Nicolet Advisory Services LLC Makes New $330,000 Investment in Biogen Inc. (NASDAQ:BIIB)

Key Points

• Nicolet Advisory Services LLC has made a new investment in Biogen, purchasing 2,408 shares valued at approximately $330,000 in the first quarter, according to their 13F filing.
• Institutional ownership of Biogen stock is high, with 87.93% owned by hedge funds and other institutional investors, including significant increases from OVERSEA CHINESE BANKING Corp and AQR Capital Management.
• Biogen's recent earnings report showed an EPS of $5.47, significantly beating estimates, and revenue of $2.65 billion, up 7.3% year-over-year.

Nicolet Advisory Services LLC purchased a new stake in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The firm purchased 2,408 shares of the biotechnology company's stock, valued at approximately $330,000.

A number of other institutional investors have also made changes to their positions in BIIB. Orion Portfolio Solutions LLC lifted its holdings in shares of Biogen by 12.4% during the 4th quarter. Orion Portfolio Solutions LLC now owns 6,846 shares of the biotechnology company's stock worth $1,047,000 after acquiring an additional 754 shares during the period. Alliancebernstein L.P. boosted its stake in Biogen by 0.9% in the fourth quarter. Alliancebernstein L.P. now owns 180,723 shares of the biotechnology company's stock valued at $27,636,000 after acquiring an additional 1,592 shares during the last quarter. Massachusetts Financial Services Co. MA grew its stake in shares of Biogen by 3.0% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 732,376 shares of the biotechnology company's stock worth $111,995,000 after purchasing an additional 21,192 shares during the period. Huntington National Bank lifted its stake in Biogen by 4.6% in the fourth quarter. Huntington National Bank now owns 2,414 shares of the biotechnology company's stock valued at $369,000 after buying an additional 106 shares during the period. Finally, Westpac Banking Corp increased its stake in shares of Biogen by 20.3% in the 4th quarter. Westpac Banking Corp now owns 2,585 shares of the biotechnology company's stock valued at $395,000 after acquiring an additional 436 shares during the last quarter. 87.93% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on BIIB shares. Needham & Company LLC reissued a "hold" rating on shares of Biogen in a research note on Thursday, June 12th. HC Wainwright lifted their target price on Biogen from $187.00 to $194.00 and gave the company a "buy" rating in a research report on Friday, August 1st. HSBC lowered Biogen from a "buy" rating to a "hold" rating and set a $118.00 price target on the stock. in a research report on Monday, April 28th. Wedbush reiterated a "neutral" rating and set a $121.00 target price on shares of Biogen in a research note on Thursday, June 12th. Finally, Piper Sandler reiterated a "neutral" rating and set a $115.00 target price on shares of Biogen in a research note on Thursday, June 12th. 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, the company presently has a consensus rating of "Hold" and an average price target of $185.63.

Biogen Stock Down 1.3%

BIIB traded down $1.64 during trading hours on Thursday, hitting $127.70. 1,701,891 shares of the company's stock were exchanged, compared to its average volume of 1,571,013. Biogen Inc. has a 12-month low of $110.04 and a 12-month high of $207.59. The firm has a market cap of $18.72 billion, a P/E ratio of 12.21, a price-to-earnings-growth ratio of 1.05 and a beta of 0.13. The company has a current ratio of 2.50, a quick ratio of 1.79 and a debt-to-equity ratio of 0.36. The firm has a 50 day moving average of $130.10 and a 200 day moving average of $131.62.

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

Insider Buying and Selling

In other news, insider Rachid Izzar sold 2,223 shares of the firm's stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $135.00, for a total value of $300,105.00. Following the completion of the sale, the insider directly owned 6,330 shares of the company's stock, valued at $854,550. This trade represents a 25.99% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.18% of the company's stock.

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.