Empowered Funds LLC Buys 15,506 Shares of Biogen Inc. (NASDAQ:BIIB)

Empowered Funds LLC increased its stake in Biogen Inc. (NASDAQ:BIIB) by 455.8% in the 3rd quarter, Holdings Channel.com reports. The firm owned 18,908 shares of the biotechnology company’s stock after buying an additional 15,506 shares during the quarter. Empowered Funds LLC’s holdings in Biogen were worth $3,665,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. First Horizon Advisors Inc. lifted its position in shares of Biogen by 39.8% during the second quarter. First Horizon Advisors Inc. now owns 172 shares of the biotechnology company’s stock valued at $40,000 after buying an additional 49 shares during the last quarter. Plato Investment Management Ltd boosted its stake in Biogen by 82.8% in the first quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock valued at $25,000 after acquiring an additional 53 shares in the last quarter. CWM LLC grew its holdings in Biogen by 1.7% in the second quarter. CWM LLC now owns 3,765 shares of the biotechnology company’s stock worth $873,000 after purchasing an additional 62 shares during the last quarter. Quintet Private Bank Europe S.A. increased its position in shares of Biogen by 9.7% during the third quarter. Quintet Private Bank Europe S.A. now owns 710 shares of the biotechnology company’s stock worth $138,000 after purchasing an additional 63 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Biogen by 1.1% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 6,122 shares of the biotechnology company’s stock valued at $1,419,000 after purchasing an additional 64 shares during the last quarter. 87.93% of the stock is currently owned by institutional investors.

Insider Activity at Biogen

In other Biogen news, insider Priya Singhal sold 431 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total transaction of $88,018.82. Following the completion of the transaction, the insider now directly owns 5,316 shares in the company, valued at approximately $1,085,633.52. This represents a 7.50 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.16% of the stock is owned by corporate insiders.

Biogen Trading Down 1.3 %

BIIB stock opened at $157.94 on Tuesday. Biogen Inc. has a 52-week low of $157.40 and a 52-week high of $268.30. The company has a quick ratio of 0.80, a current ratio of 1.26 and a debt-to-equity ratio of 0.28. The firm has a market cap of $23.01 billion, a P/E ratio of 14.27, a PEG ratio of 1.51 and a beta of -0.06. The company’s 50-day simple moving average is $185.16 and its 200-day simple moving average is $206.88.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.77 by $0.31. The company had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.43 billion. Biogen had a return on equity of 14.98% and a net margin of 16.81%. Biogen’s revenue for the quarter was down 2.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $4.36 earnings per share. As a group, equities analysts forecast that Biogen Inc. will post 16.42 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on BIIB shares. Truist Financial reaffirmed a “buy” rating and set a $302.00 target price (down from $340.00) on shares of Biogen in a research report on Monday, August 5th. UBS Group decreased their price objective on shares of Biogen from $234.00 to $202.00 and set a “neutral” rating for the company in a research report on Thursday, October 3rd. Robert W. Baird lifted their target price on shares of Biogen from $294.00 to $300.00 and gave the stock an “outperform” rating in a research note on Friday. Morgan Stanley lowered shares of Biogen from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $285.00 to $204.00 in a research note on Thursday, October 31st. Finally, Raymond James reiterated a “market perform” rating on shares of Biogen in a research note on Thursday, October 10th. Thirteen investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Biogen has a consensus rating of “Moderate Buy” and an average price target of $258.96.

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.