NorthCrest Asset Manangement LLC Buys 2,126 Shares of Biogen Inc. (NASDAQ:BIIB)

NorthCrest Asset Manangement LLC increased its stake in Biogen Inc. (NASDAQ:BIIB - Free Report) by 6.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 34,532 shares of the biotechnology company's stock after purchasing an additional 2,126 shares during the quarter. NorthCrest Asset Manangement LLC's holdings in Biogen were worth $4,725,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BIIB. Vanguard Group Inc. boosted its position in Biogen by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 16,748,875 shares of the biotechnology company's stock worth $2,561,238,000 after purchasing an additional 70,368 shares during the period. Geode Capital Management LLC grew its holdings in Biogen by 2.3% during the 4th quarter. Geode Capital Management LLC now owns 3,695,476 shares of the biotechnology company's stock worth $563,709,000 after acquiring an additional 82,456 shares during the last quarter. Norges Bank bought a new stake in Biogen during the 4th quarter worth about $355,569,000. Invesco Ltd. boosted its stake 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 purchasing an additional 499,074 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its stake in Biogen by 1.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,933,716 shares of the biotechnology company's stock worth $295,705,000 after acquiring an additional 21,170 shares during the last quarter. 87.93% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Truist Financial lowered their price objective on shares of Biogen from $210.00 to $199.00 and set a "buy" rating on the stock in a report on Tuesday, April 29th. Wedbush reaffirmed a "neutral" rating and set a $121.00 price objective on shares of Biogen in a research report on Thursday. HSBC lowered shares of Biogen from a "buy" rating to a "hold" rating and set a $118.00 price objective for the company. in a report on Monday, April 28th. Royal Bank of Canada decreased their target price on shares of Biogen from $217.00 to $205.00 and set an "outperform" rating for the company in a research report on Friday, May 2nd. Finally, 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 note on Wednesday, May 7th. Twenty investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $188.19.

Biogen Trading Down 1.3%

BIIB stock traded down $1.66 during midday trading on Friday, hitting $130.65. The company had a trading volume of 1,207,421 shares, compared to its average volume of 1,426,291. The company has a current ratio of 1.35, a quick ratio of 0.90 and a debt-to-equity ratio of 0.27. The stock has a market cap of $19.14 billion, a price-to-earnings ratio of 11.68, a PEG ratio of 1.51 and a beta of 0.14. The stock's 50 day moving average price is $123.75 and its 200 day moving average price is $137.42. Biogen Inc. has a 52 week low of $110.04 and a 52 week 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 EPS for the quarter, missing analysts' consensus estimates of $3.26 by ($0.24). Biogen had a return on equity of 14.98% and a net margin of 16.87%. The company had revenue of $2.43 billion during the quarter, compared to analysts' expectations of $2.25 billion. During the same period in the prior year, the company posted $3.67 earnings per share. The company's revenue was up 6.2% on a year-over-year basis. As a group, equities research analysts expect that Biogen Inc. will post 15.83 earnings per share 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.