Choreo LLC Makes New $297,000 Investment in Biogen Inc. (NASDAQ:BIIB)

Choreo LLC bought a new stake in shares of Biogen Inc. (NASDAQ:BIIB) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 1,280 shares of the biotechnology company’s stock, valued at approximately $297,000.

Other large investors have also recently made changes to their positions in the company. Ballentine Partners LLC boosted its stake in shares of Biogen by 100.0% during the 2nd quarter. Ballentine Partners LLC now owns 3,334 shares of the biotechnology company’s stock worth $773,000 after acquiring an additional 1,667 shares in the last quarter. Custom Index Systems LLC acquired a new stake in Biogen in the second quarter valued at approximately $218,000. Acadian Asset Management LLC increased its position in shares of Biogen by 201.9% in the second quarter. Acadian Asset Management LLC now owns 5,702 shares of the biotechnology company’s stock valued at $1,320,000 after buying an additional 3,813 shares in the last quarter. Letko Brosseau & Associates Inc. raised its stake in shares of Biogen by 7.0% during the 2nd quarter. Letko Brosseau & Associates Inc. now owns 112,672 shares of the biotechnology company’s stock worth $26,120,000 after buying an additional 7,365 shares during the period. Finally, Lake Street Advisors Group LLC purchased a new position in shares of Biogen during the 2nd quarter valued at approximately $234,000. 87.93% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. William Blair restated an “outperform” rating on shares of Biogen in a research report on Wednesday, July 3rd. Royal Bank of Canada raised their price target on shares of Biogen from $282.00 to $292.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Wells Fargo & Company cut their price objective on Biogen from $240.00 to $225.00 and set an “equal weight” rating for the company in a research note on Friday, August 2nd. Scotiabank decreased their target price on Biogen from $275.00 to $244.00 and set a “sector outperform” rating on the stock in a research report on Friday, August 2nd. 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. Eight equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $275.52.

Biogen Trading Down 0.7 %

NASDAQ BIIB opened at $198.21 on Wednesday. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.29 and a quick ratio of 1.48. The stock has a market capitalization of $28.86 billion, a P/E ratio of 24.75, a PEG ratio of 2.01 and a beta of -0.06. The firm’s 50-day moving average is $209.33 and its two-hundred day moving average is $215.39. Biogen Inc. has a 12 month low of $189.44 and a 12 month high of $269.43.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings data on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share for the quarter, topping analysts’ consensus estimates of $4.00 by $1.28. The firm had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.39 billion. Biogen had a net margin of 11.98% and a return on equity of 15.71%. The firm’s quarterly revenue was up .4% on a year-over-year basis. During the same quarter last year, the company posted $4.02 EPS. On average, sell-side analysts anticipate that Biogen Inc. will post 16.12 earnings per share for the current year.

Insider Activity at Biogen

In other Biogen news, insider Priya Singhal sold 431 shares of Biogen stock in a transaction dated 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 transaction, the insider now directly 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 accessible through this hyperlink. Company 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.