Biogen Inc. (NASDAQ:BIIB) Holdings Lifted by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. boosted its position in shares of Biogen Inc. (NASDAQ:BIIB – Get Rating) by 1.5% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,602 shares of the biotechnology company’s stock after buying an additional 67 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Biogen were worth $1,229,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. FNY Investment Advisers LLC lifted its holdings in shares of Biogen by 526.7% during the third quarter. FNY Investment Advisers LLC now owns 94 shares of the biotechnology company’s stock valued at $25,000 after purchasing an additional 79 shares during the last quarter. Urban Wealth Management LLC purchased a new stake in shares of Biogen during the second quarter valued at $25,000. Retirement Group LLC lifted its holdings in shares of Biogen by 87.7% during the second quarter. Retirement Group LLC now owns 137 shares of the biotechnology company’s stock valued at $28,000 after purchasing an additional 64 shares during the last quarter. Wellington Shields & Co. LLC purchased a new stake in shares of Biogen during the second quarter valued at $31,000. Finally, Total Clarity Wealth Management Inc. purchased a new stake in shares of Biogen during the second quarter valued at $33,000. 84.40% of the stock is owned by hedge funds and other institutional investors.

Biogen Stock Performance

BIIB opened at $288.04 on Monday. The firm has a market capitalization of $41.48 billion, a P/E ratio of 14.67, a price-to-earnings-growth ratio of 1.82 and a beta of 0.23. The stock’s 50 day moving average price is $288.49 and its two-hundred day moving average price is $249.07. The company has a quick ratio of 2.14, a current ratio of 2.49 and a debt-to-equity ratio of 0.49. Biogen Inc. has a 12-month low of $187.16 and a 12-month high of $311.88.

Biogen (NASDAQ:BIIB – Get Rating) last released its earnings results on Tuesday, October 25th. The biotechnology company reported $4.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.13 by $0.64. The firm had revenue of $2.51 billion for the quarter, compared to analyst estimates of $2.47 billion. Biogen had a return on equity of 21.31% and a net margin of 27.64%. The company’s revenue was down 9.7% on a year-over-year basis. During the same quarter last year, the firm posted $4.77 EPS. On average, equities analysts forecast that Biogen Inc. will post 17.03 earnings per share for the current year.

Wall Street Analysts Forecast Growth

BIIB has been the subject of several research analyst reports. Mizuho initiated coverage on Biogen in a research note on Wednesday, November 30th. They issued a “buy” rating and a $325.00 price objective for the company. Guggenheim increased their price objective on Biogen from $265.00 to $270.00 and gave the stock a “neutral” rating in a research note on Friday, November 11th. Stifel Nicolaus raised Biogen from a “hold” rating to a “buy” rating and increased their price objective for the stock from $223.00 to $299.00 in a research note on Wednesday, October 12th. Piper Sandler increased their price objective on Biogen from $200.00 to $280.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 28th. Finally, Atlantic Securities increased their price objective on Biogen from $220.00 to $295.00 and gave the stock a “neutral” rating in a research note on Thursday, December 1st. Eight investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Biogen currently has an average rating of “Moderate Buy” and a consensus price target of $305.75.

Insider Buying and Selling at Biogen

In other Biogen news, EVP Ginger Gregory sold 5,610 shares of the firm’s stock in a transaction that occurred on Monday, November 14th. The stock was sold at an average price of $300.11, for a total value of $1,683,617.10. Following the completion of the sale, the executive vice president now owns 5,711 shares in the company, valued at approximately $1,713,928.21. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Biogen news, EVP Ginger Gregory sold 5,610 shares of the firm’s stock in a transaction that occurred on Monday, November 14th. The stock was sold at an average price of $300.11, for a total value of $1,683,617.10. Following the completion of the sale, the executive vice president now owns 5,711 shares in the company, valued at approximately $1,713,928.21. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Susan H. Alexander sold 5,532 shares of the firm’s stock in a transaction that occurred on Thursday, October 27th. The stock was sold at an average price of $280.70, for a total value of $1,552,832.40. Following the completion of the sale, the executive vice president now owns 39,396 shares of the company’s stock, valued at approximately $11,058,457.20. The disclosure for this sale can be found here. Insiders own 0.65% of the company’s stock.

Biogen Profile

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Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases. The company offers TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; and FUMADERM to treat plaque psoriasis.