Wedge Capital Management L L P NC Acquires 26,530 Shares of Biogen Inc. (NASDAQ:BIIB)

Wedge Capital Management L L P NC raised its holdings in shares of Biogen Inc. (NASDAQ:BIIB) by 17.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 179,191 shares of the biotechnology company’s stock after purchasing an additional 26,530 shares during the period. Wedge Capital Management L L P NC owned 0.12% of Biogen worth $27,402,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of BIIB. Citizens Financial Group Inc. RI bought a new stake in Biogen in the second quarter valued at $239,000. Moors & Cabot Inc. lifted its position in shares of Biogen by 11.3% in the 2nd quarter. Moors & Cabot Inc. now owns 1,130 shares of the biotechnology company’s stock worth $262,000 after purchasing an additional 115 shares during the period. Meiji Yasuda Asset Management Co Ltd. boosted its stake in shares of Biogen by 6.1% during the 2nd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 2,229 shares of the biotechnology company’s stock valued at $517,000 after purchasing an additional 128 shares in the last quarter. Vanguard Personalized Indexing Management LLC increased its position in shares of Biogen by 27.4% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 13,261 shares of the biotechnology company’s stock valued at $3,074,000 after buying an additional 2,855 shares during the period. Finally, Blair William & Co. IL raised its stake in Biogen by 1.8% in the second quarter. Blair William & Co. IL now owns 13,094 shares of the biotechnology company’s stock worth $3,035,000 after buying an additional 227 shares in the last quarter. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Biogen Stock Performance

BIIB stock opened at $140.55 on Friday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.26 and a quick ratio of 0.80. Biogen Inc. has a 1 year low of $140.05 and a 1 year high of $252.17. The company has a market cap of $20.48 billion, a P/E ratio of 12.70, a price-to-earnings-growth ratio of 1.69 and a beta of -0.07. The stock’s fifty day moving average price is $154.27 and its 200-day moving average price is $184.85.

Biogen (NASDAQ:BIIB) last announced its earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share (EPS) for the quarter, topping 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 business had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.43 billion. During the same period last year, the firm posted $4.36 earnings per share. The business’s revenue for the quarter was down 2.5% on a year-over-year basis. On average, equities analysts forecast that Biogen Inc. will post 16.43 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on BIIB. Bank of America reissued a “neutral” rating and issued a $178.00 target price on shares of Biogen in a research report on Tuesday, December 10th. Citigroup assumed coverage on Biogen in a research report on Thursday, November 14th. They set a “neutral” rating and a $190.00 price objective for the company. BMO Capital Markets downgraded shares of Biogen from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $230.00 to $164.00 in a research report on Friday, December 20th. Wolfe Research assumed coverage on shares of Biogen in a research report on Friday, November 15th. They set a “peer perform” rating for the company. Finally, Royal Bank of Canada cut 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. Sixteen investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $230.00.

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.