Royal London Asset Management Ltd. Boosts Position in Biogen Inc. (NASDAQ:BIIB)

Royal London Asset Management Ltd. boosted its holdings in Biogen Inc. (NASDAQ:BIIB) by 22.4% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 69,572 shares of the biotechnology company’s stock after buying an additional 12,751 shares during the period. Royal London Asset Management Ltd.’s holdings in Biogen were worth $16,128,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Livelsberger Financial Advisory purchased a new position in Biogen in the fourth quarter valued at approximately $26,000. Plato Investment Management Ltd grew its position in Biogen by 82.8% in the first quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock valued at $25,000 after acquiring an additional 53 shares in the last quarter. Rise Advisors LLC acquired a new stake in Biogen in the first quarter valued at approximately $27,000. Versant Capital Management Inc grew its position in Biogen by 123.2% in the second quarter. Versant Capital Management Inc now owns 154 shares of the biotechnology company’s stock valued at $36,000 after acquiring an additional 85 shares in the last quarter. Finally, EntryPoint Capital LLC acquired a new stake in Biogen in the first quarter valued at approximately $36,000. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Insider Buying and Selling at Biogen

In other Biogen news, insider Priya Singhal sold 431 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total value of $88,018.82. Following the sale, the insider now directly owns 5,316 shares in the company, valued at $1,085,633.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.16% of the stock is currently owned by company insiders.

Biogen Stock Performance

BIIB stock opened at $199.09 on Thursday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.48 and a current ratio of 2.29. The stock has a market capitalization of $28.99 billion, a price-to-earnings ratio of 24.86, a PEG ratio of 2.03 and a beta of -0.06. Biogen Inc. has a 1 year low of $189.44 and a 1 year high of $269.43. The stock’s fifty day moving average is $211.66 and its two-hundred day moving average is $216.09.

Biogen (NASDAQ:BIIB) last posted its earnings results on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.00 by $1.28. The company had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.39 billion. Biogen had a return on equity of 15.71% and a net margin of 11.98%. The firm’s quarterly revenue was up .4% compared to the same quarter last year. During the same period last year, the business posted $4.02 earnings per share. On average, research analysts predict that Biogen Inc. will post 16.12 EPS for the current year.

Analysts Set New Price Targets

Several analysts have issued reports on BIIB shares. StockNews.com raised shares of Biogen from a “buy” rating to a “strong-buy” rating in a research report on Monday, September 2nd. Barclays lowered their price objective on shares of Biogen from $200.00 to $190.00 and set an “equal weight” rating for the company in a research report on Friday, August 2nd. Needham & Company LLC reaffirmed a “buy” rating and issued a $285.00 price objective on shares of Biogen in a research report on Wednesday, September 4th. William Blair reaffirmed an “outperform” rating on shares of Biogen in a research report on Wednesday, July 3rd. Finally, Scotiabank decreased their price target on shares of Biogen from $275.00 to $244.00 and set a “sector outperform” rating for the company in a research report on Friday, August 2nd. Eight investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $275.52.

About Biogen

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.