Kovitz Investment Group Partners LLC Boosts Position in Biogen Inc. $BIIB

Key Points

• Kovitz Investment Group Partners LLC significantly increased its investment in Biogen Inc. by 266.6%, bringing its total ownership to 14,216 shares valued at approximately $1.95 million.
• Analysts have mixed views on Biogen, with price targets being adjusted downward, ranging from $135 to $255, and a consensus rating of "Hold" from 21 analysts.
• Biogen reported earnings of $5.47 per share for the last quarter, exceeding expectations, with revenue increasing by 7.3% year-over-year to $2.65 billion.

Kovitz Investment Group Partners LLC boosted its position in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 266.6% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 14,216 shares of the biotechnology company's stock after purchasing an additional 10,338 shares during the quarter. Kovitz Investment Group Partners LLC's holdings in Biogen were worth $1,945,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in the stock. Neuberger Berman Group LLC raised its holdings in shares of Biogen by 100.2% in the first quarter. Neuberger Berman Group LLC now owns 6,890 shares of the biotechnology company's stock worth $943,000 after acquiring an additional 3,448 shares during the last quarter. E Fund Management Co. Ltd. raised its holdings in shares of Biogen by 30.9% in the first quarter. E Fund Management Co. Ltd. now owns 13,387 shares of the biotechnology company's stock worth $1,832,000 after acquiring an additional 3,160 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. raised its holdings in shares of Biogen by 21.1% in the first quarter. Tokio Marine Asset Management Co. Ltd. now owns 5,173 shares of the biotechnology company's stock worth $708,000 after acquiring an additional 901 shares during the last quarter. Caitong International Asset Management Co. Ltd raised its holdings in shares of Biogen by 202.7% in the first quarter. Caitong International Asset Management Co. Ltd now owns 448 shares of the biotechnology company's stock worth $61,000 after acquiring an additional 300 shares during the last quarter. Finally, S Bank Fund Management Ltd acquired a new position in shares of Biogen in the first quarter worth $194,000. 87.93% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

BIIB has been the subject of a number of analyst reports. Robert W. Baird cut their price target on Biogen from $300.00 to $255.00 and set an "outperform" rating for the company in a report on Friday, May 2nd. Canaccord Genuity Group dropped their target price on Biogen from $265.00 to $220.00 and set a "buy" rating for the company in a research note on Friday, May 2nd. Hsbc Global Res lowered Biogen from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 28th. Citigroup upped their target price on Biogen from $125.00 to $135.00 and gave the company a "neutral" rating in a research note on Friday, August 1st. Finally, HC Wainwright upped their target price on Biogen from $187.00 to $194.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Twenty-one research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $185.74.

Biogen Price Performance

NASDAQ BIIB opened at $135.91 on Tuesday. Biogen Inc. has a fifty-two week low of $110.04 and a fifty-two week high of $207.59. The stock's 50-day moving average is $130.17 and its two-hundred day moving average is $130.79. 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 firm has a market cap of $19.93 billion, a P/E ratio of 12.99, a price-to-earnings-growth ratio of 1.09 and a beta of 0.13.

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

Insiders Place Their Bets

In other Biogen news, insider Rachid Izzar sold 2,223 shares of Biogen stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $135.00, for a total transaction of $300,105.00. Following the sale, the insider directly owned 6,330 shares of the company's stock, valued at approximately $854,550. The trade was a 25.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.18% of the company's stock.

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.

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