Proficio Capital Partners LLC Acquires Shares of 32,878 Biogen Inc. (NASDAQ:BIIB)

Proficio Capital Partners LLC acquired a new stake in Biogen Inc. (NASDAQ:BIIB) in the 4th quarter, Holdings Channel reports. The fund acquired 32,878 shares of the biotechnology company’s stock, valued at approximately $5,028,000.

Several other large investors also recently bought and sold shares of BIIB. Pacer Advisors Inc. boosted its stake in Biogen by 13,574.7% in the fourth quarter. Pacer Advisors Inc. now owns 2,667,531 shares of the biotechnology company’s stock valued at $407,919,000 after acquiring an additional 2,648,024 shares in the last quarter. Van ECK Associates Corp boosted its stake in shares of Biogen by 977.9% during the fourth quarter. Van ECK Associates Corp now owns 1,066,460 shares of the biotechnology company’s stock worth $163,083,000 after buying an additional 967,523 shares during the period. Erste Asset Management GmbH acquired a new stake in shares of Biogen during the third quarter worth about $55,826,000. State Street Corp boosted its stake in shares of Biogen by 3.5% during the third quarter. State Street Corp now owns 7,344,960 shares of the biotechnology company’s stock worth $1,423,747,000 after buying an additional 248,942 shares during the period. Finally, Two Sigma Advisers LP boosted its stake in shares of Biogen by 122.1% during the third quarter. Two Sigma Advisers LP now owns 427,600 shares of the biotechnology company’s stock worth $82,886,000 after buying an additional 235,100 shares during the period. Institutional investors and hedge funds own 87.93% of the company’s stock.

Wall Street Analysts Forecast Growth

BIIB has been the subject of several recent research reports. BMO Capital Markets decreased their target price on shares of Biogen from $156.00 to $139.00 and set a “market perform” rating for the company in a research note on Thursday, February 13th. Needham & Company LLC reiterated a “hold” rating on shares of Biogen in a research note on Thursday, February 13th. Piper Sandler reiterated a “neutral” rating and set a $135.00 target price (down previously from $138.00) on shares of Biogen in a research note on Tuesday, February 18th. The Goldman Sachs Group reduced their price objective on shares of Biogen from $281.00 to $245.00 and set a “buy” rating for the company in a research report on Thursday, February 13th. Finally, Scotiabank reduced their price objective on shares of Biogen from $244.00 to $224.00 and set a “sector outperform” rating for the company in a research report on Thursday, February 13th. Seventeen equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $213.33.

Biogen Trading Down 0.4 %

Shares of BIIB opened at $139.44 on Monday. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.35 and a quick ratio of 0.90. The firm has a 50 day simple moving average of $143.09 and a 200-day simple moving average of $164.02. Biogen Inc. has a 1-year low of $128.51 and a 1-year high of $238.00. The stock has a market cap of $20.41 billion, a price-to-earnings ratio of 12.46, a price-to-earnings-growth ratio of 1.51 and a beta of 0.01.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings data on Wednesday, February 12th. The biotechnology company reported $3.44 earnings per share for the quarter, topping analysts’ consensus estimates of $3.43 by $0.01. Biogen had a net margin of 16.87% and a return on equity of 14.98%. Equities analysts forecast that Biogen Inc. will post 15.83 EPS for the current fiscal year.

Insiders Place Their Bets

In other Biogen news, Director Stephen A. Sherwin sold 8,760 shares of Biogen stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $150.02, for a total value of $1,314,175.20. Following the completion of the sale, the director now directly owns 11,318 shares of the company’s stock, valued at approximately $1,697,926.36. The trade was a 43.63 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.16% of the stock is owned by corporate insiders.

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.