6,088 Shares in Biogen Inc. (NASDAQ:BIIB) Purchased by Summit Global Investments

Summit Global Investments purchased a new stake in Biogen Inc. (NASDAQ:BIIB) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 6,088 shares of the biotechnology company’s stock, valued at approximately $1,575,000.

Several other institutional investors have also recently made changes to their positions in the stock. Natixis Advisors L.P. increased its position in Biogen by 2.4% during the fourth quarter. Natixis Advisors L.P. now owns 24,166 shares of the biotechnology company’s stock worth $6,253,000 after buying an additional 565 shares during the last quarter. First Trust Direct Indexing L.P. increased its holdings in shares of Biogen by 10.0% during the 4th quarter. First Trust Direct Indexing L.P. now owns 1,841 shares of the biotechnology company’s stock worth $476,000 after acquiring an additional 167 shares during the last quarter. Great Valley Advisor Group Inc. raised its stake in Biogen by 92.8% in the 4th quarter. Great Valley Advisor Group Inc. now owns 2,786 shares of the biotechnology company’s stock valued at $721,000 after acquiring an additional 1,341 shares during the period. Concord Wealth Partners lifted its holdings in Biogen by 12.8% during the 4th quarter. Concord Wealth Partners now owns 757 shares of the biotechnology company’s stock valued at $196,000 after purchasing an additional 86 shares during the last quarter. Finally, Hexagon Capital Partners LLC boosted its position in Biogen by 76.1% during the fourth quarter. Hexagon Capital Partners LLC now owns 118 shares of the biotechnology company’s stock worth $31,000 after purchasing an additional 51 shares during the period. Institutional investors and hedge funds own 87.93% of the company’s stock.

Insider Transactions at Biogen

In related news, insider Priya Singhal sold 262 shares of the business’s stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $221.23, for a total transaction of $57,962.26. Following the transaction, the insider now directly owns 4,886 shares in the company, valued at $1,080,929.78. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Biogen news, insider Priya Singhal sold 262 shares of the stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $221.23, for a total transaction of $57,962.26. Following the completion of the transaction, the insider now directly owns 4,886 shares of the company’s stock, valued at $1,080,929.78. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Eric K. Rowinsky bought 455 shares of the stock in a transaction on Thursday, February 15th. The stock was purchased at an average price of $222.54 per share, for a total transaction of $101,255.70. Following the completion of the purchase, the director now directly owns 20,629 shares in the company, valued at $4,590,777.66. The disclosure for this purchase can be found here. Insiders sold a total of 882 shares of company stock worth $202,030 in the last quarter. 0.60% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on BIIB shares. HC Wainwright reduced their target price on shares of Biogen from $325.00 to $300.00 and set a “buy” rating for the company in a research report on Thursday, April 25th. HSBC upped their price target on shares of Biogen from $339.00 to $342.00 and gave the stock a “buy” rating in a report on Friday. Wells Fargo & Company lowered Biogen from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $315.00 to $240.00 in a research note on Wednesday, February 14th. Needham & Company LLC restated a “buy” rating and issued a $294.00 price target on shares of Biogen in a research report on Wednesday, April 24th. Finally, Oppenheimer reiterated an “outperform” rating and set a $270.00 price target on shares of Biogen in a report on Monday. Ten equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $290.92.

Biogen Stock Up 1.9 %

NASDAQ BIIB traded up $4.00 during trading hours on Friday, hitting $217.51. The company’s stock had a trading volume of 1,144,123 shares, compared to its average volume of 1,207,864. The company has a current ratio of 2.10, a quick ratio of 1.32 and a debt-to-equity ratio of 0.41. The company’s 50-day simple moving average is $212.12 and its two-hundred day simple moving average is $232.44. The company has a market capitalization of $31.67 billion, a PE ratio of 27.15, a price-to-earnings-growth ratio of 2.20 and a beta of -0.01. Biogen Inc. has a 52 week low of $189.44 and a 52 week high of $319.76.

Biogen (NASDAQ:BIIB) last announced its earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.45 by $0.22. Biogen had a return on equity of 14.83% and a net margin of 12.07%. The company had revenue of $2.29 billion for the quarter, compared to analysts’ expectations of $2.31 billion. During the same quarter in the previous year, the firm earned $3.40 earnings per share. Biogen’s quarterly revenue was down 7.0% on a year-over-year basis. Research analysts anticipate that Biogen Inc. will post 15.57 EPS for the current fiscal year.

Biogen 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.