Los Angeles Capital Management LLC Purchases New Position in Biogen Inc. (NASDAQ:BIIB)

Los Angeles Capital Management LLC purchased a new stake in Biogen Inc. (NASDAQ:BIIB - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 43,310 shares of the biotechnology company's stock, valued at approximately $5,927,000.

Several other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of Biogen by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 16,748,875 shares of the biotechnology company's stock valued at $2,561,238,000 after acquiring an additional 70,368 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Biogen by 2.3% in the 4th quarter. Geode Capital Management LLC now owns 3,695,476 shares of the biotechnology company's stock valued at $563,709,000 after acquiring an additional 82,456 shares in the last quarter. Norges Bank purchased a new stake in shares of Biogen in the 4th quarter valued at approximately $355,569,000. Invesco Ltd. lifted its position in shares of Biogen by 30.6% in the 4th quarter. Invesco Ltd. now owns 2,128,807 shares of the biotechnology company's stock valued at $325,537,000 after acquiring an additional 499,074 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of Biogen by 1.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,933,716 shares of the biotechnology company's stock valued at $295,705,000 after acquiring an additional 21,170 shares in the last quarter. Hedge funds and other institutional investors own 87.93% of the company's stock.

Biogen Stock Performance

NASDAQ BIIB traded up $5.17 during midday trading on Tuesday, hitting $127.85. The company had a trading volume of 1,319,053 shares, compared to its average volume of 1,453,892. 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 stock has a market cap of $18.73 billion, a price-to-earnings ratio of 7.75, a P/E/G ratio of 0.98 and a beta of 0.14. The firm has a fifty day simple moving average of $129.18 and a two-hundred day simple moving average of $133.05. Biogen Inc. has a fifty-two week low of $110.04 and a fifty-two week high of $236.48.

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 (EPS) for the quarter, missing the consensus estimate of $3.26 by ($0.24). The company had revenue of $2.43 billion during the quarter, compared to analyst estimates of $2.25 billion. Biogen had a return on equity of 14.03% and a net margin of 15.07%. The business's revenue for the quarter was up 6.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $3.67 earnings per share. Equities analysts forecast that Biogen Inc. will post 15.83 earnings per share for the current fiscal year.

Insider Transactions at Biogen

In other news, insider Rachid Izzar sold 2,223 shares of Biogen stock in a transaction dated Tuesday, July 8th. The shares were 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 in the company, valued at approximately $854,550. The trade was a 25.99% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.18% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Needham & Company LLC restated a "hold" rating on shares of Biogen in a research report on Thursday, June 12th. Truist Financial upgraded shares of Biogen to a "hold" rating and set a $142.00 price target for the company in a research report on Monday. Piper Sandler reiterated a "neutral" rating and issued a $115.00 target price on shares of Biogen in a research report on Thursday, June 12th. HSBC downgraded shares of Biogen from a "buy" rating to a "hold" rating and set a $118.00 target price for the company. in a research report on Monday, April 28th. Finally, The Goldman Sachs Group cut their target price on shares of Biogen from $219.00 to $197.00 and set a "buy" rating for the company in a research report on Wednesday, April 23rd. Twenty-one equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $186.37.

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.