Sovereign Investment Advisors LLC Makes New Investment in Biogen Inc. (NASDAQ:BIIB)

Sovereign Investment Advisors LLC bought a new position in Biogen Inc. (NASDAQ:BIIB) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 1,520 shares of the biotechnology company’s stock, valued at approximately $232,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Frank Rimerman Advisors LLC purchased a new stake in Biogen in the fourth quarter worth $510,000. Poinciana Advisors Group LLC purchased a new stake in Biogen in the fourth quarter worth $295,000. Hills Bank & Trust Co increased its stake in Biogen by 4.7% in the fourth quarter. Hills Bank & Trust Co now owns 4,570 shares of the biotechnology company’s stock worth $699,000 after purchasing an additional 207 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its stake in Biogen by 517.0% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 140,320 shares of the biotechnology company’s stock worth $21,458,000 after purchasing an additional 117,576 shares during the period. Finally, Kranot Hishtalmut Le Morim Ve Gananot Havera Menahelet LTD purchased a new stake in Biogen in the fourth quarter worth $8,340,000. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently commented on BIIB shares. StockNews.com lowered Biogen from a “strong-buy” rating to a “buy” rating in a research note on Saturday, December 28th. Truist Financial cut their price target on Biogen from $220.00 to $210.00 and set a “buy” rating on the stock in a research note on Thursday, February 13th. Mizuho cut their price target on Biogen from $251.00 to $207.00 and set an “outperform” rating on the stock in a research note on Thursday, November 21st. Needham & Company LLC restated a “hold” rating on shares of Biogen in a research note on Thursday, February 13th. Finally, Bank Of America (Bofa) cut their price target on Biogen from $178.00 to $163.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 11th. Seventeen investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, Biogen currently has a consensus rating of “Hold” and an average target price of $213.33.

Insider Activity at Biogen

In related news, Director Stephen A. Sherwin sold 8,760 shares of Biogen stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $150.02, for a total transaction of $1,314,175.20. Following the completion of the transaction, the director now directly owns 11,318 shares in the company, valued at approximately $1,697,926.36. This trade represents a 43.63 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.16% of the stock is owned by company insiders.

Biogen Price Performance

Shares of NASDAQ BIIB opened at $139.44 on Friday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.90 and a current ratio of 1.35. Biogen Inc. has a fifty-two week low of $128.51 and a fifty-two week high of $238.00. The company has a market cap of $20.41 billion, a PE ratio of 12.46, a P/E/G ratio of 1.51 and a beta of 0.01. The business has a 50-day simple moving average of $143.09 and a two-hundred day simple moving average of $164.30.

Biogen (NASDAQ:BIIB) last released its earnings results on Wednesday, February 12th. The biotechnology company reported $3.44 EPS for the quarter, topping analysts’ consensus estimates of $3.43 by $0.01. Biogen had a return on equity of 14.98% and a net margin of 16.87%. As a group, equities analysts expect that Biogen Inc. will post 15.83 EPS for the current fiscal 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.