FORA Capital LLC Takes $3.43 Million Position in Biogen Inc. (NASDAQ:BIIB)

FORA Capital LLC acquired a new position in Biogen Inc. (NASDAQ:BIIB) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 17,700 shares of the biotechnology company’s stock, valued at approximately $3,431,000.

Several other institutional investors have also added to or reduced their stakes in the stock. Clark Estates Inc. NY acquired a new position in Biogen in the third quarter valued at $3,131,000. Glenmede Trust Co. NA lifted its stake in shares of Biogen by 621.2% in the 3rd quarter. Glenmede Trust Co. NA now owns 77,301 shares of the biotechnology company’s stock valued at $14,984,000 after purchasing an additional 66,583 shares during the period. Bridgewater Associates LP lifted its stake in shares of Biogen by 339.2% in the 3rd quarter. Bridgewater Associates LP now owns 72,104 shares of the biotechnology company’s stock valued at $13,977,000 after purchasing an additional 55,688 shares during the period. Quantbot Technologies LP acquired a new stake in Biogen during the third quarter worth approximately $151,000. Finally, Qsemble Capital Management LP bought a new stake in Biogen in the third quarter worth approximately $313,000. 87.93% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have recently commented on BIIB shares. UBS Group reduced their price objective on shares of Biogen from $234.00 to $202.00 and set a “neutral” rating for the company in a research report on Thursday, October 3rd. Robert W. Baird raised their price target on shares of Biogen from $294.00 to $300.00 and gave the stock an “outperform” rating in a report on Friday, November 15th. Royal Bank of Canada dropped their price objective on shares of Biogen from $292.00 to $269.00 and set an “outperform” rating on the stock in a report on Friday, October 4th. Mizuho reduced their target price on Biogen from $251.00 to $207.00 and set an “outperform” rating for the company in a research note on Thursday, November 21st. Finally, Wedbush dropped their price target on Biogen from $210.00 to $205.00 and set a “neutral” rating on the stock in a research note on Monday, September 23rd. Thirteen research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $257.20.

Biogen Stock Performance

BIIB traded up $1.76 during trading on Wednesday, hitting $159.45. 151,010 shares of the company traded hands, compared to its average volume of 1,179,985. Biogen Inc. has a one year low of $153.62 and a one year high of $268.30. The stock’s fifty day moving average is $180.22 and its 200 day moving average is $204.22. The company has a quick ratio of 0.80, a current ratio of 1.26 and a debt-to-equity ratio of 0.28. The firm has a market cap of $23.24 billion, a P/E ratio of 14.24, a price-to-earnings-growth ratio of 1.50 and a beta of -0.06.

Biogen (NASDAQ:BIIB) last released its earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share for the quarter, beating analysts’ consensus estimates 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 net margin of 16.81% and a return on equity of 14.98%. The company’s revenue was down 2.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $4.36 EPS. As a group, equities analysts predict that Biogen Inc. will post 16.44 EPS for the current fiscal year.

Insiders Place Their Bets

In other Biogen news, insider Priya Singhal sold 431 shares of the stock in a transaction dated 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 transaction, the insider now owns 5,316 shares in the company, valued at $1,085,633.52. This trade represents a 7.50 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.16% of the company’s stock.

Biogen Company 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.