Lighthouse Investment Partners LLC Makes New $5.50 Million Investment in Biogen Inc. (NASDAQ:BIIB)

Lighthouse Investment Partners LLC purchased a new stake in Biogen Inc. (NASDAQ:BIIB) in the 2nd quarter, Holdings Channel reports. The firm purchased 23,713 shares of the biotechnology company’s stock, valued at approximately $5,497,000.

Several other institutional investors and hedge funds also recently made changes to their positions in BIIB. KCM Investment Advisors LLC raised its holdings in shares of Biogen by 1.7% in the 1st quarter. KCM Investment Advisors LLC now owns 2,953 shares of the biotechnology company’s stock valued at $637,000 after purchasing an additional 48 shares during the period. First Horizon Advisors Inc. grew its stake in Biogen by 39.8% in the 2nd quarter. First Horizon Advisors Inc. now owns 172 shares of the biotechnology company’s stock valued at $40,000 after buying an additional 49 shares during the last quarter. TFB Advisors LLC grew its stake in Biogen by 2.1% in the 1st quarter. TFB Advisors LLC now owns 2,450 shares of the biotechnology company’s stock valued at $530,000 after buying an additional 50 shares during the last quarter. QRG Capital Management Inc. grew its stake in Biogen by 2.0% in the 1st quarter. QRG Capital Management Inc. now owns 2,634 shares of the biotechnology company’s stock valued at $568,000 after buying an additional 51 shares during the last quarter. Finally, Plato Investment Management Ltd grew its stake in Biogen by 82.8% in the 1st quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock valued at $25,000 after buying an additional 53 shares during the last quarter. Institutional investors and hedge funds own 87.93% of the company’s stock.

Insiders Place Their Bets

In other Biogen news, insider Priya Singhal sold 431 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total value of $88,018.82. Following the completion of the transaction, the insider now owns 5,316 shares of the company’s stock, valued at approximately $1,085,633.52. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 0.16% of the company’s stock.

Biogen Stock Performance

NASDAQ BIIB opened at $194.67 on Friday. The company’s 50 day moving average is $204.76 and its 200-day moving average is $214.29. Biogen Inc. has a 12-month low of $188.78 and a 12-month high of $269.43. The company has a quick ratio of 1.48, a current ratio of 2.29 and a debt-to-equity ratio of 0.40. The firm has a market cap of $28.34 billion, a P/E ratio of 24.30, a price-to-earnings-growth ratio of 1.97 and a beta of -0.06.

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

Wall Street Analyst Weigh In

A number of brokerages have issued reports on BIIB. Piper Sandler decreased their target price on shares of Biogen from $335.00 to $313.00 and set an “overweight” rating on the stock in a research report on Friday, July 12th. Needham & Company LLC reiterated a “buy” rating and set a $285.00 price target on shares of Biogen in a research report on Tuesday. Scotiabank reduced their price target on shares of Biogen from $275.00 to $244.00 and set a “sector outperform” rating on the stock in a research report on Friday, August 2nd. Truist Financial reiterated a “buy” rating and set a $302.00 price target (down previously from $340.00) on shares of Biogen in a research report on Monday, August 5th. Finally, StockNews.com raised shares of Biogen from a “buy” rating to a “strong-buy” rating in a research note on Monday, September 2nd. Eight research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $275.30.

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.