Alps Advisors Inc. Makes New $342,000 Investment in Biogen Inc. (NASDAQ:BIIB)

Alps Advisors Inc. purchased a new stake in Biogen Inc. (NASDAQ:BIIB - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 2,500 shares of the biotechnology company's stock, valued at approximately $342,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Allworth Financial LP lifted its holdings in Biogen by 85.6% during the first quarter. Allworth Financial LP now owns 1,017 shares of the biotechnology company's stock worth $139,000 after acquiring an additional 469 shares in the last quarter. Banque Pictet & Cie SA raised its position in shares of Biogen by 7.5% during the first quarter. Banque Pictet & Cie SA now owns 68,274 shares of the biotechnology company's stock worth $9,343,000 after purchasing an additional 4,780 shares during the period. Linden Thomas Advisory Services LLC lifted its holdings in shares of Biogen by 9.4% during the 1st quarter. Linden Thomas Advisory Services LLC now owns 7,689 shares of the biotechnology company's stock valued at $1,052,000 after purchasing an additional 662 shares in the last quarter. DekaBank Deutsche Girozentrale lifted its holdings in shares of Biogen by 0.4% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 109,198 shares of the biotechnology company's stock valued at $14,963,000 after purchasing an additional 477 shares in the last quarter. Finally, Personal CFO Solutions LLC grew its position in shares of Biogen by 31.2% in the 1st quarter. Personal CFO Solutions LLC now owns 2,027 shares of the biotechnology company's stock valued at $277,000 after purchasing an additional 482 shares during the period. Institutional investors and hedge funds own 87.93% of the company's stock.

Biogen Stock Performance

Shares of NASDAQ:BIIB traded down $3.70 on Friday, hitting $124.99. The company had a trading volume of 1,524,497 shares, compared to its average volume of 1,446,815. The stock has a market cap of $18.31 billion, a price-to-earnings ratio of 12.34, a P/E/G ratio of 1.03 and a beta of 0.14. The stock has a 50 day moving average price of $129.04 and a 200 day moving average price of $133.50. Biogen Inc. has a 1-year low of $110.04 and a 1-year high of $236.48. The company has a current ratio of 1.44, a quick ratio of 1.01 and a debt-to-equity ratio of 0.27.

Biogen (NASDAQ:BIIB - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The biotechnology company reported $3.02 EPS for the quarter, missing analysts' consensus estimates of $3.26 by ($0.24). The company had revenue of $2.43 billion during the quarter, compared to analyst estimates of $2.25 billion. Biogen had a net margin of 15.07% and a return on equity of 14.03%. The firm's quarterly revenue was up 6.2% on a year-over-year basis. During the same quarter last year, the company posted $3.67 EPS. Analysts expect that Biogen Inc. will post 15.83 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. The Goldman Sachs Group dropped their target price 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. Truist Financial dropped their price objective on shares of Biogen from $210.00 to $199.00 and set a "buy" rating on the stock in a report on Tuesday, April 29th. Piper Sandler reaffirmed a "neutral" rating and issued a $115.00 target price on shares of Biogen in a research note on Thursday, June 12th. HSBC cut Biogen from a "buy" rating to a "hold" rating and set a $118.00 target price for the company. in a report on Monday, April 28th. Finally, Wedbush restated a "neutral" rating and issued a $121.00 price target on shares of Biogen in a report on Thursday, June 12th. Twenty equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $188.48.

Insider Activity at Biogen

In related news, insider Rachid Izzar sold 2,223 shares of Biogen stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $135.00, for a total transaction of $300,105.00. Following the completion of the sale, the insider directly owned 6,330 shares of the company's stock, valued at approximately $854,550. This trade represents a 25.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.18% of the company's stock.

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.