Wedge Capital Management L L P NC Raises Stock Holdings in Biogen Inc. (NASDAQ:BIIB)

Wedge Capital Management L L P NC grew its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 17.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 179,191 shares of the biotechnology company’s stock after buying an additional 26,530 shares during the period. Wedge Capital Management L L P NC’s holdings in Biogen were worth $27,402,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. State Street Corp lifted its holdings in Biogen by 3.5% during the third quarter. State Street Corp now owns 7,344,960 shares of the biotechnology company’s stock valued at $1,423,747,000 after purchasing an additional 248,942 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Biogen by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 3,613,020 shares of the biotechnology company’s stock valued at $698,062,000 after purchasing an additional 47,055 shares during the period. RA Capital Management L.P. lifted its stake in shares of Biogen by 20.6% during the 3rd quarter. RA Capital Management L.P. now owns 1,184,456 shares of the biotechnology company’s stock valued at $229,595,000 after buying an additional 202,317 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Biogen by 1.7% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,152,691 shares of the biotechnology company’s stock worth $223,438,000 after buying an additional 18,905 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in Biogen by 1.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 913,029 shares of the biotechnology company’s stock worth $176,982,000 after buying an additional 12,319 shares in the last quarter. 87.93% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

BIIB has been the topic of several research analyst reports. HC Wainwright restated a “buy” rating and issued a $300.00 price objective on shares of Biogen in a research report on Thursday, October 31st. Barclays lowered their price target on Biogen from $190.00 to $180.00 and set an “equal weight” rating on the stock in a report on Thursday, October 31st. 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. Piper Sandler downgraded shares of Biogen from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $315.00 to $138.00 in a report on Thursday, January 2nd. Finally, JPMorgan Chase & Co. cut their target price on shares of Biogen from $220.00 to $210.00 and set a “neutral” rating for the company in a research note on Monday, November 4th. Sixteen analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $230.00.

Biogen Trading Down 0.5 %

Shares of BIIB opened at $140.55 on Friday. Biogen Inc. has a twelve month low of $140.05 and a twelve month high of $252.17. The company has a current ratio of 1.26, a quick ratio of 0.80 and a debt-to-equity ratio of 0.28. The company’s fifty day simple moving average is $154.27 and its 200-day simple moving average is $184.85. The company has a market cap of $20.48 billion, a P/E ratio of 12.70, a P/E/G ratio of 1.69 and a beta of -0.07.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.77 by $0.31. The business had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.43 billion. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The firm’s quarterly revenue was down 2.5% compared to the same quarter last year. During the same quarter last year, the firm earned $4.36 earnings per share. As a group, analysts expect that Biogen Inc. will post 16.43 EPS for the current year.

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.