Voloridge Investment Management LLC Invests $23.20 Million in Biogen Inc. (NASDAQ:BIIB)

Voloridge Investment Management LLC acquired a new position in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 151,678 shares of the biotechnology company's stock, valued at approximately $23,195,000. Voloridge Investment Management LLC owned 0.10% of Biogen as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of BIIB. Pacer Advisors Inc. grew its stake in shares of Biogen by 13,574.7% in the fourth quarter. Pacer Advisors Inc. now owns 2,667,531 shares of the biotechnology company's stock valued at $407,919,000 after acquiring an additional 2,648,024 shares in the last quarter. Norges Bank acquired a new position in shares of Biogen in the fourth quarter valued at about $355,569,000. Van ECK Associates Corp grew its stake in shares of Biogen by 977.9% in the fourth quarter. Van ECK Associates Corp now owns 1,066,460 shares of the biotechnology company's stock valued at $163,083,000 after acquiring an additional 967,523 shares in the last quarter. Invesco Ltd. increased its stake in Biogen by 30.6% during the 4th quarter. Invesco Ltd. now owns 2,128,807 shares of the biotechnology company's stock worth $325,537,000 after acquiring an additional 499,074 shares during the period. Finally, AQR Capital Management LLC increased its stake in Biogen by 982.0% during the 4th quarter. AQR Capital Management LLC now owns 539,692 shares of the biotechnology company's stock worth $81,914,000 after acquiring an additional 489,811 shares during the period. 87.93% of the stock is currently owned by institutional investors and hedge funds.

Biogen Stock Performance

NASDAQ:BIIB opened at $126.30 on Friday. The stock has a market cap of $18.51 billion, a P/E ratio of 11.29, a price-to-earnings-growth ratio of 1.51 and a beta of 0.12. 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's 50-day moving average is $124.95 and its 200-day moving average is $141.27. Biogen Inc. has a 1-year low of $110.04 and a 1-year high of $238.00.

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

Insider Activity at Biogen

In related news, Director Stephen A. Sherwin sold 8,760 shares of the stock in a transaction on Friday, March 7th. The stock was sold at an average price of $150.02, for a total value of $1,314,175.20. Following the completion of the sale, the director now directly owns 11,318 shares in the company, valued at $1,697,926.36. This represents a 43.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.16% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on BIIB shares. Scotiabank lowered their price objective on Biogen from $244.00 to $224.00 and set a "sector outperform" rating on the stock in a research note on Thursday, February 13th. Morgan Stanley lowered their price objective on Biogen from $157.00 to $152.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 9th. Argus lowered Biogen from a "buy" rating to a "hold" rating in a research note on Friday, April 4th. Truist Financial dropped their target price on shares of Biogen from $210.00 to $199.00 and set a "buy" rating for the company in a research report on Tuesday, April 29th. Finally, The Goldman Sachs Group dropped 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 analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $191.30.

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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