Pallas Capital Advisors LLC Raises Stake in Biogen Inc. (NASDAQ:BIIB)

Pallas Capital Advisors LLC grew its holdings in shares of Biogen Inc. (NASDAQ:BIIB) by 121.1% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 5,651 shares of the biotechnology company’s stock after acquiring an additional 3,095 shares during the quarter. Pallas Capital Advisors LLC’s holdings in Biogen were worth $864,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in BIIB. Primecap Management Co. CA raised its position in Biogen by 0.7% in the 2nd quarter. Primecap Management Co. CA now owns 16,338,294 shares of the biotechnology company’s stock worth $3,787,543,000 after purchasing an additional 117,578 shares during the period. State Street Corp grew its stake in shares of Biogen by 3.5% during the third quarter. State Street Corp now owns 7,344,960 shares of the biotechnology company’s stock valued at $1,423,747,000 after buying an additional 248,942 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Biogen by 1.3% in the third quarter. Geode Capital Management LLC now owns 3,613,020 shares of the biotechnology company’s stock worth $698,062,000 after buying an additional 47,055 shares during the period. RA Capital Management L.P. increased its holdings in shares of Biogen by 20.6% in the third quarter. RA Capital Management L.P. now owns 1,184,456 shares of the biotechnology company’s stock worth $229,595,000 after buying an additional 202,317 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Biogen by 1.7% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,152,691 shares of the biotechnology company’s stock valued at $223,438,000 after acquiring an additional 18,905 shares during the last quarter. 87.93% of the stock is currently owned by institutional investors.

Biogen Price Performance

Shares of BIIB opened at $150.18 on Tuesday. Biogen Inc. has a fifty-two week low of $145.07 and a fifty-two week high of $252.17. The firm’s 50-day simple moving average is $156.92 and its two-hundred day simple moving average is $186.74. The stock has a market cap of $21.88 billion, a PE ratio of 13.57, a price-to-earnings-growth ratio of 1.74 and a beta of -0.07. 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 (NASDAQ:BIIB) last posted its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share for the quarter, topping the consensus estimate of $3.77 by $0.31. The company had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.43 billion. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The firm’s quarterly revenue was down 2.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $4.36 EPS. Analysts anticipate that Biogen Inc. will post 16.43 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. TD Cowen reduced their price target on Biogen from $300.00 to $275.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. William Blair reaffirmed an “outperform” rating on shares of Biogen in a research note on Monday. Citigroup started coverage on shares of Biogen in a report on Thursday, November 14th. They set a “neutral” rating and a $190.00 price target for the company. Stifel Nicolaus lowered shares of Biogen from a “buy” rating to a “hold” rating and set a $175.00 price target on the stock. in a report on Monday, December 16th. Finally, Royal Bank of Canada lowered their price objective on shares of Biogen from $292.00 to $269.00 and set an “outperform” rating for the company in a research note on Friday, October 4th. Sixteen research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $230.00.

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.