Rakuten Investment Management Inc. Buys 2,415 Shares of Biogen Inc. $BIIB

Rakuten Investment Management Inc. raised its stake in Biogen Inc. (NASDAQ:BIIB) by 10.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 26,512 shares of the biotechnology company’s stock after acquiring an additional 2,415 shares during the quarter. Rakuten Investment Management Inc.’s holdings in Biogen were worth $6,020,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Align Financial LLC increased its stake in shares of Biogen by 339.3% during the third quarter. Align Financial LLC now owns 123 shares of the biotechnology company’s stock worth $28,000 after purchasing an additional 95 shares during the period. Bell Investment Advisors Inc acquired a new stake in shares of Biogen during the second quarter worth $27,000. Provenance Wealth Advisors LLC acquired a new stake in shares of Biogen during the third quarter worth $29,000. Canton Hathaway LLC acquired a new stake in shares of Biogen during the third quarter worth $31,000. Finally, Ashurst Perkins Coie Trust Co boosted its position in shares of Biogen by 92.2% in the third quarter. Ashurst Perkins Coie Trust Co now owns 173 shares of the biotechnology company’s stock valued at $39,000 after acquiring an additional 83 shares during the period. 87.93% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BIIB has been the topic of several research reports. Seaport Research Partners upgraded shares of Biogen to an “outperform” rating in a research note on Monday, October 12th. Zacks Research upgraded shares of Biogen from a “strong sell” rating to a “hold” rating in a research note on Tuesday, July 28th. Piper Sandler reissued an “overweight” rating and issued a $245.00 price objective (up from $225.00) on shares of Biogen in a report on Thursday, September 3rd. Guggenheim increased their target price on shares of Biogen from $280.00 to $300.00 and gave the stock a “buy” rating in a research report on Monday. Finally, HC Wainwright raised their target price on shares of Biogen from $251.00 to $270.00 and gave the stock a “buy” rating in a report on Monday. One research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $252.34.

Biogen Price Performance

Shares of NASDAQ BIIB opened at $243.93 on Friday. The stock has a market capitalization of $36.06 billion, a PE ratio of 104.24, a P/E/G ratio of 2.89 and a beta of 0.10. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.95 and a quick ratio of 1.37. The business has a fifty day moving average price of $229.47 and a two-hundred day moving average price of $202.62. Biogen Inc. has a fifty-two week low of $151.83 and a fifty-two week high of $258.78.

Biogen (NASDAQ:BIIB) last released its earnings results on Wednesday, October 28th. The biotechnology company reported $2.62 earnings per share for the quarter, beating analysts’ consensus estimates of $1.99 by $0.63. The firm had revenue of $2.80 billion during the quarter, compared to the consensus estimate of $2.63 billion. Biogen had a return on equity of 9.38% and a net margin of 3.37%. The company’s revenue was up 10.6% compared to the same quarter last year. During the same period in the prior year, the company posted $4.81 EPS. As a group, equities analysts predict that Biogen Inc. will post 12.45 earnings per share for the current fiscal year.

About Biogen

Biogen Inc is a biotechnology company that discovers, develops and commercializes therapies for neurological and neurodegenerative diseases. Its areas of focus include multiple sclerosis, Alzheimer’s disease, spinal muscular atrophy, amyotrophic lateral sclerosis and other serious medical conditions.

The company’s portfolio includes multiple sclerosis treatments such as Tecfidera, Vumerity, Tysabri, Plegridy and Avonex, as well as Spinraza for spinal muscular atrophy. Biogen also markets Leqembi, an Alzheimer’s disease treatment developed in collaboration with Eisai, and works with partners to advance additional therapies and biosimilars.

Biogen was founded in 1978 and is headquartered in Cambridge, Massachusetts.