Grimes & Company Inc. Acquires 33,721 Shares of Biogen Inc. (NASDAQ:BIIB)

Grimes & Company Inc. boosted its holdings in Biogen Inc. (NASDAQ:BIIB - Free Report) by 131.7% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 59,334 shares of the biotechnology company's stock after purchasing an additional 33,721 shares during the quarter. Grimes & Company Inc.'s holdings in Biogen were worth $8,119,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in BIIB. Larson Financial Group LLC increased its holdings in Biogen by 640.9% in the fourth quarter. Larson Financial Group LLC now owns 163 shares of the biotechnology company's stock worth $25,000 after purchasing an additional 141 shares in the last quarter. Lee Danner & Bass Inc. bought a new stake in Biogen in the fourth quarter worth approximately $25,000. Opal Wealth Advisors LLC bought a new stake in Biogen in the first quarter worth approximately $26,000. Colonial Trust Co SC increased its holdings in Biogen by 9,300.0% in the fourth quarter. Colonial Trust Co SC now owns 188 shares of the biotechnology company's stock worth $29,000 after purchasing an additional 186 shares in the last quarter. Finally, OFI Invest Asset Management bought a new stake in Biogen in the fourth quarter worth approximately $32,000. 87.93% of the stock is currently owned by institutional investors.

Biogen Stock Up 0.3%

BIIB stock opened at $131.04 on Tuesday. The stock's fifty day simple moving average is $124.09 and its two-hundred day simple moving average is $137.06. The company has a current ratio of 1.35, a quick ratio of 0.90 and a debt-to-equity ratio of 0.27. Biogen Inc. has a 1-year low of $110.04 and a 1-year high of $238.00. The stock has a market cap of $19.20 billion, a P/E ratio of 11.71, a P/E/G ratio of 1.51 and a beta of 0.14.

Biogen (NASDAQ:BIIB - Get Free Report) last posted its quarterly earnings data 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 14.98% and a net margin of 16.87%. The business had revenue of $2.43 billion during the quarter, compared to analysts' expectations of $2.25 billion. During the same period in the prior year, the firm posted $3.67 EPS. The firm's revenue for the quarter was up 6.2% on a year-over-year basis. Analysts expect that Biogen Inc. will post 15.83 EPS for the current year.

Analyst Ratings Changes

A number of brokerages have weighed in on BIIB. Truist Financial lowered their target price on Biogen from $210.00 to $199.00 and set a "buy" rating for the company in a report on Tuesday, April 29th. Oppenheimer set a $205.00 price objective on Biogen in a research note on Friday, May 2nd. Royal Bank of Canada reduced their price objective on Biogen from $217.00 to $205.00 and set an "outperform" rating for the company in a research note on Friday, May 2nd. JPMorgan Chase & Co. reduced their price objective on Biogen from $185.00 to $175.00 and set a "neutral" rating for the company in a research note on Monday, May 5th. Finally, Needham & Company LLC reissued a "hold" rating on shares of Biogen in a research note on Thursday, June 12th. Twenty investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $188.19.

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.

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