PDT Partners LLC Buys 9,997 Shares of Biogen Inc. (NASDAQ:BIIB)

PDT Partners LLC lifted its stake in Biogen Inc. (NASDAQ:BIIB) by 153.8% during the 3rd quarter, Holdings Channel reports. The firm owned 16,497 shares of the biotechnology company’s stock after acquiring an additional 9,997 shares during the period. PDT Partners LLC’s holdings in Biogen were worth $3,198,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. First Horizon Advisors Inc. boosted its position in shares of Biogen by 39.8% in the 2nd quarter. First Horizon Advisors Inc. now owns 172 shares of the biotechnology company’s stock worth $40,000 after purchasing an additional 49 shares during the last quarter. CWM LLC lifted its holdings in Biogen by 1.7% during the second quarter. CWM LLC now owns 3,765 shares of the biotechnology company’s stock worth $873,000 after acquiring an additional 62 shares in the last quarter. Grandfield & Dodd LLC lifted its holdings in Biogen by 5.2% during the third quarter. Grandfield & Dodd LLC now owns 1,261 shares of the biotechnology company’s stock worth $244,000 after acquiring an additional 62 shares in the last quarter. Quintet Private Bank Europe S.A. lifted its holdings in Biogen by 9.7% during the third quarter. Quintet Private Bank Europe S.A. now owns 710 shares of the biotechnology company’s stock worth $138,000 after acquiring an additional 63 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its holdings in Biogen by 1.1% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 6,122 shares of the biotechnology company’s stock worth $1,419,000 after acquiring an additional 64 shares in the last quarter. 87.93% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, insider Priya Singhal sold 431 shares of Biogen stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total transaction of $88,018.82. Following the completion of the transaction, the insider now owns 5,316 shares in the company, valued at approximately $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 SEC, which is accessible through this hyperlink. 0.16% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Royal Bank of Canada reduced their target price on Biogen from $292.00 to $269.00 and set an “outperform” rating on the stock in a report on Friday, October 4th. Wolfe Research assumed coverage on Biogen in a report on Friday, November 15th. They set a “peer perform” rating on the stock. Raymond James reiterated a “market perform” rating on shares of Biogen in a report on Thursday, October 10th. Truist Financial reiterated a “buy” rating and set a $302.00 target price (down from $340.00) on shares of Biogen in a report on Monday, August 5th. Finally, Citigroup started coverage on Biogen in a research note on Thursday, November 14th. They issued a “neutral” rating and a $190.00 price target on the stock. Thirteen equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $257.20.

Biogen Trading Up 0.5 %

Biogen stock opened at $160.63 on Friday. Biogen Inc. has a 52 week low of $153.62 and a 52 week high of $268.30. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.80 and a current ratio of 1.26. The stock has a market capitalization of $23.41 billion, a P/E ratio of 14.51, a PEG ratio of 1.51 and a beta of -0.06. The stock has a 50-day simple moving average of $177.86 and a 200 day simple moving average of $203.15.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, topping analysts’ consensus estimates of $3.77 by $0.31. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The business had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.43 billion. During the same quarter last year, the company posted $4.36 earnings per share. Biogen’s quarterly revenue was down 2.5% on a year-over-year basis. 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.