Raymond James Trust N.A. Raises Position in Biogen Inc. (NASDAQ:BIIB)

Raymond James Trust N.A. lifted its stake in Biogen Inc. (NASDAQ:BIIB) by 2.7% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,993 shares of the biotechnology company’s stock after purchasing an additional 80 shares during the period. Raymond James Trust N.A.’s holdings in Biogen were worth $580,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Plato Investment Management Ltd raised its stake in shares of Biogen by 82.8% in the first quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock worth $25,000 after buying an additional 53 shares during the period. Itau Unibanco Holding S.A. purchased a new stake in Biogen in the 2nd quarter worth approximately $33,000. Versant Capital Management Inc raised its stake in Biogen by 123.2% during the 2nd quarter. Versant Capital Management Inc now owns 154 shares of the biotechnology company’s stock worth $36,000 after acquiring an additional 85 shares during the period. EntryPoint Capital LLC purchased a new position in Biogen during the first quarter valued at approximately $36,000. Finally, Ashton Thomas Securities LLC bought a new position in shares of Biogen in the third quarter worth approximately $33,000. 87.93% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts recently weighed in on BIIB shares. UBS Group lowered their target price on shares of Biogen from $234.00 to $202.00 and set a “neutral” rating on the stock in a research note on Thursday, October 3rd. Citigroup began coverage on Biogen in a research report on Thursday, November 14th. They issued a “neutral” rating and a $190.00 price objective on the stock. TD Cowen dropped their price objective on Biogen from $300.00 to $275.00 and set a “buy” rating for the company in a research note on Thursday, October 31st. JPMorgan Chase & Co. decreased their target price on Biogen from $220.00 to $210.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. Finally, Wolfe Research initiated coverage on Biogen in a research note on Friday, November 15th. They issued a “peer perform” rating for the company. Thirteen analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Biogen has a consensus rating of “Moderate Buy” and an average price target of $257.20.

Insiders Place Their Bets

In related news, insider Priya Singhal sold 431 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total value of $88,018.82. Following the transaction, the insider now owns 5,316 shares of the company’s stock, valued at $1,085,633.52. This trade represents a 7.50 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.16% of the company’s stock.

Biogen Stock Performance

Shares of NASDAQ:BIIB opened at $158.71 on Tuesday. The company has a current ratio of 1.26, a quick ratio of 0.80 and a debt-to-equity ratio of 0.28. Biogen Inc. has a 12 month low of $153.62 and a 12 month high of $268.30. The company has a market capitalization of $23.13 billion, a price-to-earnings ratio of 14.34, a PEG ratio of 1.49 and a beta of -0.06. The firm’s 50-day moving average is $181.03 and its 200 day moving average is $204.67.

Biogen (NASDAQ:BIIB) last released its earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, beating analysts’ consensus estimates of $3.77 by $0.31. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The firm had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.43 billion. During the same quarter in the prior year, the firm posted $4.36 earnings per share. The company’s quarterly revenue was down 2.5% on a year-over-year basis. Research analysts predict that Biogen Inc. will post 16.44 EPS for the current year.

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.