3,104 Shares of Biogen Inc. $BIIB Bought by StoneRidge PMG Advisors LLC

StoneRidge PMG Advisors LLC bought a new stake in shares of Biogen Inc. (NASDAQ:BIIB) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 3,104 shares of the biotechnology company’s stock, valued at approximately $701,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in BIIB. BlackRock Inc. bought a new position in Biogen in the 2nd quarter worth approximately $3,453,878,000. Primecap Management Co. CA acquired a new position in shares of Biogen during the second quarter worth approximately $3,274,304,000. Wellington Management Group LLP boosted its position in shares of Biogen by 5.3% in the second quarter. Wellington Management Group LLP now owns 3,117,469 shares of the biotechnology company’s stock valued at $673,560,000 after acquiring an additional 155,828 shares during the period. Pictet Asset Management Holding SA boosted its position in shares of Biogen by 139.4% in the third quarter. Pictet Asset Management Holding SA now owns 2,039,056 shares of the biotechnology company’s stock valued at $460,582,000 after acquiring an additional 1,187,237 shares during the period. Finally, Amundi grew its stake in shares of Biogen by 91.8% in the second quarter. Amundi now owns 1,516,831 shares of the biotechnology company’s stock worth $327,727,000 after acquiring an additional 726,004 shares during the last quarter. Institutional investors and hedge funds own 87.93% of the company’s stock.

Wall Street Analyst Weigh In

BIIB has been the topic of a number of research reports. Morgan Stanley boosted their target price on shares of Biogen from $231.00 to $238.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 29th. Oppenheimer reissued an “outperform” rating and issued a $300.00 price target on shares of Biogen in a report on Wednesday, July 29th. Wall Street Zen upgraded shares of Biogen from a “hold” rating to a “strong-buy” rating in a research report on Saturday, October 31st. Citigroup restated a “neutral” rating on shares of Biogen in a report on Wednesday, October 28th. Finally, Jefferies Financial Group reaffirmed a “buy” rating on shares of Biogen in a research report on Monday, July 13th. One research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $252.34.

Biogen Stock Performance

BIIB opened at $248.35 on Monday. The stock’s 50 day simple moving average is $230.01 and its 200-day simple moving average is $203.04. The company has a current ratio of 1.95, a quick ratio of 1.37 and a debt-to-equity ratio of 0.39. The stock has a market cap of $36.71 billion, a PE ratio of 106.13, a P/E/G ratio of 2.82 and a beta of 0.10. Biogen Inc. has a 1 year low of $151.83 and a 1 year high of $258.78.

Biogen (NASDAQ:BIIB) last issued its 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. Biogen had a return on equity of 9.38% and a net margin of 3.37%. The firm had revenue of $2.80 billion during the quarter, compared to analysts’ expectations of $2.63 billion. During the same period last year, the business earned $4.81 earnings per share. Biogen’s quarterly revenue was up 10.6% compared to the same quarter last year. Sell-side analysts forecast that Biogen Inc. will post 12.45 EPS for the current year.

About Biogen

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.