Graham Capital Management L.P. Invests $2.04 Million in Biogen Inc. (NASDAQ:BIIB)

Graham Capital Management L.P. purchased a new stake in Biogen Inc. (NASDAQ:BIIB - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 13,357 shares of the biotechnology company's stock, valued at approximately $2,043,000.

Other institutional investors also recently added to or reduced their stakes in the company. Pacer Advisors Inc. grew its stake in Biogen by 13,574.7% during the fourth quarter. Pacer Advisors Inc. now owns 2,667,531 shares of the biotechnology company's stock worth $407,919,000 after buying an additional 2,648,024 shares during the period. Norges Bank acquired a new stake in Biogen during the 4th quarter valued at approximately $355,569,000. Van ECK Associates Corp raised its holdings in 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. grew its stake in Biogen by 30.6% in the fourth quarter. Invesco Ltd. now owns 2,128,807 shares of the biotechnology company's stock worth $325,537,000 after purchasing an additional 499,074 shares in the last quarter. Finally, AQR Capital Management LLC raised its position in shares of Biogen by 982.0% during the 4th quarter. AQR Capital Management LLC now owns 539,692 shares of the biotechnology company's stock valued at $81,914,000 after acquiring an additional 489,811 shares in the last quarter. Institutional investors and hedge funds own 87.93% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on BIIB shares. The Goldman Sachs Group reduced their price objective on Biogen from $219.00 to $197.00 and set a "buy" rating for the company in a research report on Wednesday, April 23rd. Needham & Company LLC reiterated a "hold" rating on shares of Biogen in a report on Friday, May 2nd. Oppenheimer set a $205.00 target price on Biogen in a research report on Friday, May 2nd. Mizuho decreased 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. Finally, Morgan Stanley lowered their target price 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. Twenty analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, Biogen currently has a consensus rating of "Hold" and an average price target of $191.30.

Biogen Price Performance

Shares of NASDAQ:BIIB traded up $3.33 during trading on Thursday, hitting $123.70. 1,944,886 shares of the company were exchanged, compared to its average volume of 1,379,232. Biogen Inc. has a 1-year low of $110.04 and a 1-year high of $238.00. The company has a market capitalization of $18.13 billion, a P/E ratio of 11.05, a price-to-earnings-growth ratio of 1.51 and a beta of 0.12. The company has a quick ratio of 0.90, a current ratio of 1.35 and a debt-to-equity ratio of 0.27. The business's 50 day moving average is $126.86 and its 200-day moving average is $143.40.

Biogen (NASDAQ:BIIB - Get Free Report) last posted its 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 the consensus estimate of $2.25 billion. Biogen had a return on equity of 14.98% and a net margin of 16.87%. The company's revenue was up 6.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $3.67 earnings per share. Equities analysts forecast that Biogen Inc. will post 15.83 earnings per share for the current year.

Insiders Place Their Bets

In other Biogen news, Director Stephen A. Sherwin sold 8,760 shares of the stock in a transaction dated Friday, March 7th. The shares were 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 owns 11,318 shares in the company, valued at approximately $1,697,926.36. This trade represents a 43.63% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.16% of the company's stock.

Biogen Company 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.