Harvest Fund Management Co. Ltd Acquires 2,304 Shares of Biogen Inc. (NASDAQ:BIIB)

Harvest Fund Management Co. Ltd raised its holdings in Biogen Inc. (NASDAQ:BIIB) by 52.3% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,710 shares of the biotechnology company’s stock after purchasing an additional 2,304 shares during the period. Harvest Fund Management Co. Ltd’s holdings in Biogen were worth $1,299,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. EntryPoint Capital LLC acquired a new position in shares of Biogen in the 1st quarter valued at approximately $36,000. Kennedy Capital Management LLC acquired a new position in shares of Biogen in the 1st quarter valued at approximately $500,000. Janus Henderson Group PLC raised its position in shares of Biogen by 66.0% in the 1st quarter. Janus Henderson Group PLC now owns 35,159 shares of the biotechnology company’s stock valued at $7,581,000 after buying an additional 13,985 shares in the last quarter. B. Riley Wealth Advisors Inc. raised its position in shares of Biogen by 2.9% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 3,475 shares of the biotechnology company’s stock valued at $749,000 after buying an additional 97 shares in the last quarter. Finally, California State Teachers Retirement System raised its position in shares of Biogen by 0.3% in the 1st quarter. California State Teachers Retirement System now owns 227,072 shares of the biotechnology company’s stock valued at $48,964,000 after buying an additional 650 shares in the last quarter. Institutional investors own 87.93% of the company’s stock.

Analysts Set New Price Targets

BIIB has been the subject of several research reports. Wedbush dropped their price objective on shares of Biogen from $210.00 to $205.00 and set a “neutral” rating for the company in a research note on Monday, September 23rd. Citigroup initiated coverage on shares of Biogen in a research note on Thursday, November 14th. They issued a “neutral” rating and a $190.00 price objective for the company. Barclays dropped their price objective on shares of Biogen from $190.00 to $180.00 and set an “equal weight” rating for the company in a research note on Thursday, October 31st. Oppenheimer dropped their price objective on shares of Biogen from $270.00 to $255.00 and set an “outperform” rating for the company in a research note on Thursday, October 31st. Finally, Raymond James reissued a “market perform” rating on shares of Biogen in a research note on Thursday, October 10th. Thirteen research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $257.20.

Biogen Stock Performance

Shares of BIIB stock opened at $158.71 on Tuesday. The firm has a market cap of $23.13 billion, a price-to-earnings ratio of 14.34, a P/E/G ratio of 1.49 and a beta of -0.06. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.80 and a current ratio of 1.26. Biogen Inc. has a 52 week low of $153.62 and a 52 week high of $268.30. The firm’s 50-day simple moving average is $181.03 and its two-hundred day simple moving average is $204.67.

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

Insiders Place Their Bets

In other news, insider Priya Singhal sold 431 shares of Biogen stock in a transaction dated 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 transaction, the insider now owns 5,316 shares in the company, valued at $1,085,633.52. This trade represents a 7.50 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.16% of the company’s stock.

About Biogen

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.