Heritage Family Offices LLP Acquires New Holdings in Biogen Inc. $BIIB

Heritage Family Offices LLP acquired a new position in Biogen Inc. (NASDAQ:BIIB) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 4,218 shares of the biotechnology company’s stock, valued at approximately $953,000.

Several other institutional investors also recently modified their holdings of BIIB. Probity Advisors Inc. boosted its position in Biogen by 3.6% in the third quarter. Probity Advisors Inc. now owns 1,183 shares of the biotechnology company’s stock worth $267,000 after purchasing an additional 41 shares during the last quarter. Forum Financial Management LP increased its holdings in Biogen by 2.4% during the third quarter. Forum Financial Management LP now owns 1,936 shares of the biotechnology company’s stock worth $437,000 after buying an additional 46 shares during the last quarter. Integrated Advisors Network LLC increased its holdings in Biogen by 3.5% during the third quarter. Integrated Advisors Network LLC now owns 1,403 shares of the biotechnology company’s stock worth $317,000 after buying an additional 48 shares during the last quarter. Wedbush Securities Inc. raised its position in Biogen by 5.1% in the second quarter. Wedbush Securities Inc. now owns 1,164 shares of the biotechnology company’s stock worth $251,000 after acquiring an additional 56 shares during the period. Finally, Meeder Advisory Services Inc. raised its position in Biogen by 1.2% in the first quarter. Meeder Advisory Services Inc. now owns 4,721 shares of the biotechnology company’s stock worth $866,000 after acquiring an additional 57 shares during the period. 87.93% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have issued reports on BIIB. TD Cowen boosted their target price on Biogen from $250.00 to $260.00 and gave the company a “buy” rating in a research note on Thursday, October 29th. Weiss Ratings lowered shares of Biogen from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday, October 29th. Bank of America raised their price objective on shares of Biogen from $219.00 to $244.00 and gave the stock a “neutral” rating in a report on Thursday, October 22nd. Mizuho increased their target price on Biogen from $221.00 to $241.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 4th. Finally, Needham & Company LLC increased their price target on shares of Biogen from $256.00 to $290.00 and gave the stock a “buy” rating in a report on Thursday, October 29th. One research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $252.34.

Biogen Price Performance

BIIB stock traded up $4.42 during mid-day trading on Friday, hitting $248.35. 1,002,117 shares of the stock were exchanged, compared to its average volume of 1,354,194. The stock has a market capitalization of $36.71 billion, a price-to-earnings ratio of 106.13, a PEG ratio of 2.82 and a beta of 0.10. The business has a fifty day moving average price of $230.01 and a 200 day moving average price of $203.04. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.95 and a quick ratio of 1.37. Biogen Inc. has a 12 month low of $151.83 and a 12 month high of $258.78.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings results on Wednesday, October 28th. The biotechnology company reported $2.62 EPS for the quarter, topping the consensus estimate of $1.99 by $0.63. The firm had revenue of $2.80 billion for the quarter, compared to the consensus estimate of $2.63 billion. Biogen had a net margin of 3.37% and a return on equity of 9.38%. The business’s revenue was up 10.6% compared to the same quarter last year. During the same period last year, the firm posted $4.81 earnings per share. On average, sell-side analysts anticipate that Biogen Inc. will post 12.45 EPS for the current year.

Biogen Profile

Biogen is a biotechnology company focused on developing and commercializing medicines for neurological and rare diseases. Its areas of focus include multiple sclerosis, Alzheimer’s disease, spinal muscular atrophy and Friedreich’s ataxia.

Its products include multiple sclerosis treatments such as Tysabri, Tecfidera and Vumerity, and Skyclarys for Friedreich’s ataxia. Biogen shares rights to several medicines with other companies, including Leqembi for Alzheimer’s disease with Eisai and Spinraza for spinal muscular atrophy with Ionis Pharmaceuticals.

Founded in 1978, Biogen is headquartered in Cambridge, Massachusetts, and serves patients and healthcare providers in the United States and international markets.