Cornercap Investment Counsel Inc. Has $1.26 Million Stake in Biogen Inc. (NASDAQ:BIIB)

Cornercap Investment Counsel Inc. boosted its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 16.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,239 shares of the biotechnology company’s stock after acquiring an additional 1,174 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in Biogen were worth $1,260,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in BIIB. Signaturefd LLC grew its stake in shares of Biogen by 3.5% in the fourth quarter. Signaturefd LLC now owns 2,092 shares of the biotechnology company’s stock valued at $320,000 after buying an additional 71 shares in the last quarter. Quent Capital LLC grew its position in shares of Biogen by 31.9% in the 4th quarter. Quent Capital LLC now owns 298 shares of the biotechnology company’s stock valued at $46,000 after acquiring an additional 72 shares during the period. TD Private Client Wealth LLC raised its holdings in shares of Biogen by 25.0% in the 3rd quarter. TD Private Client Wealth LLC now owns 385 shares of the biotechnology company’s stock valued at $75,000 after purchasing an additional 77 shares during the period. Principal Securities Inc. lifted its stake in Biogen by 30.1% in the 4th quarter. Principal Securities Inc. now owns 337 shares of the biotechnology company’s stock valued at $52,000 after purchasing an additional 78 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its position in Biogen by 1.6% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 5,018 shares of the biotechnology company’s stock worth $767,000 after buying an additional 79 shares during the last quarter. Institutional investors and hedge funds own 87.93% of the company’s stock.

Biogen Stock Performance

Shares of Biogen stock opened at $138.37 on Friday. The firm has a market capitalization of $20.25 billion, a P/E ratio of 12.37, a price-to-earnings-growth ratio of 1.51 and a beta of 0.01. The company has a current ratio of 1.35, a quick ratio of 0.90 and a debt-to-equity ratio of 0.27. The business’s fifty day simple moving average is $141.88 and its 200 day simple moving average is $160.25. Biogen Inc. has a 12 month low of $128.51 and a 12 month high of $238.00.

Biogen (NASDAQ:BIIB) last released its earnings results on Wednesday, February 12th. The biotechnology company reported $3.44 earnings per share for the quarter, beating analysts’ consensus estimates of $3.43 by $0.01. Biogen had a net margin of 16.87% and a return on equity of 14.98%. As a group, analysts anticipate that Biogen Inc. will post 15.83 EPS for the current year.

Insider Buying and Selling at Biogen

In other news, Director Stephen A. Sherwin sold 8,760 shares of the firm’s stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $150.02, for a total value of $1,314,175.20. Following the completion of the transaction, the director now directly owns 11,318 shares in the company, valued at approximately $1,697,926.36. This trade represents a 43.63 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.16% of the company’s stock.

Analyst Ratings Changes

BIIB has been the subject of a number of research reports. Bank Of America (Bofa) cut their target price on shares of Biogen from $178.00 to $163.00 and set a “neutral” rating for the company in a research note on Tuesday, February 11th. BMO Capital Markets dropped their target price on Biogen from $156.00 to $139.00 and set a “market perform” rating for the company in a report on Thursday, February 13th. HC Wainwright decreased their price target on shares of Biogen from $300.00 to $241.00 and set a “buy” rating on the stock in a research note on Thursday, February 13th. Sanford C. Bernstein initiated coverage on shares of Biogen in a report on Tuesday, February 11th. They issued a “market perform” rating and a $160.00 price objective for the company. Finally, Citigroup lowered their price objective on Biogen from $160.00 to $145.00 and set a “neutral” rating on the stock in a research note on Thursday, February 13th. Seventeen analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $213.33.

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.