First County Bank CT Makes New Investment in Biogen Inc. (NASDAQ:BIIB)

First County Bank CT purchased a new stake in Biogen Inc. (NASDAQ:BIIB) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 4,772 shares of the biotechnology company’s stock, valued at approximately $653,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Signaturefd LLC lifted its holdings in Biogen by 3.5% during the 4th quarter. Signaturefd LLC now owns 2,092 shares of the biotechnology company’s stock worth $320,000 after buying an additional 71 shares during the last quarter. Quent Capital LLC increased its holdings in shares of Biogen by 31.9% in the 4th quarter. Quent Capital LLC now owns 298 shares of the biotechnology company’s stock valued at $46,000 after acquiring an additional 72 shares during the last quarter. Principal Securities Inc. raised its position in shares of Biogen by 30.1% during the 4th quarter. Principal Securities Inc. now owns 337 shares of the biotechnology company’s stock worth $52,000 after acquiring an additional 78 shares in the last quarter. Israel Discount Bank of New York raised its position in shares of Biogen by 6.2% during the 4th quarter. Israel Discount Bank of New York now owns 1,405 shares of the biotechnology company’s stock worth $215,000 after acquiring an additional 82 shares in the last quarter. Finally, Deseret Mutual Benefit Administrators lifted its stake in Biogen by 5.7% during the fourth quarter. Deseret Mutual Benefit Administrators now owns 1,612 shares of the biotechnology company’s stock worth $247,000 after purchasing an additional 87 shares during the last quarter. Institutional investors and hedge funds own 87.93% of the company’s stock.

Insider Activity

In related news, Director Stephen A. Sherwin sold 8,760 shares of the company’s stock in a transaction that occurred 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 sale, the director now owns 11,318 shares in the company, valued at $1,697,926.36. This represents a 43.63% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.16% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on BIIB shares. Oppenheimer set a $205.00 price objective on shares of Biogen in a report on Friday, May 2nd. Citigroup dropped their target price on shares of Biogen from $160.00 to $145.00 and set a “neutral” rating on the stock in a research report on Thursday, February 13th. Bank Of America (Bofa) reduced their price target on shares of Biogen from $178.00 to $163.00 and set a “neutral” rating for the company in a research report on Tuesday, February 11th. BMO Capital Markets decreased their price objective on shares of Biogen from $156.00 to $139.00 and set a “market perform” rating for the company in a research note on Thursday, February 13th. Finally, Piper Sandler cut their target price on Biogen from $135.00 to $115.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 29th. Twenty investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $191.30.

Biogen Price Performance

Shares of NASDAQ:BIIB opened at $132.75 on Friday. Biogen Inc. has a 52 week low of $110.04 and a 52 week high of $238.00. The company has a 50-day moving average price of $123.59 and a 200 day moving average price of $139.69. The company has a market cap of $19.45 billion, a P/E ratio of 11.86, a PEG ratio of 1.51 and a beta of 0.12. The company has a quick ratio of 0.90, a current ratio of 1.35 and a debt-to-equity ratio of 0.27.

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

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.