Bleakley Financial Group LLC Boosts Stake in Biogen Inc. (NASDAQ:BIIB)

Bleakley Financial Group LLC raised its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 49.9% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,608 shares of the biotechnology company’s stock after acquiring an additional 535 shares during the period. Bleakley Financial Group LLC’s holdings in Biogen were worth $246,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in BIIB. Livforsakringsbolaget Skandia Omsesidigt raised its stake in Biogen by 521.7% during the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 1,430 shares of the biotechnology company’s stock valued at $277,000 after acquiring an additional 1,200 shares during the last quarter. Exchange Traded Concepts LLC raised its stake in Biogen by 4,516.7% during the 3rd quarter. Exchange Traded Concepts LLC now owns 1,662 shares of the biotechnology company’s stock valued at $322,000 after acquiring an additional 1,626 shares during the last quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH purchased a new stake in Biogen during the 3rd quarter valued at approximately $100,000. Swedbank AB raised its stake in Biogen by 85.0% during the 3rd quarter. Swedbank AB now owns 185,008 shares of the biotechnology company’s stock valued at $35,862,000 after acquiring an additional 84,981 shares during the last quarter. Finally, Kapitalo Investimentos Ltda purchased a new stake in Biogen during the 3rd quarter valued at approximately $227,000. 87.93% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have commented on BIIB shares. TD Cowen reduced their price objective on Biogen from $300.00 to $275.00 and set a “buy” rating for the company in a research note on Thursday, October 31st. Needham & Company LLC downgraded Biogen from a “buy” rating to a “hold” rating and set a $270.00 target price for the company. in a research note on Monday, November 18th. Wells Fargo & Company cut their target price on Biogen from $190.00 to $165.00 and set an “equal weight” rating for the company in a research note on Friday, January 10th. Citigroup cut their target price on Biogen from $190.00 to $160.00 and set a “neutral” rating for the company in a research note on Tuesday, January 28th. Finally, Piper Sandler downgraded Biogen from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $315.00 to $138.00 in a research note on Thursday, January 2nd. Seventeen analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Biogen presently has a consensus rating of “Hold” and an average price target of $221.65.

Biogen Price Performance

Shares of NASDAQ:BIIB opened at $139.39 on Wednesday. The business’s fifty day moving average price is $148.71 and its two-hundred day moving average price is $174.84. The stock has a market cap of $20.31 billion, a PE ratio of 12.59, a price-to-earnings-growth ratio of 1.65 and a beta of -0.08. 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 Inc. has a one year low of $138.72 and a one year high of $244.95.

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.