Eastern Bank Buys New Position in Biogen Inc. (NASDAQ:BIIB)

Eastern Bank purchased a new stake in Biogen Inc. (NASDAQ:BIIB) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 924 shares of the biotechnology company’s stock, valued at approximately $179,000.

Other hedge funds have also added to or reduced their stakes in the company. Kingswood Wealth Advisors LLC purchased a new position in shares of Biogen during the first quarter valued at about $336,000. Sunbelt Securities Inc. grew its holdings in shares of Biogen by 106.9% during the 1st quarter. Sunbelt Securities Inc. now owns 627 shares of the biotechnology company’s stock worth $135,000 after acquiring an additional 324 shares during the period. Grimes & Company Inc. raised its position in shares of Biogen by 3.7% in the 1st quarter. Grimes & Company Inc. now owns 46,888 shares of the biotechnology company’s stock worth $10,111,000 after acquiring an additional 1,689 shares in the last quarter. Atticus Wealth Management LLC purchased a new position in shares of Biogen in the 1st quarter valued at approximately $43,000. Finally, Financial Partners Group LLC bought a new stake in shares of Biogen during the first quarter valued at approximately $226,000. 87.93% of the stock is owned by hedge funds and other institutional investors.

Biogen Trading Up 0.5 %

Shares of NASDAQ:BIIB opened at $183.86 on Friday. The stock’s 50-day simple moving average is $196.04 and its two-hundred day simple moving average is $210.47. The stock has a market capitalization of $26.77 billion, a price-to-earnings ratio of 22.95, a PEG ratio of 1.87 and a beta of -0.06. Biogen Inc. has a 52-week low of $181.31 and a 52-week high of $268.30. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.48 and a current ratio of 2.29.

Biogen (NASDAQ:BIIB) last announced its earnings results on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.00 by $1.28. Biogen had a net margin of 11.98% and a return on equity of 15.71%. The company had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.39 billion. During the same period in the previous year, the business posted $4.02 earnings per share. The firm’s quarterly revenue was up .4% compared to the same quarter last year. Analysts expect that Biogen Inc. will post 16.13 EPS for the current year.

Insider Activity at Biogen

In other Biogen news, insider Priya Singhal sold 431 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total value of $88,018.82. Following the completion of the sale, the insider now owns 5,316 shares in the company, valued at $1,085,633.52. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 0.16% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on BIIB shares. Scotiabank decreased their price objective on Biogen from $275.00 to $244.00 and set a “sector outperform” rating for the company in a report on Friday, August 2nd. BMO Capital Markets lowered their price target on shares of Biogen from $260.00 to $230.00 and set an “outperform” rating for the company in a research report on Thursday, October 17th. William Blair restated an “outperform” rating on shares of Biogen in a report on Wednesday, July 3rd. StockNews.com upgraded shares of Biogen from a “buy” rating to a “strong-buy” rating in a report on Monday, September 2nd. Finally, Raymond James restated a “market perform” rating on shares of Biogen in a research note on Thursday, October 10th. Nine equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $271.39.

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.