Pallas Capital Advisors LLC Purchases 7,694 Shares of Biogen Inc. (NASDAQ:BIIB)

Pallas Capital Advisors LLC grew its holdings in Biogen Inc. (NASDAQ:BIIB - Free Report) by 136.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 13,345 shares of the biotechnology company's stock after purchasing an additional 7,694 shares during the period. Pallas Capital Advisors LLC's holdings in Biogen were worth $1,826,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Park Avenue Securities LLC raised its position in shares of Biogen by 32.9% in the first quarter. Park Avenue Securities LLC now owns 3,066 shares of the biotechnology company's stock valued at $420,000 after purchasing an additional 759 shares during the period. UMB Bank n.a. raised its position in shares of Biogen by 88.0% in the first quarter. UMB Bank n.a. now owns 472 shares of the biotechnology company's stock valued at $65,000 after purchasing an additional 221 shares during the period. Curat Global LLC bought a new stake in shares of Biogen in the first quarter valued at approximately $69,000. Riverview Trust Co bought a new stake in shares of Biogen in the first quarter valued at approximately $39,000. Finally, Merit Financial Group LLC raised its position in shares of Biogen by 207.0% in the first quarter. Merit Financial Group LLC now owns 8,997 shares of the biotechnology company's stock valued at $1,231,000 after purchasing an additional 6,066 shares during the period. Institutional investors own 87.93% of the company's stock.

Biogen Trading Down 1.3%

Shares of Biogen stock traded down $1.66 during trading on Friday, reaching $130.65. The company's stock had a trading volume of 1,207,421 shares, compared to its average volume of 1,423,577. Biogen Inc. has a 52-week low of $110.04 and a 52-week high of $238.00. The company 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 firm's 50-day moving average is $123.41 and its two-hundred day moving average is $137.76. The company has a quick ratio of 0.90, a current ratio of 1.35 and a debt-to-equity ratio of 0.27.

Biogen (NASDAQ:BIIB - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The biotechnology company reported $3.02 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $3.26 by ($0.24). Biogen had a net margin of 16.87% and a return on equity of 14.98%. The business had revenue of $2.43 billion during the quarter, compared to analysts' expectations of $2.25 billion. During the same period last year, the company posted $3.67 EPS. Biogen's revenue for the quarter was up 6.2% on a year-over-year basis. On average, sell-side analysts anticipate that Biogen Inc. will post 15.83 earnings per share for the current year.

Analysts Set New Price Targets

BIIB has been the subject of several recent analyst reports. Needham & Company LLC reaffirmed a "hold" rating on shares of Biogen in a research note on Thursday. The Goldman Sachs Group reduced their price objective on shares of Biogen from $219.00 to $197.00 and set a "buy" rating for the company in a research note on Wednesday, April 23rd. Canaccord Genuity Group reduced their price objective on shares of 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 cut shares of Biogen from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 28th. Finally, Oppenheimer set a $205.00 price objective on shares of Biogen in a research note on Friday, May 2nd. Twenty investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, Biogen currently has an average rating of "Hold" and a consensus target price of $188.19.

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.