Los Angeles Capital Management LLC Makes New Investment in Biogen Inc. (NASDAQ:BIIB)

Los Angeles Capital Management LLC bought a new stake in shares of Biogen Inc. (NASDAQ:BIIB) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 4,282 shares of the biotechnology company’s stock, valued at approximately $830,000.

A number of other hedge funds have also recently made changes to their positions in BIIB. 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 worth $25,000 after acquiring an additional 53 shares in the last quarter. Itau Unibanco Holding S.A. purchased a new position in shares of Biogen in the 2nd quarter valued at $33,000. EntryPoint Capital LLC bought a new position in shares of Biogen in the 1st quarter worth $36,000. Versant Capital Management Inc lifted its stake in shares of Biogen by 123.2% during the 2nd quarter. Versant Capital Management Inc now owns 154 shares of the biotechnology company’s stock worth $36,000 after purchasing an additional 85 shares during the last quarter. Finally, Blue Trust Inc. boosted its position in Biogen by 249.0% during the second quarter. Blue Trust Inc. now owns 178 shares of the biotechnology company’s stock valued at $38,000 after purchasing an additional 127 shares in the last quarter. 87.93% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

BIIB has been the subject of several analyst reports. Cantor Fitzgerald reissued an “overweight” rating and set a $292.00 price target on shares of Biogen in a research report on Monday, September 9th. UBS Group lowered their target price on shares of Biogen from $234.00 to $202.00 and set a “neutral” rating for the company in a research note on Thursday, October 3rd. JPMorgan Chase & Co. reduced their price target on Biogen from $220.00 to $210.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. BMO Capital Markets dropped their target price on Biogen from $260.00 to $230.00 and set an “outperform” rating on the stock in a research note on Thursday, October 17th. Finally, StockNews.com raised Biogen from a “buy” rating to a “strong-buy” rating in a research report on Monday, September 2nd. Twelve investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $258.96.

Biogen Price Performance

Shares of BIIB opened at $159.99 on Friday. The business’s 50-day moving average is $186.80 and its two-hundred day moving average is $207.77. The company has a market capitalization of $23.31 billion, a P/E ratio of 14.78, a P/E/G ratio of 1.57 and a beta of -0.06. Biogen Inc. has a fifty-two week low of $159.60 and a fifty-two week high of $268.30. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.80 and a current ratio of 1.26.

Biogen (NASDAQ:BIIB) last posted its earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, topping the consensus estimate of $3.77 by $0.31. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The firm had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.43 billion. During the same period last year, the company earned $4.36 earnings per share. Biogen’s revenue for the quarter was down 2.5% compared to the same quarter last year. Research analysts predict that Biogen Inc. will post 16.4 earnings per share for the current year.

Insider Activity

In other news, insider Priya Singhal sold 431 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total transaction of $88,018.82. Following the sale, the insider now directly owns 5,316 shares in the company, valued at $1,085,633.52. This trade represents a 7.50 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.16% of the company’s stock.

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.