58,022 Biogen Inc. $BIIB Shares Acquired by Lido Advisors LLC

Lido Advisors LLC raised its position in shares of Biogen Inc. (NASDAQ:BIIB) by 1,096.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 63,314 shares of the biotechnology company’s stock after acquiring an additional 58,022 shares during the period. Lido Advisors LLC’s holdings in Biogen were worth $14,301,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. BlackRock Inc. bought a new position in Biogen during the second quarter valued at $3,453,878,000. Orbimed Advisors LLC purchased a new position in shares of Biogen in the 1st quarter worth $11,293,000. Tidal Investments LLC grew its stake in shares of Biogen by 9.0% in the 2nd quarter. Tidal Investments LLC now owns 63,842 shares of the biotechnology company’s stock worth $13,794,000 after buying an additional 5,256 shares in the last quarter. Saudi Central Bank grew its stake in shares of Biogen by 89.7% in the 2nd quarter. Saudi Central Bank now owns 10,273 shares of the biotechnology company’s stock worth $2,220,000 after buying an additional 4,858 shares in the last quarter. Finally, Nippon Life Global Investors Americas Inc. bought a new stake in shares of Biogen in the 2nd quarter worth about $29,648,000. 87.93% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Morgan Stanley upped their target price on shares of Biogen from $231.00 to $238.00 and gave the company an “equal weight” rating in a research report on Thursday, October 29th. Seaport Research Partners raised shares of Biogen to an “outperform” rating in a report on Monday, October 12th. Stifel Nicolaus set a $242.00 price target on Biogen in a research report on Thursday, September 10th. Truist Financial reissued a “buy” rating and set a $260.00 price objective (up from $235.00) on shares of Biogen in a research note on Thursday, October 29th. Finally, BMO Capital Markets reissued a “market perform” rating and set a $220.00 price objective on shares of Biogen in a research note on Monday, October 12th. One analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Biogen currently has a consensus rating of “Moderate Buy” and an average price target of $254.41.

Biogen Stock Performance

NASDAQ:BIIB opened at $253.40 on Thursday. The firm has a market capitalization of $37.46 billion, a PE ratio of 108.29, a PEG ratio of 2.87 and a beta of 0.10. The stock’s fifty day moving average is $232.21 and its 200 day moving average is $204.26. Biogen Inc. has a fifty-two week low of $158.05 and a fifty-two week high of $261.00. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.37 and a current ratio of 1.95.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings data 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 net margin of 3.37% and a return on equity of 9.38%. The company had revenue of $2.80 billion during the quarter, compared to analyst estimates of $2.63 billion. During the same period in the previous year, the firm earned $4.81 earnings per share. Biogen’s quarterly revenue was up 10.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Biogen Inc. will post 12.46 earnings per share 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.