Texas Capital Bank Wealth Management Services Inc Purchases Shares of 1,018 Biogen Inc. (NASDAQ:BIIB)

Texas Capital Bank Wealth Management Services Inc acquired a new position in Biogen Inc. (NASDAQ:BIIB) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 1,018 shares of the biotechnology company’s stock, valued at approximately $236,000.

Other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. grew its position in Biogen by 18.2% in the 4th quarter. Vanguard Group Inc. now owns 14,407,330 shares of the biotechnology company’s stock valued at $3,728,185,000 after acquiring an additional 2,218,744 shares in the last quarter. FIL Ltd grew its holdings in shares of Biogen by 936.4% in the fourth quarter. FIL Ltd now owns 656,502 shares of the biotechnology company’s stock valued at $169,883,000 after purchasing an additional 593,158 shares in the last quarter. First Trust Advisors LP grew its holdings in shares of Biogen by 141.0% in the fourth quarter. First Trust Advisors LP now owns 977,308 shares of the biotechnology company’s stock valued at $252,898,000 after purchasing an additional 571,795 shares in the last quarter. Van ECK Associates Corp increased its stake in Biogen by 22.2% during the 1st quarter. Van ECK Associates Corp now owns 1,737,340 shares of the biotechnology company’s stock worth $374,623,000 after buying an additional 316,144 shares during the period. Finally, RA Capital Management L.P. lifted its holdings in Biogen by 39.0% during the 1st quarter. RA Capital Management L.P. now owns 740,727 shares of the biotechnology company’s stock worth $159,723,000 after buying an additional 207,835 shares in the last quarter. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Biogen Price Performance

Shares of NASDAQ BIIB opened at $194.67 on Friday. The stock has a market cap of $28.34 billion, a P/E ratio of 24.30, a P/E/G ratio of 1.97 and a beta of -0.06. Biogen Inc. has a twelve month low of $188.78 and a twelve month high of $269.43. The stock has a 50 day moving average of $204.12 and a two-hundred day moving average of $213.95. The company has a current ratio of 2.29, a quick ratio of 1.48 and a debt-to-equity ratio of 0.40.

Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Thursday, August 1st. The biotechnology company reported $5.28 EPS for the quarter, beating the consensus estimate of $4.00 by $1.28. Biogen had a net margin of 11.98% and a return on equity of 15.71%. The firm had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.39 billion. During the same quarter in the prior year, the firm earned $4.02 EPS. Biogen’s revenue for the quarter was up .4% on a year-over-year basis. On average, research analysts forecast that Biogen Inc. will post 16.12 earnings per share for the current year.

Insider Buying and Selling

In other Biogen news, insider Priya Singhal sold 431 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total transaction of $88,018.82. Following the completion of the sale, the insider now directly owns 5,316 shares of the company’s stock, valued at approximately $1,085,633.52. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.16% of the company’s stock.

Analyst Upgrades and Downgrades

BIIB has been the subject of several research reports. Cantor Fitzgerald restated an “overweight” rating and issued a $292.00 price target on shares of Biogen in a research note on Monday, September 9th. Scotiabank lowered their target price on Biogen from $275.00 to $244.00 and set a “sector outperform” rating for the company in a research note on Friday, August 2nd. William Blair reaffirmed an “outperform” rating on shares of Biogen in a research report on Wednesday, July 3rd. Needham & Company LLC reissued a “buy” rating and set a $285.00 price objective on shares of Biogen in a research report on Tuesday, September 24th. Finally, Barclays cut their target price on shares of Biogen from $200.00 to $190.00 and set an “equal weight” rating on the stock in a research note on Friday, August 2nd. Eight equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $275.30.

Biogen 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.