MJP Associates Inc. ADV Buys New Position in Biogen Inc. (NASDAQ:BIIB)

MJP Associates Inc. ADV bought a new stake in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 2,347 shares of the biotechnology company's stock, valued at approximately $359,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Pacer Advisors Inc. grew its holdings in Biogen by 13,574.7% in the 4th quarter. Pacer Advisors Inc. now owns 2,667,531 shares of the biotechnology company's stock worth $407,919,000 after acquiring an additional 2,648,024 shares during the last quarter. Norges Bank bought a new stake in Biogen in the 4th quarter worth $355,569,000. Van ECK Associates Corp grew its holdings in Biogen by 977.9% in the 4th quarter. Van ECK Associates Corp now owns 1,066,460 shares of the biotechnology company's stock worth $163,083,000 after acquiring an additional 967,523 shares during the last quarter. Invesco Ltd. grew its holdings in Biogen by 30.6% in the 4th quarter. Invesco Ltd. now owns 2,128,807 shares of the biotechnology company's stock worth $325,537,000 after acquiring an additional 499,074 shares during the last quarter. Finally, AQR Capital Management LLC grew its holdings in Biogen by 982.0% in the 4th quarter. AQR Capital Management LLC now owns 539,692 shares of the biotechnology company's stock worth $81,914,000 after acquiring an additional 489,811 shares during the last quarter. Institutional investors own 87.93% of the company's stock.

Insiders Place Their Bets

In other news, Director Stephen A. Sherwin sold 8,760 shares of Biogen stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $150.02, for a total value of $1,314,175.20. Following the completion of the sale, the director now directly owns 11,318 shares in the company, valued at $1,697,926.36. The trade was a 43.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.16% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. BMO Capital Markets cut their price target on shares of Biogen from $156.00 to $139.00 and set a "market perform" rating on the stock in a report on Thursday, February 13th. Piper Sandler cut their price target on shares of Biogen from $135.00 to $115.00 and set a "neutral" rating on the stock in a report on Tuesday, April 29th. The Goldman Sachs Group cut their price target on shares of Biogen from $219.00 to $197.00 and set a "buy" rating on the stock in a report on Wednesday, April 23rd. Bank Of America (Bofa) dropped their target price on shares of Biogen from $178.00 to $163.00 and set a "neutral" rating for the company in a research report on Tuesday, February 11th. Finally, Mizuho dropped their target price on shares of Biogen from $207.00 to $169.00 and set an "outperform" rating for the company in a research report on Wednesday, May 7th. Twenty equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, Biogen has a consensus rating of "Hold" and a consensus target price of $191.30.

Biogen Stock Up 1.5%

Biogen stock traded up $1.89 during trading hours on Friday, hitting $125.59. The stock had a trading volume of 1,803,229 shares, compared to its average volume of 1,381,048. The company has a quick ratio of 0.90, a current ratio of 1.35 and a debt-to-equity ratio of 0.27. The stock has a market capitalization of $18.40 billion, a P/E ratio of 11.22, a price-to-earnings-growth ratio of 1.51 and a beta of 0.12. Biogen Inc. has a 12-month low of $110.04 and a 12-month high of $238.00. The stock's 50-day moving average price is $126.32 and its 200-day moving average price is $142.98.

Biogen (NASDAQ:BIIB - Get Free Report) last issued its earnings results on Thursday, May 1st. The biotechnology company reported $3.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.26 by ($0.24). The firm had revenue of $2.43 billion during the quarter, compared to analysts' expectations of $2.25 billion. Biogen had a return on equity of 14.98% and a net margin of 16.87%. The firm's quarterly revenue was up 6.2% on a year-over-year basis. During the same period last year, the firm posted $3.67 earnings per share. Equities research analysts anticipate that Biogen Inc. will post 15.83 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.