2,306 Biogen Inc. $BIIB Shares Purchased by Citizens & Northern Corp

Citizens & Northern Corp grew its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 33.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 9,249 shares of the biotechnology company’s stock after purchasing an additional 2,306 shares during the period. Citizens & Northern Corp’s holdings in Biogen were worth $2,089,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. BlackRock Inc. acquired a new stake in shares of Biogen in the 2nd quarter valued at about $3,453,878,000. Primecap Management Co. CA bought a new stake in Biogen in the 2nd quarter valued at about $3,274,304,000. Wellington Management Group LLP raised its stake in Biogen by 5.3% during the 2nd quarter. Wellington Management Group LLP now owns 3,117,469 shares of the biotechnology company’s stock worth $673,560,000 after buying an additional 155,828 shares during the period. Russell Investments Group Ltd. raised its stake in Biogen by 1,524.5% during the 3rd quarter. Russell Investments Group Ltd. now owns 2,175,055 shares of the biotechnology company’s stock worth $491,301,000 after buying an additional 2,041,161 shares during the period. Finally, Pictet Asset Management Holding SA raised its stake in Biogen by 139.4% during the 3rd quarter. Pictet Asset Management Holding SA now owns 2,039,056 shares of the biotechnology company’s stock worth $460,582,000 after buying an additional 1,187,237 shares during the period. Institutional investors own 87.93% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on BIIB. Citigroup reiterated a “neutral” rating on shares of Biogen in a report on Wednesday, October 28th. Canaccord Genuity Group boosted their price objective on Biogen from $248.00 to $272.00 and gave the company a “buy” rating in a report on Thursday, October 29th. HC Wainwright upped their target price on Biogen from $251.00 to $270.00 and gave the stock a “buy” rating in a research report on Monday, November 2nd. Guggenheim increased their target price on Biogen from $280.00 to $300.00 and gave the stock a “buy” rating in a report on Monday, November 2nd. Finally, Wall Street Zen upgraded Biogen from a “hold” rating to a “strong-buy” rating in a report on Saturday, October 31st. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Biogen currently has an average rating of “Moderate Buy” and an average target price of $254.41.

Biogen Price Performance

BIIB opened at $250.48 on Friday. Biogen Inc. has a 1 year low of $160.36 and a 1 year high of $261.00. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.95 and a quick ratio of 1.37. The company has a market capitalization of $37.03 billion, a price-to-earnings ratio of 107.04, a P/E/G ratio of 2.87 and a beta of 0.10. The firm’s fifty day moving average price is $232.77 and its two-hundred day moving average price is $204.64.

Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Wednesday, October 28th. The biotechnology company reported $2.62 earnings per share for the quarter, beating analysts’ consensus estimates of $1.99 by $0.63. Biogen had a net margin of 3.37% and a return on equity of 9.38%. The company had revenue of $2.80 billion for the quarter, compared to analyst estimates of $2.63 billion. During the same period last year, the firm earned $4.81 earnings per share. The firm’s revenue was up 10.6% on a year-over-year basis. As a group, analysts anticipate that Biogen Inc. will post 12.46 earnings per share for the current fiscal year.

About Biogen

Biogen is a biotechnology company focused on developing and commercializing medicines for neurological and rare diseases. Its areas of focus include multiple sclerosis, Alzheimer’s disease, spinal muscular atrophy and Friedreich’s ataxia. Its products include multiple sclerosis treatments such as Tysabri, Tecfidera and Vumerity, and Skyclarys for Friedreich’s ataxia. Biogen shares rights to several medicines with other companies, including Leqembi for Alzheimer’s disease with Eisai and Spinraza for spinal muscular atrophy with Ionis Pharmaceuticals.