Patient Capital Management LLC Has $63.30 Million Stake in Biogen Inc. (NASDAQ:BIIB)

Patient Capital Management LLC boosted its stake in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 61.7% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 413,960 shares of the biotechnology company's stock after purchasing an additional 158,018 shares during the quarter. Biogen makes up approximately 2.9% of Patient Capital Management LLC's holdings, making the stock its 17th largest position. Patient Capital Management LLC owned approximately 0.28% of Biogen worth $63,303,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in BIIB. Larson Financial Group LLC grew its holdings in shares of Biogen by 640.9% during the fourth quarter. Larson Financial Group LLC now owns 163 shares of the biotechnology company's stock valued at $25,000 after buying an additional 141 shares in the last quarter. Lee Danner & Bass Inc. acquired a new position in shares of Biogen during the 4th quarter worth about $25,000. Colonial Trust Co SC lifted its position in shares of Biogen by 9,300.0% during the 4th quarter. Colonial Trust Co SC now owns 188 shares of the biotechnology company's stock worth $29,000 after purchasing an additional 186 shares during the last quarter. OFI Invest Asset Management acquired a new position in shares of Biogen during the 4th quarter worth about $32,000. Finally, SRS Capital Advisors Inc. acquired a new position in Biogen in the 4th quarter valued at approximately $33,000. Institutional investors and hedge funds own 87.93% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have commented on BIIB. Citigroup cut their price target on Biogen from $160.00 to $145.00 and set a "neutral" rating for the company in a report on Thursday, February 13th. The Goldman Sachs Group reduced their price objective on Biogen from $219.00 to $197.00 and set a "buy" rating on the stock in a report on Wednesday, April 23rd. Robert W. Baird reduced their price objective on Biogen from $300.00 to $255.00 and set an "outperform" rating on the stock in a report on Friday, May 2nd. Morgan Stanley cut their price target 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. Finally, Oppenheimer set a $205.00 price objective on Biogen in a research note on Friday, May 2nd. Twenty investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $191.30.

Biogen Price Performance

BIIB stock traded up $2.08 during trading on Monday, reaching $127.67. 677,684 shares of the company were exchanged, compared to its average volume of 1,380,172. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.90 and a current ratio of 1.35. The company has a market cap of $18.71 billion, a P/E ratio of 11.39, a PEG ratio of 1.51 and a beta of 0.12. Biogen Inc. has a 52-week low of $110.04 and a 52-week high of $238.00. The stock's 50 day moving average price is $125.96 and its 200 day moving average price is $142.09.

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

Insider Activity

In related news, Director Stephen A. Sherwin sold 8,760 shares of the company's stock in a transaction on Friday, March 7th. The shares were sold at an average price of $150.02, for a total transaction of $1,314,175.20. Following the completion of the sale, the director now directly owns 11,318 shares of the company's stock, valued at approximately $1,697,926.36. This represents a 43.63% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.16% of the stock is currently owned by corporate insiders.

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.