Wealthedge Investment Advisors LLC Has $530,000 Stake in Biogen Inc. $BIIB

Key Points

• Wealthedge Investment Advisors LLC significantly increased its holdings in Biogen Inc. by 123.4% in the first quarter, reaching a total of $530,000 in stock value.
• Several other institutional investors also raised their stakes in Biogen, with 87.93% of the stock now owned by such entities.
• Analysts have mixed opinions on Biogen's stock, with a current average rating of "Hold" and an average price target of $185.74.

Wealthedge Investment Advisors LLC increased its stake in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 123.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,873 shares of the biotechnology company's stock after buying an additional 2,139 shares during the quarter. Wealthedge Investment Advisors LLC's holdings in Biogen were worth $530,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Sumitomo Mitsui Trust Group Inc. raised its position in Biogen by 6.5% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 416,960 shares of the biotechnology company's stock valued at $57,057,000 after purchasing an additional 25,464 shares during the last quarter. Asset Management One Co. Ltd. increased its stake in shares of Biogen by 5.5% in the 1st quarter. Asset Management One Co. Ltd. now owns 61,420 shares of the biotechnology company's stock valued at $8,405,000 after buying an additional 3,194 shares during the period. Assenagon Asset Management S.A. increased its stake in shares of Biogen by 3.1% in the 1st quarter. Assenagon Asset Management S.A. now owns 44,796 shares of the biotechnology company's stock valued at $6,130,000 after buying an additional 1,336 shares during the period. Blackhawk Capital Partners LLC. acquired a new stake in shares of Biogen in the 1st quarter valued at $382,000. Finally, Motley Fool Asset Management LLC increased its stake in shares of Biogen by 64.7% in the 1st quarter. Motley Fool Asset Management LLC now owns 6,809 shares of the biotechnology company's stock valued at $932,000 after buying an additional 2,676 shares during the period. Institutional investors own 87.93% of the company's stock.

Biogen Stock Up 2.7%

Shares of Biogen stock traded up $3.66 during trading on Friday, reaching $138.60. The stock had a trading volume of 1,643,244 shares, compared to its average volume of 1,531,604. The company has a market capitalization of $20.32 billion, a price-to-earnings ratio of 13.25, a P/E/G ratio of 1.09 and a beta of 0.13. The stock has a fifty day moving average price of $130.13 and a two-hundred day moving average price of $130.84. Biogen Inc. has a 52 week low of $110.04 and a 52 week high of $207.59. The company has a current ratio of 2.50, a quick ratio of 1.79 and a debt-to-equity ratio of 0.36.

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

Wall Street Analysts Forecast Growth

BIIB has been the subject of several research reports. JPMorgan Chase & Co. lowered their target price on Biogen from $185.00 to $175.00 and set a "neutral" rating for the company in a research note on Monday, May 5th. Piper Sandler reissued a "neutral" rating and issued a $118.00 target price (up from $115.00) on shares of Biogen in a research note on Thursday. Wedbush reissued a "neutral" rating and issued a $121.00 target price on shares of Biogen in a research note on Thursday, June 12th. HC Wainwright lifted their price objective on Biogen from $187.00 to $194.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Finally, Royal Bank Of Canada lifted their price objective on Biogen from $208.00 to $219.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. Twenty-one analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $185.74.

Insider Buying and Selling

In other Biogen news, insider Rachid Izzar sold 2,223 shares of the company'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 sale, the insider owned 6,330 shares in the company, valued at $854,550. This represents a 25.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company 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.