Cidel Asset Management Inc. Boosts Stock Position in Biogen Inc. (NASDAQ:BIIB)

Cidel Asset Management Inc. raised its holdings in Biogen Inc. (NASDAQ:BIIB) by 10.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,672 shares of the biotechnology company’s stock after buying an additional 160 shares during the period. Cidel Asset Management Inc.’s holdings in Biogen were worth $229,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of Biogen during the 4th quarter worth about $355,569,000. Invesco Ltd. increased its stake in Biogen by 30.6% in the fourth quarter. Invesco Ltd. now owns 2,128,807 shares of the biotechnology company’s stock valued at $325,537,000 after purchasing an additional 499,074 shares during the last quarter. AQR Capital Management LLC raised its holdings in Biogen by 982.0% during the fourth quarter. AQR Capital Management LLC now owns 539,692 shares of the biotechnology company’s stock worth $81,914,000 after purchasing an additional 489,811 shares in the last quarter. Deutsche Bank AG lifted its position in shares of Biogen by 63.7% during the 4th quarter. Deutsche Bank AG now owns 1,169,570 shares of the biotechnology company’s stock worth $178,851,000 after buying an additional 455,285 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Biogen by 33.1% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,533,813 shares of the biotechnology company’s stock valued at $234,551,000 after buying an additional 381,122 shares in the last quarter. 87.93% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

BIIB has been the subject of a number of research reports. Wedbush reissued a “neutral” rating and issued a $121.00 price target on shares of Biogen in a research report on Thursday, June 12th. Needham & Company LLC reissued a “hold” rating on shares of Biogen in a report on Thursday, June 12th. Robert W. Baird decreased their target price on Biogen from $300.00 to $255.00 and set an “outperform” rating for the company in a research report on Friday, May 2nd. Morgan Stanley dropped their price target on Biogen from $157.00 to $152.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 9th. Finally, The Goldman Sachs Group reduced their price objective on Biogen from $219.00 to $197.00 and set a “buy” rating for the company in a research note on Wednesday, April 23rd. Twenty analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $188.48.

Biogen Stock Up 2.4%

Biogen stock opened at $133.19 on Thursday. The stock’s 50 day moving average price is $126.39 and its 200 day moving average price is $134.81. Biogen Inc. has a 1-year low of $110.04 and a 1-year high of $238.00. The company has a market cap of $19.52 billion, a PE ratio of 13.15, a price-to-earnings-growth ratio of 1.03 and a beta of 0.14. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.44 and a quick ratio of 1.01.

Biogen (NASDAQ:BIIB) last issued its earnings results on Thursday, May 1st. The biotechnology company reported $3.02 EPS for the quarter, missing the consensus estimate of $3.26 by ($0.24). The company had revenue of $2.43 billion for the quarter, compared to analysts’ expectations of $2.25 billion. Biogen had a return on equity of 14.03% and a net margin of 15.07%. Biogen’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.67 earnings per share. On average, sell-side analysts predict that Biogen Inc. will post 15.83 EPS for the current fiscal year.

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.