Koss Olinger Consulting LLC Purchases Shares of 7,298 Biogen Inc. (NASDAQ:BIIB)

Key Points

• Koss Olinger Consulting LLC has acquired 7,298 shares of Biogen Inc., valued at around $999,000, highlighting increased interest from institutional investors.
• Biogen reported $5.47 earnings per share for its latest quarter, significantly exceeding analysts' expectations, with revenues up 7.3% year-over-year.
• Analyst opinions are mixed, with a consensus rating of "Hold" and an average price target of $185.63, reflecting a cautious outlook on the stock's performance.

Koss Olinger Consulting LLC purchased a new stake in Biogen Inc. (NASDAQ:BIIB - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 7,298 shares of the biotechnology company's stock, valued at approximately $999,000.

Other hedge funds have also recently modified their holdings of the company. Sumitomo Mitsui Trust Group Inc. raised its position in Biogen by 6.5% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 416,960 shares of the biotechnology company's stock worth $57,057,000 after buying an additional 25,464 shares during the last quarter. Asset Management One Co. Ltd. raised its holdings in shares of Biogen by 5.5% during the 1st quarter. Asset Management One Co. Ltd. now owns 61,420 shares of the biotechnology company's stock worth $8,405,000 after acquiring an additional 3,194 shares in the last quarter. APG Asset Management N.V. raised its holdings in Biogen by 346.1% during the 4th quarter. APG Asset Management N.V. now owns 105,446 shares of the biotechnology company's stock valued at $15,572,000 after buying an additional 81,811 shares during the period. Assenagon Asset Management S.A. raised its holdings in Biogen by 3.1% during the 1st quarter. Assenagon Asset Management S.A. now owns 44,796 shares of the biotechnology company's stock valued at $6,130,000 after buying an additional 1,336 shares during the period. Finally, Blackhawk Capital Partners LLC. purchased a new stake in Biogen in the first quarter worth $382,000. Institutional investors own 87.93% of the company's stock.

Insider Activity at Biogen

In related news, insider Rachid Izzar sold 2,223 shares of the stock in a transaction dated Tuesday, July 8th. The shares were 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 trade represents a 25.99% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.18% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on BIIB. Hsbc Global Res downgraded Biogen from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 28th. Oppenheimer set a $205.00 price objective on Biogen in a research report on Friday, May 2nd. Needham & Company LLC reaffirmed a "hold" rating on shares of Biogen in a research note on Thursday, June 12th. Citigroup lifted their target price on Biogen from $125.00 to $135.00 and gave the company a "neutral" rating in a research report on Friday, August 1st. Finally, HC Wainwright upped their price target on Biogen from $187.00 to $194.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Twenty-one analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $185.63.

Biogen Stock Down 2.0%

Shares of NASDAQ:BIIB traded down $2.67 during midday trading on Monday, hitting $128.00. 1,070,253 shares of the company's stock were exchanged, compared to its average volume of 1,499,663. 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 company has a market cap of $18.77 billion, a PE ratio of 12.24, a price-to-earnings-growth ratio of 1.03 and a beta of 0.13. Biogen Inc. has a 12 month low of $110.04 and a 12 month high of $207.59. The stock has a 50 day moving average price of $129.92 and a 200-day moving average price of $131.17.

Biogen (NASDAQ:BIIB - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The biotechnology company reported $5.47 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.93 by $1.54. The company had revenue of $2.65 billion during the quarter, compared to analysts' expectations of $2.32 billion. Biogen had a net margin of 15.31% and a return on equity of 13.85%. The firm's revenue was up 7.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $5.28 EPS. On average, sell-side analysts anticipate that Biogen Inc. will post 15.83 EPS for the current fiscal year.

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.