Bank of Nova Scotia Buys 1,915 Shares of Biogen Inc. (NASDAQ:BIIB)

Bank of Nova Scotia grew its position in shares of Biogen Inc. (NASDAQ:BIIB) by 10.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 20,552 shares of the biotechnology company’s stock after acquiring an additional 1,915 shares during the quarter. Bank of Nova Scotia’s holdings in Biogen were worth $3,143,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. MML Investors Services LLC boosted its position in Biogen by 3.8% in the third quarter. MML Investors Services LLC now owns 10,280 shares of the biotechnology company’s stock worth $1,993,000 after purchasing an additional 380 shares during the last quarter. TD Private Client Wealth LLC boosted its holdings in shares of Biogen by 25.0% in the 3rd quarter. TD Private Client Wealth LLC now owns 385 shares of the biotechnology company’s stock worth $75,000 after buying an additional 77 shares during the last quarter. Virtu Financial LLC bought a new position in Biogen during the third quarter valued at about $4,111,000. World Investment Advisors LLC purchased a new stake in Biogen during the third quarter worth about $1,118,000. Finally, Wilmington Savings Fund Society FSB bought a new stake in Biogen in the third quarter worth about $150,000. Institutional investors own 87.93% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on BIIB shares. Royal Bank of Canada decreased their price target on shares of Biogen from $231.00 to $225.00 and set an “outperform” rating for the company in a research note on Thursday, February 13th. Wells Fargo & Company lowered their target price on Biogen from $165.00 to $140.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 13th. Canaccord Genuity Group cut their price target on Biogen from $298.00 to $265.00 and set a “buy” rating for the company in a research note on Thursday, February 13th. The Goldman Sachs Group lowered their price objective on Biogen from $281.00 to $245.00 and set a “buy” rating on the stock in a research note on Thursday, February 13th. Finally, Truist Financial cut their target price on shares of Biogen from $220.00 to $210.00 and set a “buy” rating for the company in a research report on Thursday, February 13th. Eighteen investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $213.15.

Biogen Stock Performance

Biogen stock opened at $115.17 on Friday. The firm has a fifty day simple moving average of $136.74 and a two-hundred day simple moving average of $154.02. The company has a quick ratio of 0.90, a current ratio of 1.35 and a debt-to-equity ratio of 0.27. Biogen Inc. has a twelve month low of $110.04 and a twelve month high of $238.00. The company has a market capitalization of $16.86 billion, a PE ratio of 10.29, a P/E/G ratio of 1.51 and a beta of 0.06.

Biogen (NASDAQ:BIIB) last released its earnings results on Wednesday, February 12th. The biotechnology company reported $3.44 earnings per share for the quarter, beating analysts’ consensus estimates of $3.43 by $0.01. Biogen had a return on equity of 14.98% and a net margin of 16.87%. Research analysts expect that Biogen Inc. will post 15.83 EPS for the current year.

Insider Transactions at Biogen

In other news, Director Stephen A. Sherwin sold 8,760 shares of the stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $150.02, for a total transaction of $1,314,175.20. Following the completion of the sale, the director now directly owns 11,318 shares in the company, valued at approximately $1,697,926.36. This represents a 43.63 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.16% of the company’s stock.

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.