Legacy Wealth Asset Management LLC Makes New Investment in Biogen Inc. (NASDAQ:BIIB)


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Legacy Wealth Asset Management LLC bought a new position in shares of Biogen Inc. (NASDAQ:BIIB) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 2,328 shares of the biotechnology company’s stock, valued at approximately $570,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Northwest Bancshares Inc. lifted its position in Biogen by 19.9% during the 4th quarter. Northwest Bancshares Inc. now owns 13,509 shares of the biotechnology company’s stock worth $3,308,000 after acquiring an additional 2,246 shares during the last quarter. Baird Financial Group Inc. lifted its position in Biogen by 21.4% during the 4th quarter. Baird Financial Group Inc. now owns 74,540 shares of the biotechnology company’s stock worth $18,251,000 after acquiring an additional 13,159 shares during the last quarter. NuWave Investment Management LLC lifted its position in Biogen by 568.7% during the 4th quarter. NuWave Investment Management LLC now owns 1,966 shares of the biotechnology company’s stock worth $481,000 after acquiring an additional 1,672 shares during the last quarter. IFP Advisors Inc raised its position in shares of Biogen by 16.1% during the fourth quarter. IFP Advisors Inc now owns 7,832 shares of the biotechnology company’s stock valued at $1,900,000 after buying an additional 1,085 shares during the last quarter. Finally, Toronto Dominion Bank raised its position in shares of Biogen by 6.7% during the fourth quarter. Toronto Dominion Bank now owns 103,987 shares of the biotechnology company’s stock valued at $25,462,000 after buying an additional 6,506 shares during the last quarter. 83.51% of the stock is owned by hedge funds and other institutional investors.

BIIB has been the subject of a number of research analyst reports. Stifel Nicolaus raised shares of Biogen from a “hold” rating to a “buy” rating and upped their price objective for the company from $258.00 to $358.00 in a research report on Friday, January 29th. Piper Sandler cut their price objective on shares of Biogen from $265.00 to $250.00 and set a “neutral” rating for the company in a research report on Wednesday, February 3rd. SVB Leerink cut their price objective on shares of Biogen from $430.00 to $380.00 and set an “outperform” rating for the company in a research report on Thursday, February 4th. Cantor Fitzgerald cut their price objective on shares of Biogen from $278.00 to $268.00 and set a “neutral” rating for the company in a research report on Wednesday, February 17th. Finally, HC Wainwright upped their price objective on shares of Biogen from $289.00 to $305.00 and gave the company a “buy” rating in a research report on Thursday, February 4th. Five investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and twelve have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $303.55.

Shares of BIIB stock opened at $268.02 on Thursday. Biogen Inc. has a 1 year low of $223.25 and a 1 year high of $363.92. The firm’s 50 day moving average is $272.25 and its 200-day moving average is $265.64. The firm has a market capitalization of $40.83 billion, a price-to-earnings ratio of 8.87, a PEG ratio of 1.04 and a beta of 0.53. The company has a current ratio of 2.06, a quick ratio of 1.79 and a debt-to-equity ratio of 0.69.

Biogen (NASDAQ:BIIB) last announced its earnings results on Tuesday, February 2nd. The biotechnology company reported $4.58 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $4.87 by ($0.29). Biogen had a return on equity of 51.00% and a net margin of 35.63%. The company had revenue of $2.85 billion for the quarter, compared to analyst estimates of $2.80 billion. During the same quarter in the previous year, the company posted $8.34 earnings per share. Biogen’s revenue for the quarter was down 22.3% on a year-over-year basis. On average, equities research analysts forecast that Biogen Inc. will post 33.63 earnings per share for the current fiscal year.

Biogen Company Profile

Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases worldwide. The company offers TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; and FUMADERM to treat plaque psoriasis.

Further Reading: Depreciation

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Institutional Ownership by Quarter for Biogen (NASDAQ:BIIB)

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