Bedell Frazier Investment Counselling LLC Grows Stock Position in Biogen Inc. (NASDAQ:BIIB)

Bedell Frazier Investment Counselling LLC increased its position in shares of Biogen Inc. (NASDAQ:BIIB) by 128.8% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 31,318 shares of the biotechnology company’s stock after purchasing an additional 17,628 shares during the quarter. Biogen comprises about 1.5% of Bedell Frazier Investment Counselling LLC’s holdings, making the stock its 23rd largest position. Bedell Frazier Investment Counselling LLC’s holdings in Biogen were worth $6,071,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. International Assets Investment Management LLC raised its position in Biogen by 19,722.9% in the third quarter. International Assets Investment Management LLC now owns 358,992 shares of the biotechnology company’s stock valued at $695,870,000 after purchasing an additional 357,181 shares during the period. Mizuho Securities USA LLC raised its position in Biogen by 2,715.9% in the third quarter. Mizuho Securities USA LLC now owns 316,000 shares of the biotechnology company’s stock valued at $61,253,000 after purchasing an additional 304,778 shares during the period. RA Capital Management L.P. raised its position in Biogen by 39.0% in the first quarter. RA Capital Management L.P. now owns 740,727 shares of the biotechnology company’s stock valued at $159,723,000 after purchasing an additional 207,835 shares during the period. Massachusetts Financial Services Co. MA raised its position in Biogen by 29.6% in the third quarter. Massachusetts Financial Services Co. MA now owns 711,184 shares of the biotechnology company’s stock valued at $137,856,000 after purchasing an additional 162,511 shares during the period. Finally, Primecap Management Co. CA raised its position in Biogen by 0.7% in the second quarter. Primecap Management Co. CA now owns 16,338,294 shares of the biotechnology company’s stock valued at $3,787,543,000 after purchasing an additional 117,578 shares during the period. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Insider Transactions at Biogen

In other news, insider Priya Singhal sold 431 shares of the 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 sale, the insider now owns 5,316 shares in the company, valued at approximately $1,085,633.52. This represents a 7.50 % 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.

Analyst Ratings Changes

A number of analysts have issued reports on BIIB shares. Raymond James reissued a “market perform” rating on shares of Biogen in a research report on Thursday, October 10th. Royal Bank of Canada cut their price objective on Biogen from $292.00 to $269.00 and set an “outperform” rating on the stock in a research report on Friday, October 4th. TD Cowen cut their price objective on Biogen from $300.00 to $275.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. JPMorgan Chase & Co. cut their price objective on Biogen from $220.00 to $210.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. Finally, Mizuho cut their price objective on Biogen from $251.00 to $207.00 and set an “outperform” rating on the stock in a research report on Thursday. Thirteen investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $257.20.

Biogen Stock Performance

NASDAQ BIIB opened at $157.90 on Monday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.26 and a quick ratio of 0.80. Biogen Inc. has a 1 year low of $153.62 and a 1 year high of $268.30. The company has a market capitalization of $23.01 billion, a PE ratio of 14.26, a P/E/G ratio of 1.49 and a beta of -0.06. The company has a fifty day moving average of $181.85 and a two-hundred day moving average of $205.12.

Biogen (NASDAQ:BIIB) last released its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.77 by $0.31. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The company had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.43 billion. During the same quarter in the prior year, the firm posted $4.36 earnings per share. Biogen’s revenue for the quarter was down 2.5% on a year-over-year basis. As a group, analysts expect that Biogen Inc. will post 16.44 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.