Legacy Wealth Asset Management LLC Raises Position in Biogen Inc. (NASDAQ:BIIB)

Legacy Wealth Asset Management LLC lifted its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 4.1% during the third quarter, Holdings Channel reports. The fund owned 2,176 shares of the biotechnology company’s stock after acquiring an additional 86 shares during the period. Legacy Wealth Asset Management LLC’s holdings in Biogen were worth $422,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Kingswood Wealth Advisors LLC purchased a new position in shares of Biogen in the 1st quarter valued at about $336,000. Sunbelt Securities Inc. grew its holdings in Biogen by 106.9% during the 1st quarter. Sunbelt Securities Inc. now owns 627 shares of the biotechnology company’s stock worth $135,000 after acquiring an additional 324 shares in the last quarter. Atticus Wealth Management LLC purchased a new stake in shares of Biogen in the 1st quarter valued at approximately $43,000. Diversified Trust Co raised its holdings in shares of Biogen by 85.1% in the 1st quarter. Diversified Trust Co now owns 20,860 shares of the biotechnology company’s stock valued at $4,498,000 after purchasing an additional 9,588 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its position in shares of Biogen by 0.9% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 386,482 shares of the biotechnology company’s stock worth $83,337,000 after purchasing an additional 3,380 shares during the last quarter. 87.93% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have weighed in on BIIB shares. Royal Bank of Canada cut their price target on Biogen from $292.00 to $269.00 and set an “outperform” rating on the stock in a research note on Friday, October 4th. UBS Group lowered their price target on Biogen from $234.00 to $202.00 and set a “neutral” rating for the company in a report on Thursday, October 3rd. Barclays cut their price objective on shares of Biogen from $200.00 to $190.00 and set an “equal weight” rating on the stock in a report on Friday, August 2nd. Scotiabank lowered 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. Finally, Piper Sandler cut their price target on shares of Biogen from $335.00 to $313.00 and set an “overweight” rating on the stock in a research note on Friday, July 12th. Nine analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Biogen currently has an average rating of “Moderate Buy” and an average price target of $271.39.

Biogen Trading Down 1.2 %

Shares of Biogen stock opened at $181.69 on Friday. The company has a quick ratio of 1.48, a current ratio of 2.29 and a debt-to-equity ratio of 0.40. The firm has a market cap of $26.46 billion, a price-to-earnings ratio of 22.88, a price-to-earnings-growth ratio of 1.87 and a beta of -0.06. Biogen Inc. has a 52-week low of $181.24 and a 52-week high of $268.30. The company’s 50-day simple moving average is $195.28 and its 200-day simple moving average is $210.12.

Biogen (NASDAQ:BIIB) last issued its earnings results on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.00 by $1.28. Biogen had a return on equity of 15.71% and a net margin of 11.98%. The business had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.39 billion. During the same period in the prior year, the business posted $4.02 EPS. The company’s revenue for the quarter was up .4% on a year-over-year basis. As a group, equities research analysts anticipate that Biogen Inc. will post 16.14 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Priya Singhal sold 431 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were 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 $1,085,633.52. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.16% of the stock is currently owned by company insiders.

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.