Neuberger Berman Group LLC Buys 3,448 Shares of Biogen Inc. $BIIB

Key Points

• Neuberger Berman Group LLC increased its stake in Biogen Inc. by 100.2% in the first quarter, now holding 6,890 shares worth approximately $943,000.
• Biogen reported a quarterly earnings per share of $5.47, significantly surpassing analysts' expectations of $3.93, with a revenue of $2.65 billion.
• Citigroup raised its price target on Biogen from $125.00 to $135.00 and maintained a "neutral" rating in its latest research note.

Neuberger Berman Group LLC grew its holdings in Biogen Inc. (NASDAQ:BIIB - Free Report) by 100.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,890 shares of the biotechnology company's stock after purchasing an additional 3,448 shares during the period. Neuberger Berman Group LLC's holdings in Biogen were worth $943,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of BIIB. Raymond James Financial Inc. bought a new stake in shares of Biogen during the 4th quarter valued at about $21,710,000. Summit Investment Advisors Inc. boosted its holdings in shares of Biogen by 2.4% in the fourth quarter. Summit Investment Advisors Inc. now owns 6,056 shares of the biotechnology company's stock worth $926,000 after buying an additional 141 shares during the last quarter. Marshall Wace LLP grew its position in Biogen by 20.6% during the fourth quarter. Marshall Wace LLP now owns 79,952 shares of the biotechnology company's stock valued at $12,226,000 after buying an additional 13,652 shares during the period. Canada Pension Plan Investment Board increased its holdings in Biogen by 27.4% during the fourth quarter. Canada Pension Plan Investment Board now owns 261,162 shares of the biotechnology company's stock valued at $39,937,000 after buying an additional 56,132 shares during the last quarter. Finally, GeoWealth Management LLC raised its position in Biogen by 103.6% in the fourth quarter. GeoWealth Management LLC now owns 3,903 shares of the biotechnology company's stock worth $597,000 after acquiring an additional 1,986 shares during the period. Institutional investors own 87.93% of the company's stock.

Biogen Price Performance

Shares of NASDAQ:BIIB traded down $2.69 during mid-day trading on Monday, reaching $135.91. The stock had a trading volume of 1,813,043 shares, compared to its average volume of 1,531,604. The company has a current ratio of 2.50, a quick ratio of 1.79 and a debt-to-equity ratio of 0.36. The company has a market cap of $19.93 billion, a P/E ratio of 12.99, a price-to-earnings-growth ratio of 1.09 and a beta of 0.13. Biogen Inc. has a 1 year low of $110.04 and a 1 year high of $207.59. The business's 50 day moving average price is $130.17 and its 200 day moving average price is $130.79.

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

Insider Activity at Biogen

In related news, insider Rachid Izzar sold 2,223 shares of the business's stock in a transaction dated Tuesday, July 8th. The stock was sold at an average price of $135.00, for a total value of $300,105.00. Following the sale, the insider directly 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.18% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on BIIB. Mizuho cut their price objective 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. Robert W. Baird cut 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. Royal Bank Of Canada boosted their price target on Biogen from $208.00 to $219.00 and gave the company an "outperform" rating in a report on Friday, August 1st. Citigroup boosted their price target on Biogen from $125.00 to $135.00 and gave the company a "neutral" rating in a report on Friday, August 1st. Finally, HC Wainwright boosted their price target on Biogen from $187.00 to $194.00 and gave the company a "buy" rating in a 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 company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $185.74.

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.