Wedge Capital Management L L P NC Raises Stock Position in Biogen Inc. (NASDAQ:BIIB)

Wedge Capital Management L L P NC increased its position in shares of Biogen Inc. (NASDAQ:BIIB) by 2.8% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 152,661 shares of the biotechnology company’s stock after buying an additional 4,147 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Biogen were worth $29,592,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. KCM Investment Advisors LLC increased its position in shares of Biogen by 1.7% in the 1st quarter. KCM Investment Advisors LLC now owns 2,953 shares of the biotechnology company’s stock worth $637,000 after purchasing an additional 48 shares during the last quarter. First Horizon Advisors Inc. lifted its holdings in Biogen by 39.8% in the second quarter. First Horizon Advisors Inc. now owns 172 shares of the biotechnology company’s stock worth $40,000 after purchasing an additional 49 shares during the period. TFB Advisors LLC increased its stake in shares of Biogen by 2.1% during the first quarter. TFB Advisors LLC now owns 2,450 shares of the biotechnology company’s stock valued at $530,000 after acquiring an additional 50 shares during the period. QRG Capital Management Inc. raised its stake in shares of Biogen by 2.0% in the 1st quarter. QRG Capital Management Inc. now owns 2,634 shares of the biotechnology company’s stock worth $568,000 after buying an additional 51 shares in the last quarter. Finally, Plato Investment Management Ltd lifted its holdings 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. 87.93% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

BIIB has been the subject of several research reports. Raymond James reissued a “market perform” rating on shares of Biogen in a research note on Thursday. Royal Bank of Canada decreased their target price on shares of Biogen from $292.00 to $269.00 and set an “outperform” rating for the company in a research note on Friday, October 4th. Piper Sandler dropped their price objective on Biogen from $335.00 to $313.00 and set an “overweight” rating on the stock in a report on Friday, July 12th. Wells Fargo & Company reduced their price target 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, Wedbush decreased their price objective on shares of Biogen from $210.00 to $205.00 and set a “neutral” rating for the company in a report on Monday, September 23rd. Nine analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Biogen currently has an average rating of “Moderate Buy” and a consensus target price of $273.78.

Insider Transactions at Biogen

In other news, insider Priya Singhal sold 431 shares of Biogen stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total transaction of $88,018.82. Following the completion of the sale, the insider now owns 5,316 shares in the company, valued at $1,085,633.52. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.16% of the stock is currently owned by corporate insiders.

Biogen Price Performance

Shares of BIIB traded up $2.05 during trading hours on Monday, hitting $190.43. The stock had a trading volume of 355,802 shares, compared to its average volume of 1,118,840. Biogen Inc. has a 52 week low of $181.31 and a 52 week high of $269.43. The company’s fifty day moving average is $198.14 and its two-hundred day moving average is $211.70. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.29 and a quick ratio of 1.48. The stock has a market capitalization of $27.73 billion, a price-to-earnings ratio of 23.52, a P/E/G ratio of 1.87 and a beta of -0.06.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings results on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.00 by $1.28. The business had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.39 billion. Biogen had a net margin of 11.98% and a return on equity of 15.71%. The firm’s quarterly revenue was up .4% on a year-over-year basis. During the same quarter in the prior year, the company earned $4.02 EPS. On average, analysts anticipate that Biogen Inc. will post 16.13 EPS for the current year.

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.