Exchange Traded Concepts LLC Purchases 624 Shares of Biogen Inc. (NASDAQ:BIIB)

Exchange Traded Concepts LLC grew its holdings in Biogen Inc. (NASDAQ:BIIB) by 37.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,286 shares of the biotechnology company’s stock after purchasing an additional 624 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Biogen were worth $350,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of BIIB. Ashton Thomas Securities LLC acquired a new position in shares of Biogen in the 3rd quarter valued at $33,000. Venturi Wealth Management LLC increased its holdings in Biogen by 73.8% in the third quarter. Venturi Wealth Management LLC now owns 219 shares of the biotechnology company’s stock valued at $42,000 after purchasing an additional 93 shares during the last quarter. Itau Unibanco Holding S.A. lifted its stake in Biogen by 63.8% in the third quarter. Itau Unibanco Holding S.A. now owns 231 shares of the biotechnology company’s stock valued at $45,000 after buying an additional 90 shares during the period. FSA Wealth Management LLC bought a new position in Biogen during the third quarter worth about $74,000. Finally, TD Private Client Wealth LLC grew its position in shares of Biogen by 25.0% during the 3rd quarter. TD Private Client Wealth LLC now owns 385 shares of the biotechnology company’s stock worth $75,000 after buying an additional 77 shares during the period. 87.93% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently issued reports on BIIB shares. Jefferies Financial Group cut shares of Biogen from a “buy” rating to a “hold” rating and decreased their price objective for the company from $250.00 to $180.00 in a report on Monday, December 9th. Mizuho decreased their price target on shares of Biogen from $251.00 to $207.00 and set an “outperform” rating for the company in a report on Thursday, November 21st. Bank of America restated a “neutral” rating and issued a $178.00 price objective on shares of Biogen in a research report on Tuesday, December 10th. Wells Fargo & Company reduced their target price on Biogen from $190.00 to $165.00 and set an “equal weight” rating on the stock in a report on Friday, January 10th. Finally, TD Cowen lowered their price target on Biogen from $300.00 to $275.00 and set a “buy” rating for the company in a report on Thursday, October 31st. Sixteen equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $228.80.

Biogen Stock Up 1.3 %

Shares of NASDAQ:BIIB opened at $146.23 on Friday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.80 and a current ratio of 1.26. The firm has a fifty day moving average of $151.32 and a 200 day moving average of $179.80. Biogen Inc. has a 52-week low of $139.71 and a 52-week high of $251.99. The firm has a market capitalization of $21.31 billion, a PE ratio of 13.21, a price-to-earnings-growth ratio of 1.64 and a beta of -0.07.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share 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 company had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.43 billion. During the same period last year, the firm posted $4.36 EPS. Biogen’s revenue for the quarter was down 2.5% compared to the same quarter last year. As a group, research analysts anticipate that Biogen Inc. will post 16.41 EPS for the current fiscal year.

Biogen Company 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.