Two Sigma Advisers LP Boosts Stake in Biogen Inc. (NASDAQ:BIIB)

Two Sigma Advisers LP raised its position in Biogen Inc. (NASDAQ:BIIB) by 25.0% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 534,600 shares of the biotechnology company’s stock after acquiring an additional 107,000 shares during the quarter. Two Sigma Advisers LP owned approximately 0.37% of Biogen worth $81,751,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of BIIB. Pacer Advisors Inc. lifted its holdings in Biogen by 13,574.7% in the fourth quarter. Pacer Advisors Inc. now owns 2,667,531 shares of the biotechnology company’s stock valued at $407,919,000 after acquiring an additional 2,648,024 shares during the period. Norges Bank bought a new position in Biogen in the fourth quarter valued at about $355,569,000. Van ECK Associates Corp lifted its holdings in Biogen by 977.9% in the fourth quarter. Van ECK Associates Corp now owns 1,066,460 shares of the biotechnology company’s stock valued at $163,083,000 after acquiring an additional 967,523 shares during the period. Invesco Ltd. lifted its holdings in Biogen by 30.6% in the fourth quarter. Invesco Ltd. now owns 2,128,807 shares of the biotechnology company’s stock valued at $325,537,000 after acquiring an additional 499,074 shares during the period. Finally, AQR Capital Management LLC lifted its holdings in Biogen by 982.0% in the fourth quarter. AQR Capital Management LLC now owns 539,692 shares of the biotechnology company’s stock valued at $81,914,000 after acquiring an additional 489,811 shares during the period. Institutional investors own 87.93% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on BIIB shares. Robert W. Baird lowered their target price on Biogen from $300.00 to $255.00 and set an “outperform” rating on the stock in a report on Friday, May 2nd. HSBC downgraded Biogen from a “buy” rating to a “hold” rating and set a $118.00 target price on the stock. in a report on Monday, April 28th. Citigroup reduced their price target on Biogen from $160.00 to $145.00 and set a “neutral” rating for the company in a research report on Thursday, February 13th. Royal Bank of Canada reduced their price target on Biogen from $217.00 to $205.00 and set an “outperform” rating for the company in a research report on Friday, May 2nd. Finally, Needham & Company LLC restated a “hold” rating on shares of Biogen in a research report on Friday, May 2nd. Twenty investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $191.30.

Insider Activity at Biogen

In other news, Director Stephen A. Sherwin sold 8,760 shares of the firm’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 completion of the sale, the director now directly owns 11,318 shares of the company’s stock, valued at $1,697,926.36. This trade represents a 43.63% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.16% of the stock is owned by corporate insiders.

Biogen Price Performance

Shares of Biogen stock opened at $125.59 on Monday. The stock has a 50 day moving average of $125.96 and a 200 day moving average of $142.09. Biogen Inc. has a 12 month low of $110.04 and a 12 month high of $238.00. The firm has a market cap of $18.40 billion, a PE ratio of 11.22, a PEG ratio of 1.51 and a beta of 0.12. The company has a current ratio of 1.35, a quick ratio of 0.90 and a debt-to-equity ratio of 0.27.

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

Biogen Company 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.