J. L. Bainbridge & Co. Inc. increased its position in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 27.1% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 124,522 shares of the biotechnology company's stock after purchasing an additional 26,539 shares during the quarter. Biogen makes up approximately 1.7% of J. L. Bainbridge & Co. Inc.'s holdings, making the stock its 23rd biggest holding. J. L. Bainbridge & Co. Inc. owned approximately 0.09% of Biogen worth $17,040,000 at the end of the most recent reporting period.
A number of other hedge funds have also made changes to their positions in the company. Allspring Global Investments Holdings LLC increased its position in Biogen by 58.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 10,862 shares of the biotechnology company's stock valued at $1,434,000 after acquiring an additional 4,019 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in Biogen by 15.8% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 55,084 shares of the biotechnology company's stock valued at $7,622,000 after acquiring an additional 7,531 shares in the last quarter. Illinois Municipal Retirement Fund increased its position in Biogen by 3.1% in the 1st quarter. Illinois Municipal Retirement Fund now owns 64,138 shares of the biotechnology company's stock valued at $8,777,000 after acquiring an additional 1,957 shares in the last quarter. Old North State Wealth Management LLC increased its position in Biogen by 28.7% in the 1st quarter. Old North State Wealth Management LLC now owns 19,904 shares of the biotechnology company's stock valued at $2,724,000 after acquiring an additional 4,437 shares in the last quarter. Finally, Perpetual Ltd acquired a new stake in Biogen in the 1st quarter valued at about $246,000. Institutional investors and hedge funds own 87.93% of the company's stock.
Analysts Set New Price Targets
Several research firms have weighed in on BIIB. Mizuho lowered 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. Piper Sandler restated a "neutral" rating and issued a $115.00 price objective on shares of Biogen in a research report on Thursday, June 12th. Argus cut shares of Biogen from a "buy" rating to a "hold" rating in a research report on Friday, April 4th. HC Wainwright restated a "buy" rating and issued a $187.00 price objective on shares of Biogen in a research report on Thursday. Finally, Royal Bank Of Canada set a $213.00 price target on shares of Biogen and gave the stock an "outperform" rating in a research note on Wednesday. Twenty equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Biogen presently has an average rating of "Hold" and an average price target of $188.48.
Check Out Our Latest Report on Biogen
Biogen Stock Down 0.7%
NASDAQ BIIB traded down $0.84 on Friday, reaching $126.08. The company had a trading volume of 1,099,663 shares, compared to its average volume of 1,428,664. The company's fifty day moving average is $125.68 and its 200-day moving average is $135.17. The firm has a market capitalization of $18.47 billion, a price-to-earnings ratio of 7.97, a price-to-earnings-growth ratio of 1.00 and a beta of 0.14. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.01 and a current ratio of 1.44. Biogen Inc. has a 1-year low of $110.04 and a 1-year high of $238.00.
Biogen (NASDAQ:BIIB - Get Free Report) last released its earnings results on Thursday, May 1st. The biotechnology company reported $3.02 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $3.26 by ($0.24). The firm had revenue of $2.43 billion for the quarter, compared to the consensus estimate of $2.25 billion. Biogen had a return on equity of 14.03% and a net margin of 15.07%. Biogen's revenue for the quarter was up 6.2% on a year-over-year basis. During the same quarter last year, the company posted $3.67 EPS. On average, research analysts forecast that Biogen Inc. will post 15.83 earnings per share for the current fiscal year.
Biogen Company Profile
(
Free Report)
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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