GAMMA Investing LLC Grows Stock Position in Biogen Inc. (NASDAQ:BIIB)

GAMMA Investing LLC raised its holdings in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 63,919.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 254,796 shares of the biotechnology company's stock after purchasing an additional 254,398 shares during the quarter. GAMMA Investing LLC owned approximately 0.17% of Biogen worth $34,866,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Signaturefd LLC increased its position in shares of Biogen by 3.5% in the fourth quarter. Signaturefd LLC now owns 2,092 shares of the biotechnology company's stock worth $320,000 after purchasing an additional 71 shares during the last quarter. Quent Capital LLC grew its position in Biogen by 31.9% during the fourth quarter. Quent Capital LLC now owns 298 shares of the biotechnology company's stock valued at $46,000 after acquiring an additional 72 shares during the last quarter. Principal Securities Inc. grew its position in Biogen by 30.1% during the fourth quarter. Principal Securities Inc. now owns 337 shares of the biotechnology company's stock valued at $52,000 after acquiring an additional 78 shares during the last quarter. Israel Discount Bank of New York grew its position in Biogen by 6.2% during the fourth quarter. Israel Discount Bank of New York now owns 1,405 shares of the biotechnology company's stock valued at $215,000 after acquiring an additional 82 shares during the last quarter. Finally, Deseret Mutual Benefit Administrators grew its position in Biogen by 5.7% during the fourth quarter. Deseret Mutual Benefit Administrators now owns 1,612 shares of the biotechnology company's stock valued at $247,000 after acquiring an additional 87 shares during the last quarter. 87.93% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Piper Sandler reduced their price target on shares of Biogen from $135.00 to $115.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 29th. 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. Robert W. Baird lowered their price objective on Biogen from $300.00 to $255.00 and set an "outperform" rating for the company in a research report on Friday, May 2nd. Scotiabank lowered their price objective on Biogen from $244.00 to $224.00 and set a "sector outperform" rating for the company in a research report on Thursday, February 13th. Finally, Wells Fargo & Company lowered their price target on Biogen from $165.00 to $140.00 and set an "equal weight" rating for the company in a research report on Thursday, February 13th. Twenty investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $191.30.

Biogen Price Performance

NASDAQ BIIB traded up $2.77 during trading hours on Friday, reaching $133.13. The company's stock had a trading volume of 1,166,016 shares, compared to its average volume of 1,421,779. The company has a market capitalization of $19.51 billion, a price-to-earnings ratio of 11.90, a PEG ratio of 1.51 and a beta of 0.14. Biogen Inc. has a 1 year low of $110.04 and a 1 year high of $238.00. The firm's 50-day moving average price is $122.80 and its 200-day moving average price is $138.43. The company has a quick ratio of 0.90, a current ratio of 1.35 and a debt-to-equity ratio of 0.27.

Biogen (NASDAQ:BIIB - Get Free Report) last issued its quarterly earnings data 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 for 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 revenue was up 6.2% on a year-over-year basis. During the same period last year, the company earned $3.67 earnings per share. On average, equities research analysts predict 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.