Wedmont Private Capital Boosts Stake in Biogen Inc. (NASDAQ:BIIB)

Wedmont Private Capital raised its position in shares of Biogen Inc. (NASDAQ:BIIB – Get Rating) by 27.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,163 shares of the biotechnology company’s stock after acquiring an additional 253 shares during the period. Wedmont Private Capital’s holdings in Biogen were worth $325,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in Biogen by 0.5% during the third quarter. Vanguard Group Inc. now owns 11,914,973 shares of the biotechnology company’s stock valued at $3,181,298,000 after acquiring an additional 54,951 shares during the period. State Street Corp grew its position in Biogen by 2.8% during the first quarter. State Street Corp now owns 7,208,906 shares of the biotechnology company’s stock valued at $1,518,196,000 after acquiring an additional 197,400 shares during the period. Northern Trust Corp grew its position in Biogen by 1.4% during the second quarter. Northern Trust Corp now owns 1,709,577 shares of the biotechnology company’s stock valued at $348,651,000 after acquiring an additional 24,050 shares during the period. Point72 Asset Management L.P. grew its position in Biogen by 268.1% during the third quarter. Point72 Asset Management L.P. now owns 1,677,982 shares of the biotechnology company’s stock valued at $448,021,000 after acquiring an additional 1,222,182 shares during the period. Finally, Renaissance Technologies LLC grew its position in Biogen by 48.1% during the second quarter. Renaissance Technologies LLC now owns 1,546,007 shares of the biotechnology company’s stock valued at $315,293,000 after acquiring an additional 501,800 shares during the period. Hedge funds and other institutional investors own 84.40% of the company’s stock.

Wall Street Analysts Forecast Growth

BIIB has been the subject of several analyst reports. Royal Bank of Canada upped their target price on Biogen from $335.00 to $350.00 in a research report on Monday, March 13th. TheStreet downgraded Biogen from a “b” rating to a “c+” rating in a research report on Wednesday, February 15th. StockNews.com initiated coverage on Biogen in a research report on Thursday. They issued a “strong-buy” rating for the company. Cowen upped their target price on Biogen from $300.00 to $315.00 and gave the stock an “outperform” rating in a research report on Thursday, February 16th. Finally, Atlantic Securities upped their target price on Biogen from $220.00 to $295.00 and gave the stock a “neutral” rating in a research report on Thursday, December 1st. Seven analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Biogen currently has a consensus rating of “Moderate Buy” and an average price target of $315.38.

Biogen Stock Down 0.8 %

Shares of BIIB opened at $263.16 on Friday. Biogen Inc. has a 52 week low of $187.16 and a 52 week high of $311.88. The firm has a market cap of $38.02 billion, a P/E ratio of 12.57, a price-to-earnings-growth ratio of 2.22 and a beta of 0.19. The firm’s 50-day simple moving average is $278.59 and its 200 day simple moving average is $269.42. The company has a debt-to-equity ratio of 0.47, a quick ratio of 2.58 and a current ratio of 2.99.

Biogen (NASDAQ:BIIB – Get Rating) last announced its quarterly earnings results on Wednesday, February 15th. The biotechnology company reported $4.05 EPS for the quarter, beating analysts’ consensus estimates of $3.48 by $0.57. Biogen had a net margin of 29.95% and a return on equity of 20.96%. The business had revenue of $2.54 billion for the quarter, compared to analyst estimates of $2.44 billion. During the same quarter in the prior year, the business earned $3.39 EPS. Biogen’s quarterly revenue was down 6.9% on a year-over-year basis. On average, analysts forecast that Biogen Inc. will post 15.53 earnings per share for the current year.

Biogen Profile

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Biogen, Inc is a biopharmaceutical company, which engages in discovering, developing, and delivering therapies for neurological and neurodegenerative diseases. Its products include TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI and FAMPYRA for the treatment of MS, SPINRAZA for the treatment of SMA, ADUHELM for the treatment of Alzheimer’s disease, and FUMADERM for the treatment of severe plaque psoriasis.