Eastern Bank Invests $179,000 in Biogen Inc. (NASDAQ:BIIB)

Eastern Bank purchased a new position in Biogen Inc. (NASDAQ:BIIB) during the third quarter, HoldingsChannel reports. The fund purchased 924 shares of the biotechnology company’s stock, valued at approximately $179,000.

A number of other large investors also recently added to or reduced their stakes in BIIB. KCM Investment Advisors LLC boosted its position in shares of Biogen by 1.7% during the first quarter. KCM Investment Advisors LLC now owns 2,953 shares of the biotechnology company’s stock worth $637,000 after acquiring an additional 48 shares during the last quarter. First Horizon Advisors Inc. boosted its holdings in shares of Biogen by 39.8% during the 2nd quarter. First Horizon Advisors Inc. now owns 172 shares of the biotechnology company’s stock valued at $40,000 after purchasing an additional 49 shares during the last quarter. TFB Advisors LLC boosted its holdings in shares of Biogen by 2.1% during the 1st quarter. TFB Advisors LLC now owns 2,450 shares of the biotechnology company’s stock valued at $530,000 after purchasing an additional 50 shares during the last quarter. QRG Capital Management Inc. boosted its holdings in shares of Biogen by 2.0% during the 1st quarter. QRG Capital Management Inc. now owns 2,634 shares of the biotechnology company’s stock valued at $568,000 after purchasing an additional 51 shares during the last quarter. Finally, Plato Investment Management Ltd grew its position in shares of Biogen by 82.8% during the first quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock valued at $25,000 after purchasing an additional 53 shares in the last quarter. 87.93% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Needham & Company LLC reissued a “buy” rating and set a $285.00 price target on shares of Biogen in a research note on Tuesday, September 24th. Scotiabank cut their target price on shares of Biogen from $275.00 to $244.00 and set a “sector outperform” rating for the company in a report on Friday, August 2nd. Raymond James restated a “market perform” rating on shares of Biogen in a research report on Thursday, October 10th. William Blair reiterated an “outperform” rating on shares of Biogen in a research report on Wednesday, July 3rd. Finally, Barclays decreased 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 report on Friday, August 2nd. Nine research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Biogen presently has a consensus rating of “Moderate Buy” and an average target price of $271.39.

Biogen Stock Up 0.5 %

Biogen stock opened at $183.86 on Friday. The business has a fifty day moving average price of $196.04 and a 200-day moving average price of $210.47. Biogen Inc. has a 1-year low of $181.31 and a 1-year high of $268.30. The stock has a market capitalization of $26.77 billion, a price-to-earnings ratio of 22.95, a PEG ratio of 1.87 and a beta of -0.06. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.29 and a quick ratio of 1.48.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings results on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share for the quarter, topping analysts’ consensus estimates of $4.00 by $1.28. The business had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.39 billion. Biogen had a return on equity of 15.71% and a net margin of 11.98%. The company’s revenue was up .4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $4.02 earnings per share. Equities research analysts forecast that Biogen Inc. will post 16.13 EPS for the current fiscal year.

Insiders Place Their Bets

In other Biogen news, insider Priya Singhal sold 431 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total value of $88,018.82. Following the completion of the transaction, the insider now owns 5,316 shares of the company’s stock, valued at approximately $1,085,633.52. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.16% of the stock is owned by insiders.

About Biogen

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.