

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.