Legacy Wealth Asset Management LLC Raises Stock Position in Biogen Inc. (NASDAQ:BIIB)

Legacy Wealth Asset Management LLC raised its holdings in Biogen Inc. (NASDAQ:BIIB) by 4.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,176 shares of the biotechnology company’s stock after purchasing an additional 86 shares during the quarter. Legacy Wealth Asset Management LLC’s holdings in Biogen were worth $422,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Plato Investment Management Ltd grew its holdings in Biogen by 82.8% during the first quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock worth $25,000 after acquiring an additional 53 shares during the period. Itau Unibanco Holding S.A. acquired a new stake in shares of Biogen during the 2nd quarter worth approximately $33,000. EntryPoint Capital LLC purchased a new position in shares of Biogen during the 1st quarter valued at approximately $36,000. Versant Capital Management Inc lifted its stake in shares of Biogen by 123.2% in the 2nd quarter. Versant Capital Management Inc now owns 154 shares of the biotechnology company’s stock valued at $36,000 after purchasing an additional 85 shares during the period. Finally, Blue Trust Inc. boosted its holdings in Biogen by 249.0% during the second quarter. Blue Trust Inc. now owns 178 shares of the biotechnology company’s stock worth $38,000 after buying an additional 127 shares in the last quarter. 87.93% of the stock is owned by institutional investors and hedge funds.

Biogen Trading Down 1.2 %

BIIB opened at $181.69 on Friday. The stock has a market capitalization of $26.46 billion, a PE ratio of 22.88, a P/E/G ratio of 1.87 and a beta of -0.06. Biogen Inc. has a one year low of $181.24 and a one year 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. The business’s 50 day moving average price is $195.28 and its 200 day moving average price is $210.12.

Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share for the quarter, topping analysts’ consensus estimates of $4.00 by $1.28. Biogen had a return on equity of 15.71% and a net margin of 11.98%. The business had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.39 billion. During the same period in the prior year, the business posted $4.02 EPS. The company’s revenue was up .4% compared to the same quarter last year. As a group, equities research analysts expect that Biogen Inc. will post 16.14 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on BIIB. Barclays decreased their price objective on shares of Biogen from $200.00 to $190.00 and set an “equal weight” rating for the company in a research report on Friday, August 2nd. Scotiabank lowered their price target on Biogen from $275.00 to $244.00 and set a “sector outperform” rating on the stock in a research report on Friday, August 2nd. Raymond James restated a “market perform” rating on shares of Biogen in a research report on Thursday, October 10th. William Blair reissued an “outperform” rating on shares of Biogen in a research note on Wednesday, July 3rd. Finally, UBS Group cut their price target on shares of Biogen from $234.00 to $202.00 and set a “neutral” rating for the company in a report on Thursday, October 3rd. Nine investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Biogen presently has a consensus rating of “Moderate Buy” and an average target price of $271.39.

Insider Transactions at Biogen

In related news, insider Priya Singhal sold 431 shares of Biogen stock in a transaction that occurred on Tuesday, September 3rd. The shares were 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 approximately $1,085,633.52. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.16% of the company’s stock.

About Biogen

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.