Smith Group Asset Management LLC Invests $306,000 in Biogen Inc. (NASDAQ:BIIB)

Smith Group Asset Management LLC acquired a new stake in shares of Biogen Inc. (NASDAQ:BIIB) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 2,000 shares of the biotechnology company’s stock, valued at approximately $306,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Ashton Thomas Securities LLC purchased a new stake in Biogen in the third quarter valued at about $33,000. Venturi Wealth Management LLC increased its holdings in shares of Biogen by 73.8% during the third quarter. Venturi Wealth Management LLC now owns 219 shares of the biotechnology company’s stock valued at $42,000 after acquiring an additional 93 shares in the last quarter. Itau Unibanco Holding S.A. raised its position in shares of Biogen by 63.8% in the 3rd quarter. Itau Unibanco Holding S.A. now owns 231 shares of the biotechnology company’s stock valued at $45,000 after purchasing an additional 90 shares during the last quarter. FSA Wealth Management LLC acquired a new stake in Biogen in the 3rd quarter worth approximately $74,000. Finally, TD Private Client Wealth LLC grew its position in Biogen by 25.0% during the 3rd quarter. TD Private Client Wealth LLC now owns 385 shares of the biotechnology company’s stock worth $75,000 after purchasing an additional 77 shares during the last quarter. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Biogen Price Performance

Biogen stock opened at $144.41 on Thursday. The stock has a market capitalization of $21.04 billion, a P/E ratio of 13.05, a P/E/G ratio of 1.64 and a beta of -0.07. The company’s fifty day moving average price is $151.55 and its 200 day moving average price is $180.05. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.80 and a current ratio of 1.26. Biogen Inc. has a 1 year low of $139.71 and a 1 year high of $251.99.

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, beating the consensus estimate of $3.77 by $0.31. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The business had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.43 billion. During the same quarter last year, the business earned $4.36 earnings per share. The company’s revenue for the quarter was down 2.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Biogen Inc. will post 16.41 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on BIIB shares. HC Wainwright reiterated a “buy” rating and set a $300.00 price objective on shares of Biogen in a research note on Thursday, October 31st. Wells Fargo & Company lowered their price target on Biogen from $190.00 to $165.00 and set an “equal weight” rating for the company in a research report on Friday, January 10th. Needham & Company LLC lowered Biogen from a “buy” rating to a “hold” rating and set a $270.00 price objective on the stock. in a report on Monday, November 18th. Morgan Stanley cut Biogen from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $285.00 to $204.00 in a research note on Thursday, October 31st. Finally, Wolfe Research started coverage on Biogen in a research report on Friday, November 15th. They issued a “peer perform” rating on the stock. Sixteen analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $228.80.

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.