Peregrine Asset Advisers Inc. Makes New Investment in Biogen Inc. (NASDAQ:BIIB)

Peregrine Asset Advisers Inc. acquired a new position in shares of Biogen Inc. (NASDAQ:BIIB) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 923 shares of the biotechnology company’s stock, valued at approximately $214,000.

A number of other large investors have also made changes to their positions in BIIB. Plato Investment Management Ltd grew its stake in Biogen by 82.8% in the 1st quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock valued at $25,000 after acquiring an additional 53 shares during the last quarter. Livelsberger Financial Advisory acquired a new stake in shares of Biogen in the fourth quarter valued at approximately $26,000. Rise Advisors LLC purchased a new position in shares of Biogen during the 1st quarter worth approximately $27,000. EntryPoint Capital LLC acquired a new position in shares of Biogen during the 1st quarter worth approximately $36,000. Finally, Versant Capital Management Inc lifted its stake in Biogen by 123.2% in the 2nd quarter. Versant Capital Management Inc now owns 154 shares of the biotechnology company’s stock valued at $36,000 after buying an additional 85 shares in the last quarter. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Piper Sandler cut their price target on Biogen from $335.00 to $313.00 and set an “overweight” rating for the company in a report on Friday, July 12th. Wedbush cut their target price on shares of Biogen from $215.00 to $210.00 and set a “neutral” rating for the company in a research note on Friday, August 2nd. William Blair reaffirmed an “outperform” rating on shares of Biogen in a research note on Wednesday, July 3rd. Cantor Fitzgerald reissued an “overweight” rating and set a $292.00 price objective on shares of Biogen in a research note on Monday, September 9th. Finally, Wells Fargo & Company lowered their target price on shares of Biogen from $240.00 to $225.00 and set an “equal weight” rating for the company in a research note on Friday, August 2nd. Eight analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $275.52.

Biogen Price Performance

Shares of NASDAQ BIIB opened at $199.58 on Tuesday. The company has a market capitalization of $29.06 billion, a price-to-earnings ratio of 24.92, a PEG ratio of 2.01 and a beta of -0.06. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.29 and a quick ratio of 1.48. Biogen Inc. has a 1-year low of $189.44 and a 1-year high of $269.43. The business has a 50-day moving average of $209.95 and a 200-day moving average of $215.55.

Biogen (NASDAQ:BIIB) last announced its earnings results on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share for the quarter, beating the consensus estimate of $4.00 by $1.28. Biogen had a net margin of 11.98% and a return on equity of 15.71%. The business had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.39 billion. During the same period in the prior year, the firm earned $4.02 earnings per share. The business’s quarterly revenue was up .4% compared to the same quarter last year. On average, equities analysts anticipate that Biogen Inc. will post 16.12 EPS for the current fiscal year.

Insider Transactions at Biogen

In related news, insider Priya Singhal sold 431 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total value of $88,018.82. Following the completion of the transaction, the insider now owns 5,316 shares of the company’s stock, valued at $1,085,633.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.16% of the company’s stock.

About Biogen

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.