9,583 Shares in Biogen Inc. $BIIB Purchased by Convergence Investment Partners LLC

Convergence Investment Partners LLC bought a new stake in Biogen Inc. (NASDAQ:BIIB) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 9,583 shares of the biotechnology company’s stock, valued at approximately $1,342,000.

Other institutional investors also recently made changes to their positions in the company. Norges Bank acquired a new position in Biogen during the 2nd quarter valued at approximately $284,358,000. Orion Porfolio Solutions LLC lifted its stake in Biogen by 6,828.4% in the second quarter. Orion Porfolio Solutions LLC now owns 517,275 shares of the biotechnology company’s stock valued at $64,965,000 after buying an additional 509,809 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Biogen by 190.7% during the second quarter. Arrowstreet Capital Limited Partnership now owns 624,371 shares of the biotechnology company’s stock valued at $78,415,000 after acquiring an additional 409,591 shares during the period. AustralianSuper Pty Ltd boosted its holdings in shares of Biogen by 85.9% during the second quarter. AustralianSuper Pty Ltd now owns 739,416 shares of the biotechnology company’s stock valued at $92,863,000 after acquiring an additional 341,719 shares during the period. Finally, Vanguard Group Inc. grew its position in shares of Biogen by 1.5% during the second quarter. Vanguard Group Inc. now owns 17,290,651 shares of the biotechnology company’s stock worth $2,171,533,000 after acquiring an additional 257,812 shares during the last quarter. 87.93% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on BIIB shares. Sanford C. Bernstein lifted their price objective on shares of Biogen from $157.00 to $197.00 and gave the company a “market perform” rating in a research report on Friday, January 9th. Truist Financial raised their price target on shares of Biogen from $142.00 to $190.00 and gave the company a “hold” rating in a research note on Thursday, January 8th. Robert W. Baird cut their price target on Biogen from $255.00 to $250.00 in a report on Friday, October 31st. Wedbush increased their price objective on Biogen from $143.00 to $178.00 and gave the stock a “neutral” rating in a report on Friday, January 23rd. Finally, Hsbc Global Res cut Biogen from a “hold” rating to a “moderate sell” rating in a research report on Wednesday, December 10th. Eleven analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Biogen currently has a consensus rating of “Hold” and a consensus target price of $192.81.

Biogen Price Performance

NASDAQ BIIB opened at $179.89 on Monday. Biogen Inc. has a 12 month low of $110.04 and a 12 month high of $190.20. The firm has a market capitalization of $26.39 billion, a PE ratio of 16.40, a P/E/G ratio of 1.50 and a beta of 0.16. The company’s 50 day simple moving average is $176.47 and its 200 day simple moving average is $154.99. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.72 and a quick ratio of 2.04.

Biogen (NASDAQ:BIIB) last released its earnings results on Thursday, October 30th. The biotechnology company reported $4.81 earnings per share for the quarter, topping analysts’ consensus estimates of $3.89 by $0.92. The firm had revenue of $2.53 billion during the quarter, compared to the consensus estimate of $2.34 billion. Biogen had a return on equity of 14.13% and a net margin of 15.98%.The firm’s revenue for the quarter was up 2.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $4.08 earnings per share. As a group, equities research analysts forecast that Biogen Inc. will post 15.83 EPS for the current fiscal year.

Biogen Company Profile

Biogen Inc is a multinational biotechnology company focused on discovering, developing and delivering therapies for neurological and neurodegenerative diseases. Headquartered in Cambridge, Massachusetts, the company has a longstanding emphasis on neuroscience, with research and commercial activities spanning multiple therapeutic areas including multiple sclerosis, spinal muscular atrophy and Alzheimer’s disease. Biogen was founded in 1978 and has grown into a global biopharmaceutical firm with operations and commercial presence across North America, Europe, Japan and other international markets.

The company’s marketed portfolio has historically included several well-known therapies for multiple sclerosis such as Avonex, Tysabri and Tecfidera, and it has pursued treatments for rare neurological conditions and genetic neuromuscular disorders.