Biogen Inc. (NASDAQ:BIIB) Shares Acquired by R Squared Ltd

Key Points

• R Squared Ltd significantly increased its stake in Biogen by 249.4% during the first quarter, bringing its holdings to 2,760 shares worth approximately $378,000.
• The company reported earnings of $5.47 per share for the last quarter, exceeding forecasts and reflecting a 7.3% increase in revenue year-over-year at $2.65 billion.
• Biogen has received a mix of ratings from analysts, with 21 holding a "hold" rating and 12 assigning a "buy" rating, resulting in an average price target of $185.63.

R Squared Ltd grew its position in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 249.4% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,760 shares of the biotechnology company's stock after purchasing an additional 1,970 shares during the quarter. R Squared Ltd's holdings in Biogen were worth $378,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Opal Wealth Advisors LLC purchased a new position in shares of Biogen during the first quarter worth about $26,000. Colonial Trust Co SC grew its holdings in shares of Biogen by 9,300.0% during the fourth quarter. Colonial Trust Co SC now owns 188 shares of the biotechnology company's stock worth $29,000 after buying an additional 186 shares during the last quarter. Private Trust Co. NA grew its holdings in shares of Biogen by 74.8% during the first quarter. Private Trust Co. NA now owns 229 shares of the biotechnology company's stock worth $31,000 after buying an additional 98 shares during the last quarter. CVA Family Office LLC grew its holdings in shares of Biogen by 71.1% during the first quarter. CVA Family Office LLC now owns 231 shares of the biotechnology company's stock worth $32,000 after buying an additional 96 shares during the last quarter. Finally, NBC Securities Inc. purchased a new position in shares of Biogen during the first quarter worth about $35,000. Hedge funds and other institutional investors own 87.93% of the company's stock.

Biogen Trading Up 0.2%

BIIB traded up $0.25 during trading on Monday, hitting $132.20. The company's stock had a trading volume of 1,897,830 shares, compared to its average volume of 1,410,572. The firm's 50 day moving average price is $129.84 and its 200-day moving average price is $131.69. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.50 and a quick ratio of 1.79. The stock has a market cap of $19.38 billion, a PE ratio of 12.64, a PEG ratio of 1.78 and a beta of 0.13. Biogen Inc. has a twelve month low of $110.04 and a twelve month high of $207.59.

Biogen (NASDAQ:BIIB - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The biotechnology company reported $5.47 earnings per share for the quarter, beating the consensus estimate of $3.93 by $1.54. The company had revenue of $2.65 billion during 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%. Biogen's revenue was up 7.3% on a year-over-year basis. During the same period in the previous year, the firm posted $5.28 EPS. On average, analysts expect that Biogen Inc. will post 15.83 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on BIIB shares. Needham & Company LLC reaffirmed a "hold" rating on shares of Biogen in a report on Thursday, June 12th. Citigroup lifted their price objective on Biogen from $125.00 to $135.00 and gave the company a "neutral" rating in a report on Friday. Royal Bank Of Canada lifted their price objective on Biogen from $208.00 to $219.00 and gave the company an "outperform" rating in a report on Friday. Morgan Stanley lowered their price objective on Biogen from $146.00 to $144.00 and set an "equal weight" rating on the stock in a report on Friday. Finally, Hsbc Global Res lowered Biogen from a "strong-buy" rating to a "hold" rating in a report on Monday, April 28th. Twenty-one investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $185.63.

Insiders Place Their Bets

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

Biogen 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.