Covestor Ltd Boosts Stock Position in Biogen Inc. (NASDAQ:BIIB)

Covestor Ltd raised its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 282.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 325 shares of the biotechnology company’s stock after buying an additional 240 shares during the quarter. Covestor Ltd’s holdings in Biogen were worth $50,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the stock. First Foundation Advisors boosted its stake in Biogen by 32.7% in the 4th quarter. First Foundation Advisors now owns 11,352 shares of the biotechnology company’s stock worth $1,736,000 after purchasing an additional 2,800 shares in the last quarter. Kennedy Capital Management LLC raised its holdings in Biogen by 22.8% in the fourth quarter. Kennedy Capital Management LLC now owns 4,395 shares of the biotechnology company’s stock worth $672,000 after buying an additional 815 shares during the last quarter. LSV Asset Management lifted its stake in shares of Biogen by 464.9% in the fourth quarter. LSV Asset Management now owns 234,448 shares of the biotechnology company’s stock worth $35,852,000 after buying an additional 192,948 shares in the last quarter. Phoenix Financial Ltd. bought a new stake in shares of Biogen during the fourth quarter valued at approximately $552,000. Finally, APG Asset Management US Inc. purchased a new position in Biogen in the 4th quarter worth approximately $460,000. 87.93% of the stock is owned by institutional investors.

Analyst Ratings Changes

BIIB has been the topic of several recent analyst reports. Piper Sandler reiterated a “neutral” rating and set a $135.00 target price (down from $138.00) on shares of Biogen in a research note on Tuesday, February 18th. Canaccord Genuity Group reduced their price objective on Biogen from $298.00 to $265.00 and set a “buy” rating for the company in a report on Thursday, February 13th. StockNews.com cut shares of Biogen from a “strong-buy” rating to a “buy” rating in a research note on Saturday, December 28th. Scotiabank reduced their price target on shares of Biogen from $244.00 to $224.00 and set a “sector outperform” rating for the company in a research note on Thursday, February 13th. Finally, Truist Financial decreased their price objective on shares of Biogen from $220.00 to $210.00 and set a “buy” rating for the company in a report on Thursday, February 13th. Eighteen analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, Biogen has an average rating of “Hold” and a consensus price target of $213.15.

Insiders Place Their Bets

In other news, Director Stephen A. Sherwin sold 8,760 shares of Biogen stock in a transaction that occurred 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 sale, the director now owns 11,318 shares in the company, valued at $1,697,926.36. This trade represents a 43.63 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.16% of the stock is currently owned by corporate insiders.

Biogen Trading Up 3.6 %

Shares of Biogen stock opened at $119.26 on Tuesday. Biogen Inc. has a fifty-two week low of $110.04 and a fifty-two week high of $238.00. 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 capitalization of $17.46 billion, a P/E ratio of 10.66, a P/E/G ratio of 1.51 and a beta of 0.06. The company has a fifty day moving average of $136.21 and a 200 day moving average of $153.22.

Biogen (NASDAQ:BIIB) last released its quarterly earnings data on Wednesday, February 12th. The biotechnology company reported $3.44 earnings per share for the quarter, topping analysts’ consensus estimates of $3.43 by $0.01. Biogen had a return on equity of 14.98% and a net margin of 16.87%. On average, sell-side analysts anticipate that Biogen Inc. will post 15.83 earnings per share for the current fiscal year.

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.