Baker Avenue Asset Management LP Takes Position in Biogen Inc. (NASDAQ:BIIB)

Baker Avenue Asset Management LP acquired a new position in shares of Biogen Inc. (NASDAQ:BIIB) in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 1,241 shares of the biotechnology company’s stock, valued at approximately $241,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Envestnet Portfolio Solutions Inc. boosted its stake in Biogen by 2.4% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 3,295 shares of the biotechnology company’s stock worth $711,000 after purchasing an additional 76 shares in the last quarter. Quantbot Technologies LP grew its holdings in shares of Biogen by 519.6% during the first quarter. Quantbot Technologies LP now owns 4,108 shares of the biotechnology company’s stock valued at $886,000 after buying an additional 3,445 shares during the last quarter. Empowered Funds LLC increased its position in shares of Biogen by 314.6% in the 1st quarter. Empowered Funds LLC now owns 10,394 shares of the biotechnology company’s stock valued at $2,241,000 after acquiring an additional 7,887 shares during the period. Concurrent Investment Advisors LLC raised its stake in Biogen by 109.6% in the 1st quarter. Concurrent Investment Advisors LLC now owns 2,997 shares of the biotechnology company’s stock worth $646,000 after acquiring an additional 1,567 shares during the last quarter. Finally, Sei Investments Co. lifted its position in Biogen by 0.9% during the 1st quarter. Sei Investments Co. now owns 90,451 shares of the biotechnology company’s stock worth $19,505,000 after acquiring an additional 837 shares during the period. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Scotiabank decreased their target price on Biogen from $275.00 to $244.00 and set a “sector outperform” rating for the company in a report on Friday, August 2nd. JPMorgan Chase & Co. decreased their price objective on shares of Biogen from $220.00 to $210.00 and set a “neutral” rating for the company in a research note on Monday, November 4th. Wedbush cut their price objective on shares of Biogen from $210.00 to $205.00 and set a “neutral” rating on the stock in a research note on Monday, September 23rd. HC Wainwright restated a “buy” rating and set a $300.00 target price on shares of Biogen in a research report on Thursday, October 31st. Finally, Morgan Stanley downgraded Biogen from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $285.00 to $204.00 in a research report on Thursday, October 31st. Ten analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $261.58.

Biogen Price Performance

BIIB stock opened at $172.03 on Tuesday. Biogen Inc. has a 1 year low of $170.71 and a 1 year high of $268.30. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.26 and a quick ratio of 0.80. The firm has a market capitalization of $25.07 billion, a PE ratio of 15.54, a price-to-earnings-growth ratio of 1.64 and a beta of -0.06. The business has a 50 day simple moving average of $189.71 and a 200-day simple moving average of $208.87.

Biogen (NASDAQ:BIIB) last issued its earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.77 by $0.31. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The company had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.43 billion. During the same period in the prior year, the business earned $4.36 EPS. The firm’s quarterly revenue was down 2.5% on a year-over-year basis. Equities research analysts anticipate that Biogen Inc. will post 16.4 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Priya Singhal sold 431 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total value of $88,018.82. Following the completion of the sale, the insider now owns 5,316 shares of the company’s stock, valued at $1,085,633.52. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.16% of the stock is owned by company insiders.

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.