Old North State Wealth Management LLC Raises Position in Biogen Inc. (NASDAQ:BIIB)

Old North State Wealth Management LLC raised its holdings in Biogen Inc. (NASDAQ:BIIB - Free Report) by 28.7% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 19,904 shares of the biotechnology company's stock after buying an additional 4,437 shares during the quarter. Biogen comprises 1.5% of Old North State Wealth Management LLC's holdings, making the stock its 25th largest position. Old North State Wealth Management LLC's holdings in Biogen were worth $2,724,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in BIIB. Larson Financial Group LLC raised its stake in Biogen by 640.9% in the 4th quarter. Larson Financial Group LLC now owns 163 shares of the biotechnology company's stock worth $25,000 after acquiring an additional 141 shares during the last quarter. Lee Danner & Bass Inc. purchased a new position in shares of Biogen in the fourth quarter worth about $25,000. Opal Wealth Advisors LLC purchased a new position in shares of Biogen in the first quarter worth about $26,000. Colonial Trust Co SC raised its position in Biogen by 9,300.0% during the 4th quarter. Colonial Trust Co SC now owns 188 shares of the biotechnology company's stock worth $29,000 after buying an additional 186 shares during the last quarter. Finally, OFI Invest Asset Management purchased a new position in Biogen during the 4th quarter worth approximately $32,000. 87.93% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Oppenheimer set a $205.00 target price on shares of Biogen in a report on Friday, May 2nd. Royal Bank Of Canada set a $213.00 price objective on shares of Biogen and gave the stock an "outperform" rating in a research report on Wednesday. Hsbc Global Res cut Biogen from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 28th. Morgan Stanley dropped their target price on shares of Biogen from $157.00 to $152.00 and set an "equal weight" rating for the company in a report on Wednesday, April 9th. Finally, Argus downgraded Biogen from a "buy" rating to a "hold" rating in a research report on Friday, April 4th. Twenty analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, Biogen presently has an average rating of "Hold" and a consensus price target of $188.48.

Biogen Price Performance

NASDAQ:BIIB opened at $126.92 on Friday. The firm has a market cap of $18.60 billion, a price-to-earnings ratio of 12.53, a price-to-earnings-growth ratio of 1.01 and a beta of 0.14. The company has a current ratio of 1.44, a quick ratio of 1.01 and a debt-to-equity ratio of 0.27. The company's 50-day moving average is $125.53 and its two-hundred day moving average is $135.53. Biogen Inc. has a 12-month low of $110.04 and a 12-month high of $238.00.

Biogen (NASDAQ:BIIB - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The biotechnology company reported $3.02 earnings per share for the quarter, missing analysts' consensus estimates of $3.26 by ($0.24). The business had revenue of $2.43 billion for the quarter, compared to analysts' expectations of $2.25 billion. Biogen had a return on equity of 14.03% and a net margin of 15.07%. The company's revenue for the quarter was up 6.2% compared to the same quarter last year. During the same period in the prior year, the company earned $3.67 EPS. Research analysts expect that Biogen Inc. will post 15.83 EPS for the current year.

Biogen 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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