GAMMA Investing LLC Increases Stake in Biogen Inc. (NASDAQ:BIIB)

GAMMA Investing LLC lifted its position in Biogen Inc. (NASDAQ:BIIB) by 367.8% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 1,862 shares of the biotechnology company’s stock after acquiring an additional 1,464 shares during the period. GAMMA Investing LLC’s holdings in Biogen were worth $255,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. SVB Wealth LLC bought a new position in shares of Biogen during the fourth quarter valued at $319,000. SRS Capital Advisors Inc. purchased a new position in Biogen in the 4th quarter worth about $33,000. Jones Financial Companies Lllp boosted its holdings in shares of Biogen by 37.2% during the 4th quarter. Jones Financial Companies Lllp now owns 4,965 shares of the biotechnology company’s stock valued at $759,000 after acquiring an additional 1,346 shares during the last quarter. SBI Securities Co. Ltd. bought a new stake in shares of Biogen in the fourth quarter worth approximately $274,000. Finally, Plato Investment Management Ltd bought a new stake in shares of Biogen in the fourth quarter worth approximately $159,000. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on BIIB. Needham & Company LLC restated a “hold” rating on shares of Biogen in a research report on Thursday, June 12th. Wedbush reiterated a “neutral” rating and set a $121.00 target price on shares of Biogen in a research note on Thursday, June 12th. Robert W. Baird dropped their price target on Biogen from $300.00 to $255.00 and set an “outperform” rating on the stock in a research note on Friday, May 2nd. Argus lowered Biogen from a “buy” rating to a “hold” rating in a report on Friday, April 4th. Finally, Piper Sandler reiterated a “neutral” rating and set a $115.00 price objective on shares of Biogen in a research report on Thursday, June 12th. Twenty research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $188.48.

Biogen Stock Up 2.4%

Biogen stock opened at $133.19 on Thursday. Biogen Inc. has a twelve month low of $110.04 and a twelve month high of $238.00. The business has a fifty day moving average of $126.39 and a two-hundred day moving average of $134.81. The firm has a market cap of $19.52 billion, a P/E ratio of 13.15, a P/E/G ratio of 1.03 and a beta of 0.14. The company has a quick ratio of 1.01, a current ratio of 1.44 and a debt-to-equity ratio of 0.27.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings results on Thursday, May 1st. The biotechnology company reported $3.02 earnings per share for the quarter, missing the consensus estimate of $3.26 by ($0.24). The business had revenue of $2.43 billion during the quarter, compared to analyst estimates of $2.25 billion. Biogen had a return on equity of 14.03% and a net margin of 15.07%. Biogen’s revenue was up 6.2% compared to the same quarter last year. During the same period in the prior year, the business posted $3.67 EPS. On average, analysts forecast that Biogen Inc. will post 15.83 earnings per share for the current fiscal year.

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.