Aigen Investment Management LP Buys Shares of 14,365 Biogen Inc. (NASDAQ:BIIB)

Key Points

• Aigen Investment Management LP invested $1.97 million in Biogen, acquiring 14,365 shares of the biotechnology company during the first quarter.
• Several institutional investors have significantly increased their positions in Biogen, with OVERSEA CHINESE BANKING Corp growing by 1,663.4% and AQR Capital Management by 982.0%.
• Biogen reported a quarterly EPS of $5.47, exceeding estimates, with revenues hitting $2.65 billion, an increase of 7.3% compared to the previous year.

Aigen Investment Management LP purchased a new position in Biogen Inc. (NASDAQ:BIIB - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 14,365 shares of the biotechnology company's stock, valued at approximately $1,966,000.

Several other institutional investors have also recently made changes to their positions in the business. OVERSEA CHINESE BANKING Corp Ltd grew its holdings in Biogen by 1,663.4% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 780,567 shares of the biotechnology company's stock valued at $106,813,000 after buying an additional 736,301 shares in the last quarter. AQR Capital Management LLC lifted its stake in shares of Biogen by 982.0% in the 4th quarter. AQR Capital Management LLC now owns 539,692 shares of the biotechnology company's stock valued at $81,914,000 after purchasing an additional 489,811 shares during the last quarter. Deutsche Bank AG lifted its stake in shares of Biogen by 63.7% in the 4th quarter. Deutsche Bank AG now owns 1,169,570 shares of the biotechnology company's stock valued at $178,851,000 after purchasing an additional 455,285 shares during the last quarter. AustralianSuper Pty Ltd bought a new stake in shares of Biogen during the 1st quarter worth approximately $54,421,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Biogen by 33.1% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,533,813 shares of the biotechnology company's stock worth $234,551,000 after acquiring an additional 381,122 shares during the last quarter. Hedge funds and other institutional investors own 87.93% of the company's stock.

Biogen Stock Down 2.0%

Shares of NASDAQ:BIIB traded down $2.67 during midday trading on Monday, hitting $128.00. 1,070,253 shares of the stock were exchanged, compared to its average volume of 1,499,663. Biogen Inc. has a 52-week low of $110.04 and a 52-week high of $207.59. The business's fifty day simple moving average is $129.92 and its two-hundred day simple moving average is $131.17. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.79 and a current ratio of 2.50. The company has a market capitalization of $18.77 billion, a PE ratio of 12.24, a P/E/G ratio of 1.03 and a beta of 0.13.

Biogen (NASDAQ:BIIB - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The biotechnology company reported $5.47 EPS for the quarter, topping analysts' consensus estimates of $3.93 by $1.54. Biogen had a return on equity of 13.85% and a net margin of 15.31%. The business had revenue of $2.65 billion for the quarter, compared to analyst estimates of $2.32 billion. During the same period in the previous year, the company posted $5.28 earnings per share. The firm's revenue for the quarter was up 7.3% on a year-over-year basis. As a group, research analysts predict that Biogen Inc. will post 15.83 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Rachid Izzar sold 2,223 shares of Biogen stock in a transaction that occurred on Tuesday, July 8th. The shares were sold at an average price of $135.00, for a total value of $300,105.00. Following the completion of the transaction, the insider owned 6,330 shares in the company, valued at approximately $854,550. The trade was a 25.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.18% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. HSBC downgraded Biogen from a "buy" rating to a "hold" rating and set a $118.00 price objective on the stock. in a report on Monday, April 28th. Oppenheimer set a $205.00 price target on Biogen in a research report on Friday, May 2nd. Robert W. Baird reduced their price target on Biogen from $300.00 to $255.00 and set an "outperform" rating for the company in a report on Friday, May 2nd. Canaccord Genuity Group cut their price objective on Biogen from $265.00 to $220.00 and set a "buy" rating for the company in a research note on Friday, May 2nd. Finally, Royal Bank Of Canada upped their price target on Biogen from $208.00 to $219.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. Twenty-one analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $185.63.

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.