Insigneo Advisory Services LLC Boosts Stock Position in Biogen Inc. (NASDAQ:BIIB)

Insigneo Advisory Services LLC boosted its holdings in shares of Biogen Inc. (NASDAQ:BIIB) by 10.4% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,854 shares of the biotechnology company’s stock after purchasing an additional 174 shares during the period. Insigneo Advisory Services LLC’s holdings in Biogen were worth $430,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in shares of Biogen by 60.9% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 27,838 shares of the biotechnology company’s stock valued at $6,453,000 after buying an additional 10,539 shares during the period. Lombard Odier Asset Management Europe Ltd purchased a new position in Biogen during the 2nd quarter valued at $1,086,000. Evergreen Capital Management LLC raised its holdings in Biogen by 54.7% in the 2nd quarter. Evergreen Capital Management LLC now owns 23,824 shares of the biotechnology company’s stock worth $5,523,000 after purchasing an additional 8,424 shares in the last quarter. Public Sector Pension Investment Board lifted its position in shares of Biogen by 77.1% in the 2nd quarter. Public Sector Pension Investment Board now owns 5,661 shares of the biotechnology company’s stock worth $1,312,000 after purchasing an additional 2,465 shares during the period. Finally, Itau Unibanco Holding S.A. bought a new stake in shares of Biogen during the 2nd quarter valued at about $33,000. Institutional investors own 87.93% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on BIIB. Royal Bank of Canada restated an “outperform” rating and issued a $292.00 price objective on shares of Biogen in a report on Thursday, September 19th. 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. Piper Sandler reduced their price target on Biogen from $335.00 to $313.00 and set an “overweight” rating on the stock in a research note on Friday, July 12th. Mizuho lowered their price objective on Biogen from $277.00 to $251.00 and set an “outperform” rating for the company in a research report on Tuesday, August 6th. Finally, Truist Financial restated a “buy” rating and set a $302.00 target price (down previously from $340.00) on shares of Biogen in a report on Monday, August 5th. Eight analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Biogen presently has an average rating of “Moderate Buy” and an average price target of $275.30.

Biogen Trading Up 2.4 %

Biogen stock opened at $193.60 on Friday. Biogen Inc. has a one year low of $188.78 and a one year high of $269.43. The business’s fifty day moving average is $205.39 and its 200 day moving average is $214.43. The stock has a market capitalization of $28.19 billion, a PE ratio of 24.17, a price-to-earnings-growth ratio of 1.97 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 announced its quarterly earnings results on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $2.39 billion. During the same quarter last year, the firm posted $4.02 EPS. The business’s quarterly revenue was up .4% compared to the same quarter last year. On average, sell-side analysts predict that Biogen Inc. will post 16.12 EPS for the current year.

Insiders Place Their Bets

In other news, insider Priya Singhal sold 431 shares of the stock in a transaction 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 transaction, 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 legal filing with the Securities & Exchange Commission, which is available through this link. 0.16% of the stock is currently 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.