Patient Capital Management LLC Acquires 158,018 Shares of Biogen Inc. (NASDAQ:BIIB)

Patient Capital Management LLC boosted its holdings in Biogen Inc. (NASDAQ:BIIB) by 61.7% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 413,960 shares of the biotechnology company’s stock after acquiring an additional 158,018 shares during the quarter. Biogen makes up approximately 2.9% of Patient Capital Management LLC’s holdings, making the stock its 17th biggest holding. Patient Capital Management LLC’s holdings in Biogen were worth $63,303,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of BIIB. Larson Financial Group LLC grew its holdings in shares of Biogen by 640.9% during the 4th quarter. Larson Financial Group LLC now owns 163 shares of the biotechnology company’s stock valued at $25,000 after purchasing an additional 141 shares during the last quarter. Lee Danner & Bass Inc. acquired a new stake in Biogen in the fourth quarter valued at approximately $25,000. Colonial Trust Co SC grew its stake in shares of Biogen by 9,300.0% during the fourth quarter. Colonial Trust Co SC now owns 188 shares of the biotechnology company’s stock worth $29,000 after buying an additional 186 shares during the last quarter. OFI Invest Asset Management acquired a new position in shares of Biogen during the fourth quarter worth $32,000. Finally, SRS Capital Advisors Inc. bought a new position in shares of Biogen in the 4th quarter valued at $33,000. Institutional investors and hedge funds own 87.93% of the company’s stock.

Biogen Trading Down 1.0%

NASDAQ BIIB opened at $123.16 on Wednesday. The business’s fifty day moving average is $127.46 and its 200-day moving average is $143.56. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.35 and a quick ratio of 0.90. The stock has a market capitalization of $18.05 billion, a price-to-earnings ratio of 11.01, a PEG ratio of 1.51 and a beta of 0.12. Biogen Inc. has a one year low of $110.04 and a one year high of $238.00.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings data on Thursday, May 1st. The biotechnology company reported $3.02 EPS for the quarter, missing the consensus estimate of $3.26 by ($0.24). Biogen had a return on equity of 14.98% and a net margin of 16.87%. The company had revenue of $2.43 billion during the quarter, compared to the consensus estimate of $2.25 billion. During the same period in the prior year, the firm posted $3.67 EPS. The business’s revenue was up 6.2% on a year-over-year basis. Equities research analysts predict that Biogen Inc. will post 15.83 EPS for the current year.

Insiders Place Their Bets

In other news, Director Stephen A. Sherwin sold 8,760 shares of the firm’s stock in a transaction on Friday, March 7th. The stock was sold at an average price of $150.02, for a total value of $1,314,175.20. Following the completion of the transaction, the director now directly owns 11,318 shares of the company’s stock, valued at $1,697,926.36. This trade represents a 43.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.16% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on BIIB shares. Robert W. Baird reduced their price objective on Biogen from $300.00 to $255.00 and set an “outperform” rating on the stock in a research report on Friday, May 2nd. Sanford C. Bernstein began coverage on Biogen in a report on Tuesday, February 11th. They set a “market perform” rating and a $160.00 price target on the stock. Needham & Company LLC reiterated a “hold” rating on shares of Biogen in a report on Friday, May 2nd. Mizuho cut their target price on shares of Biogen from $207.00 to $169.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 7th. Finally, Wells Fargo & Company decreased their price target on shares of Biogen from $165.00 to $140.00 and set an “equal weight” rating for the company in a research report on Thursday, February 13th. Twenty equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $191.30.

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.