Venturi Wealth Management LLC Buys 93 Shares of Biogen Inc. (NASDAQ:BIIB)

Venturi Wealth Management LLC raised its stake in Biogen Inc. (NASDAQ:BIIB) by 73.8% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 219 shares of the biotechnology company’s stock after purchasing an additional 93 shares during the quarter. Venturi Wealth Management LLC’s holdings in Biogen were worth $42,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Vanguard Group Inc. increased its stake in shares of Biogen by 15.0% in the first quarter. Vanguard Group Inc. now owns 16,570,398 shares of the biotechnology company’s stock worth $3,573,075,000 after buying an additional 2,163,068 shares during the period. Primecap Management Co. CA increased its position in shares of Biogen by 0.7% in the second quarter. Primecap Management Co. CA now owns 16,338,294 shares of the biotechnology company’s stock valued at $3,787,543,000 after acquiring an additional 117,578 shares during the period. Price T Rowe Associates Inc. MD increased its position in shares of Biogen by 5.4% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,589,629 shares of the biotechnology company’s stock valued at $342,772,000 after acquiring an additional 81,283 shares during the period. RA Capital Management L.P. boosted its holdings in shares of Biogen by 39.0% during the first quarter. RA Capital Management L.P. now owns 740,727 shares of the biotechnology company’s stock worth $159,723,000 after purchasing an additional 207,835 shares during the period. Finally, abrdn plc grew its stake in shares of Biogen by 6.2% in the third quarter. abrdn plc now owns 568,510 shares of the biotechnology company’s stock worth $110,123,000 after purchasing an additional 33,333 shares during the last quarter. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on BIIB. Wolfe Research initiated coverage on Biogen in a report on Friday. They issued a “peer perform” rating for the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $270.00 price target on shares of Biogen in a research note on Wednesday, October 30th. Royal Bank of Canada reduced their price objective on shares of Biogen from $292.00 to $269.00 and set an “outperform” rating on the stock in a research report on Friday, October 4th. Barclays dropped their target price on shares of Biogen from $190.00 to $180.00 and set an “equal weight” rating for the company in a research report on Thursday, October 31st. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $292.00 price target on shares of Biogen in a research report on Monday, September 9th. Twelve analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Biogen presently has a consensus rating of “Moderate Buy” and a consensus target price of $258.96.

Biogen Stock Performance

Shares of BIIB opened at $159.99 on Friday. The company has a market cap of $23.31 billion, a price-to-earnings ratio of 14.45, a P/E/G ratio of 1.57 and a beta of -0.06. The business’s fifty day simple moving average is $186.80 and its two-hundred day simple moving average is $207.77. Biogen Inc. has a 12 month low of $159.60 and a 12 month high of $268.30. The company has a current ratio of 1.26, a quick ratio of 0.80 and a debt-to-equity ratio of 0.28.

Biogen (NASDAQ:BIIB) last released its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, beating 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 company had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.43 billion. During the same period last year, the firm posted $4.36 earnings per share. Biogen’s revenue was down 2.5% compared to the same quarter last year. Research analysts anticipate that Biogen Inc. will post 16.4 earnings per share for the current fiscal year.

Insider Transactions at Biogen

In related news, insider Priya Singhal sold 431 shares of the firm’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 sale, the insider now owns 5,316 shares in the company, valued at approximately $1,085,633.52. This trade represents a 7.50 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 0.16% of the company’s stock.

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.