Healthcare of Ontario Pension Plan Trust Fund Makes New Investment in Biogen Inc. (NASDAQ:BIIB)

Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Biogen Inc. (NASDAQ:BIIB) in the 2nd quarter, Holdings Channel.com reports. The institutional investor acquired 42,696 shares of the biotechnology company’s stock, valued at approximately $9,898,000.

Other hedge funds have also modified their holdings of the company. KCM Investment Advisors LLC grew its position in Biogen by 1.7% during the 1st quarter. KCM Investment Advisors LLC now owns 2,953 shares of the biotechnology company’s stock worth $637,000 after purchasing an additional 48 shares during the last quarter. First Horizon Advisors Inc. increased its position 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 acquiring an additional 49 shares during the period. TFB Advisors LLC raised its stake in Biogen by 2.1% during the 1st quarter. TFB Advisors LLC now owns 2,450 shares of the biotechnology company’s stock valued at $530,000 after acquiring an additional 50 shares during the last quarter. QRG Capital Management Inc. lifted its position in Biogen by 2.0% during the 1st quarter. QRG Capital Management Inc. now owns 2,634 shares of the biotechnology company’s stock worth $568,000 after acquiring an additional 51 shares during the period. Finally, Plato Investment Management Ltd grew its stake in shares of 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 purchasing an additional 53 shares during the last quarter. 87.93% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Priya Singhal sold 431 shares of Biogen 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 completion of the sale, the insider now owns 5,316 shares of the company’s stock, valued at $1,085,633.52. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.16% of the company’s stock.

Biogen Price Performance

Shares of NASDAQ:BIIB opened at $185.68 on Friday. The company has a market cap of $27.03 billion, a P/E ratio of 23.18, a P/E/G ratio of 1.97 and a beta of -0.06. The company has a quick ratio of 1.48, a current ratio of 2.29 and a debt-to-equity ratio of 0.40. Biogen Inc. has a 52 week low of $183.56 and a 52 week high of $269.43. The business has a fifty day simple moving average of $200.69 and a 200-day simple moving average of $212.87.

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

Analysts Set New Price Targets

Several research firms have recently commented on BIIB. Barclays cut their price target on Biogen from $200.00 to $190.00 and set an “equal weight” rating for the company in a research note on Friday, August 2nd. Robert W. Baird reduced their target price on shares of Biogen from $316.00 to $294.00 and set an “outperform” rating for the company in a research note on Monday, July 29th. Piper Sandler dropped their price target on shares of Biogen from $335.00 to $313.00 and set an “overweight” rating on the stock in a research note on Friday, July 12th. Wedbush cut their price target on shares of Biogen from $210.00 to $205.00 and set a “neutral” rating for the company in a report on Monday, September 23rd. Finally, Scotiabank lowered their price objective on Biogen from $275.00 to $244.00 and set a “sector outperform” rating on the stock in a report on Friday, August 2nd. Eight investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Biogen has a consensus rating of “Moderate Buy” and an average price target of $273.78.

Biogen Company 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.