Defined Wealth Management LLC Makes New Investment in Biogen Inc. (NASDAQ:BIIB)

Defined Wealth Management LLC bought a new position in Biogen Inc. (NASDAQ:BIIB) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 910 shares of the biotechnology company’s stock, valued at approximately $211,000.

Other hedge funds have also made changes to their positions in the company. Leo Wealth LLC purchased a new stake in Biogen in the fourth quarter worth about $2,265,000. Duality Advisers LP purchased a new stake in shares of Biogen in the 1st quarter worth approximately $1,290,000. Tocqueville Asset Management L.P. boosted its stake in shares of Biogen by 924.4% during the first quarter. Tocqueville Asset Management L.P. now owns 46,200 shares of the biotechnology company’s stock valued at $9,962,000 after purchasing an additional 41,690 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in Biogen by 0.9% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 386,482 shares of the biotechnology company’s stock valued at $83,337,000 after buying an additional 3,380 shares during the period. Finally, Cetera Investment Advisers raised its stake in Biogen by 235.1% in the first quarter. Cetera Investment Advisers now owns 14,860 shares of the biotechnology company’s stock worth $3,204,000 after buying an additional 10,425 shares in the last quarter. 87.93% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Priya Singhal sold 431 shares of the company’s stock in a transaction dated 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 owns 5,316 shares in the company, valued at approximately $1,085,633.52. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.16% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on BIIB. Piper Sandler reduced their price target on Biogen from $335.00 to $313.00 and set an “overweight” rating for the company in a research report on Friday, July 12th. William Blair reissued an “outperform” rating on shares of Biogen in a research report on Wednesday, July 3rd. Mizuho lowered their price target on shares of Biogen from $277.00 to $251.00 and set an “outperform” rating on the stock in a report on Tuesday, August 6th. Barclays reduced their price objective on shares of Biogen from $200.00 to $190.00 and set an “equal weight” rating for the company in a research note on Friday, August 2nd. Finally, StockNews.com upgraded shares of Biogen from a “buy” rating to a “strong-buy” rating in a research note on Monday. Eight equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $276.35.

Biogen Stock Down 1.5 %

BIIB opened at $201.80 on Friday. The company has a fifty day moving average of $214.00 and a two-hundred day moving average of $216.71. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.48 and a current ratio of 2.29. Biogen Inc. has a fifty-two week low of $189.44 and a fifty-two week high of $269.43. The stock has a market capitalization of $29.38 billion, a price-to-earnings ratio of 25.19, a PEG ratio of 2.06 and a beta of -0.04.

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

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.