Envestnet Asset Management Inc. Acquires 5,926 Shares of Biogen Inc. (NASDAQ:BIIB)

Envestnet Asset Management Inc. boosted its stake in Biogen Inc. (NASDAQ:BIIB - Free Report) by 12.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 52,294 shares of the biotechnology company's stock after acquiring an additional 5,926 shares during the period. Envestnet Asset Management Inc.'s holdings in Biogen were worth $7,156,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the stock. Israel Discount Bank of New York boosted its holdings in Biogen by 6.2% in 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 in the last quarter. B. Riley Wealth Advisors Inc. boosted its holdings in Biogen by 4.1% in the fourth quarter. B. Riley Wealth Advisors Inc. now owns 2,343 shares of the biotechnology company's stock valued at $358,000 after acquiring an additional 92 shares in the last quarter. Quent Capital LLC boosted its holdings in shares of Biogen by 31.2% during the 1st quarter. Quent Capital LLC now owns 391 shares of the biotechnology company's stock valued at $54,000 after buying an additional 93 shares in the last quarter. CVA Family Office LLC boosted its holdings in shares of Biogen by 71.1% during the 1st quarter. CVA Family Office LLC now owns 231 shares of the biotechnology company's stock valued at $32,000 after buying an additional 96 shares in the last quarter. Finally, Private Trust Co. NA boosted its holdings in shares of Biogen by 74.8% during the 1st quarter. Private Trust Co. NA now owns 229 shares of the biotechnology company's stock valued at $31,000 after buying an additional 98 shares in the last quarter. Institutional investors own 87.93% of the company's stock.

Insiders Place Their Bets

In other Biogen news, insider Rachid Izzar sold 2,223 shares of the company's stock in a transaction that occurred 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 $854,550. This represents a 25.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.18% of the stock is owned by insiders.

Biogen Price Performance

BIIB stock traded down $1.07 during midday trading on Friday, hitting $131.52. The company's stock had a trading volume of 976,978 shares, compared to its average volume of 1,173,055. Biogen Inc. has a 12 month low of $110.04 and a 12 month high of $219.44. The company has a quick ratio of 1.01, a current ratio of 1.44 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $19.27 billion, a price-to-earnings ratio of 12.98, a price-to-earnings-growth ratio of 1.90 and a beta of 0.14. The company has a 50 day moving average of $129.74 and a two-hundred day moving average of $132.38.

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

Analysts Set New Price Targets

A number of brokerages have recently commented on BIIB. Argus cut shares of Biogen from a "buy" rating to a "hold" rating in a report on Friday, April 4th. Truist Financial raised Biogen to a "hold" rating and set a $142.00 price target for the company in a research report on Monday, July 21st. Hsbc Global Res lowered Biogen from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 28th. Needham & Company LLC reaffirmed a "hold" rating on shares of Biogen in a research report on Thursday, June 12th. Finally, Oppenheimer set a $205.00 price target on Biogen in a research report on Friday, May 2nd. Twenty-one research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $186.37.

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.