abrdn plc Increases Stake in Biogen Inc. (NASDAQ:BIIB)

abrdn plc increased its holdings in shares of Biogen Inc. (NASDAQ:BIIB) by 6.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 568,510 shares of the biotechnology company’s stock after buying an additional 33,333 shares during the period. abrdn plc owned about 0.39% of Biogen worth $110,123,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in BIIB. Asahi Life Asset Management CO. LTD. purchased a new stake in shares of Biogen in the 3rd quarter valued at approximately $349,000. DekaBank Deutsche Girozentrale increased its position in shares of Biogen by 1.6% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 108,721 shares of the biotechnology company’s stock valued at $21,231,000 after purchasing an additional 1,753 shares during the last quarter. NorthCrest Asset Manangement LLC increased its position in shares of Biogen by 1.2% in the 3rd quarter. NorthCrest Asset Manangement LLC now owns 31,858 shares of the biotechnology company’s stock valued at $6,175,000 after purchasing an additional 386 shares during the last quarter. Forsta AP Fonden boosted its holdings in shares of Biogen by 13.8% in the 3rd quarter. Forsta AP Fonden now owns 28,100 shares of the biotechnology company’s stock valued at $5,447,000 after buying an additional 3,400 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Biogen by 21.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 42,705 shares of the biotechnology company’s stock valued at $8,313,000 after buying an additional 7,510 shares in the last quarter. 87.93% of the stock is owned by hedge funds and other institutional investors.

Biogen Trading Up 1.8 %

Shares of BIIB stock opened at $185.01 on Tuesday. The stock has a market cap of $26.94 billion, a price-to-earnings ratio of 23.10, a price-to-earnings-growth ratio of 1.87 and a beta of -0.06. The firm’s 50 day moving average price is $194.86 and its two-hundred day moving average price is $210.08. Biogen Inc. has a fifty-two week low of $181.24 and a fifty-two week high of $268.30. The company has a quick ratio of 1.48, a current ratio of 2.29 and a debt-to-equity ratio of 0.40.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings data 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 company had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.39 billion. Biogen had a net margin of 11.98% and a return on equity of 15.71%. The business’s quarterly revenue was up .4% on a year-over-year basis. During the same quarter last year, the firm posted $4.02 earnings per share. On average, analysts anticipate that Biogen Inc. will post 16.14 EPS for the current year.

Insider Buying and Selling

In related news, insider Priya Singhal sold 431 shares of Biogen stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total value of $88,018.82. Following the completion of the sale, the insider now owns 5,316 shares in the company, valued at approximately $1,085,633.52. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.16% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Cantor Fitzgerald restated an “overweight” rating and issued a $292.00 target price on shares of Biogen in a report on Monday, September 9th. BMO Capital Markets reduced their target price on shares of Biogen from $260.00 to $230.00 and set an “outperform” rating for the company in a research note on Thursday, October 17th. Barclays cut their price target on shares of Biogen from $200.00 to $190.00 and set an “equal weight” rating for the company in a report on Friday, August 2nd. StockNews.com upgraded shares of Biogen from a “buy” rating to a “strong-buy” rating in a report on Monday, September 2nd. Finally, Robert W. Baird dropped their target price on shares of Biogen from $316.00 to $294.00 and set an “outperform” rating for the company in a report on Monday, July 29th. Nine investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $271.39.

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.