Stoneridge Investment Partners LLC Takes $6.29 Million Position in Biogen Inc. (NASDAQ:BIIB)

Stoneridge Investment Partners LLC bought a new position in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 24,322 shares of the biotechnology company's stock, valued at approximately $6,294,000. Biogen makes up about 2.6% of Stoneridge Investment Partners LLC's portfolio, making the stock its 7th biggest position.

A number of other hedge funds also recently made changes to their positions in the stock. Commonwealth Equity Services LLC raised its holdings in Biogen by 1.9% in the 3rd quarter. Commonwealth Equity Services LLC now owns 23,416 shares of the biotechnology company's stock valued at $6,018,000 after buying an additional 433 shares during the last quarter. Mackenzie Financial Corp lifted its holdings in Biogen by 9.9% during the 3rd quarter. Mackenzie Financial Corp now owns 46,830 shares of the biotechnology company's stock worth $11,769,000 after buying an additional 4,209 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Biogen by 16.5% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 164,443 shares of the biotechnology company's stock valued at $42,263,000 after buying an additional 23,282 shares during the period. Chicago Partners Investment Group LLC lifted its stake in shares of Biogen by 3.1% in the third quarter. Chicago Partners Investment Group LLC now owns 1,650 shares of the biotechnology company's stock worth $418,000 after acquiring an additional 50 shares during the period. Finally, Advisor Partners II LLC increased its position in Biogen by 2.6% during the 3rd quarter. Advisor Partners II LLC now owns 5,750 shares of the biotechnology company's stock valued at $1,478,000 after purchasing an additional 148 shares during the period. 87.93% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have recently issued reports on BIIB shares. William Blair reissued an "outperform" rating on shares of Biogen in a research note on Monday, April 1st. Mizuho dropped their price objective on shares of Biogen from $355.00 to $277.00 and set a "buy" rating on the stock in a report on Thursday, February 22nd. Wedbush boosted their price objective on Biogen from $213.00 to $215.00 and gave the company a "neutral" rating in a report on Thursday, April 25th. Truist Financial restated a "buy" rating and set a $340.00 price target on shares of Biogen in a research note on Monday, March 25th. Finally, UBS Group lowered their target price on shares of Biogen from $250.00 to $214.00 and set a "neutral" rating on the stock in a report on Wednesday, April 17th. Ten equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. Based on data from MarketBeat.com, Biogen has an average rating of "Moderate Buy" and an average target price of $290.92.

Insider Activity

In other news, Director Eric K. Rowinsky bought 455 shares of the business's stock in a transaction dated Thursday, February 15th. The shares were purchased at an average price of $222.54 per share, for a total transaction of $101,255.70. Following the completion of the acquisition, the director now owns 20,629 shares of the company's stock, valued at $4,590,777.66. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, insider Priya Singhal sold 262 shares of the firm's stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $221.23, for a total value of $57,962.26. Following the completion of the sale, the insider now directly owns 4,886 shares of the company's stock, valued at approximately $1,080,929.78. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Eric K. Rowinsky purchased 455 shares of the firm's stock in a transaction that occurred on Thursday, February 15th. The stock was bought at an average cost of $222.54 per share, with a total value of $101,255.70. Following the completion of the purchase, the director now owns 20,629 shares of the company's stock, valued at $4,590,777.66. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 882 shares of company stock valued at $202,030. 0.60% of the stock is currently owned by insiders.

Biogen Price Performance

Shares of NASDAQ:BIIB traded down $1.25 during trading on Friday, reaching $221.50. The company had a trading volume of 655,151 shares, compared to its average volume of 1,357,120. Biogen Inc. has a 12 month low of $189.44 and a 12 month high of $319.76. The company has a current ratio of 2.10, a quick ratio of 1.32 and a debt-to-equity ratio of 0.41. The stock has a market capitalization of $32.25 billion, a P/E ratio of 27.65, a price-to-earnings-growth ratio of 2.26 and a beta of -0.01. The company has a fifty day moving average of $211.94 and a two-hundred day moving average of $230.74.

Biogen (NASDAQ:BIIB - Get Free Report) last issued its quarterly earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.45 by $0.22. Biogen had a return on equity of 14.83% and a net margin of 12.07%. The firm had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.31 billion. During the same quarter in the previous year, the company posted $3.40 earnings per share. The company's revenue was down 7.0% compared to the same quarter last year. Equities research analysts forecast that Biogen Inc. will post 15.59 earnings per share for the current year.

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.