Suvretta Capital Management LLC Makes New Investment in Biogen Inc. (NASDAQ:BIIB)

Suvretta Capital Management LLC purchased a new stake in Biogen Inc. (NASDAQ:BIIB) during the 3rd quarter, HoldingsChannel reports. The institutional investor purchased 29,946 shares of the biotechnology company’s stock, valued at approximately $5,805,000.

Several other large investors have also modified their holdings of BIIB. International Assets Investment Management LLC lifted its holdings in shares of Biogen by 19,722.9% in the 3rd quarter. International Assets Investment Management LLC now owns 358,992 shares of the biotechnology company’s stock worth $695,870,000 after acquiring an additional 357,181 shares during the last quarter. Mizuho Securities USA LLC lifted its stake in Biogen by 2,715.9% during the third quarter. Mizuho Securities USA LLC now owns 316,000 shares of the biotechnology company’s stock worth $61,253,000 after purchasing an additional 304,778 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its position in shares of Biogen by 29.6% during the third quarter. Massachusetts Financial Services Co. MA now owns 711,184 shares of the biotechnology company’s stock worth $137,856,000 after buying an additional 162,511 shares during the period. Primecap Management Co. CA grew its stake in shares of Biogen by 0.7% in the second quarter. Primecap Management Co. CA now owns 16,338,294 shares of the biotechnology company’s stock valued at $3,787,543,000 after buying an additional 117,578 shares in the last quarter. Finally, Swedbank AB purchased a new stake in shares of Biogen in the 1st quarter valued at $22,939,000. Institutional investors and hedge funds own 87.93% of the company’s stock.

Insider Transactions at Biogen

In other news, insider Priya Singhal sold 431 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total transaction of $88,018.82. Following the completion of the transaction, the insider now directly owns 5,316 shares of the company’s stock, valued at approximately $1,085,633.52. This represents a 7.50 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.16% of the company’s stock.

Biogen Stock Up 1.4 %

BIIB opened at $159.83 on Friday. Biogen Inc. has a 52 week low of $153.62 and a 52 week high of $268.30. The business has a 50 day moving average price of $178.63 and a two-hundred day moving average price of $203.60. The company has a quick ratio of 0.80, a current ratio of 1.26 and a debt-to-equity ratio of 0.28. The company has a market cap of $23.29 billion, a PE ratio of 14.44, a P/E/G ratio of 1.51 and a beta of -0.06.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share for the quarter, topping the consensus estimate of $3.77 by $0.31. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The firm had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.43 billion. During the same period last year, the company earned $4.36 earnings per share. The company’s revenue for the quarter was down 2.5% on a year-over-year basis. As a group, research analysts anticipate that Biogen Inc. will post 16.44 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on BIIB. Citigroup assumed coverage on Biogen in a report on Thursday, November 14th. They set a “neutral” rating and a $190.00 target price for the company. Wedbush cut their target price on shares of Biogen from $210.00 to $205.00 and set a “neutral” rating on the stock in a research note on Monday, September 23rd. Cantor Fitzgerald reissued an “overweight” rating and issued a $292.00 price target on shares of Biogen in a research report on Monday, September 9th. Needham & Company LLC downgraded shares of Biogen from a “buy” rating to a “hold” rating and set a $270.00 price target for the company. in a research note on Monday, November 18th. Finally, StockNews.com upgraded Biogen from a “buy” rating to a “strong-buy” rating in a report on Monday, September 2nd. Thirteen investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Biogen presently has a consensus rating of “Moderate Buy” and a consensus price target of $257.20.

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.