Old North State Wealth Management LLC Grows Stock Holdings in Biogen Inc. (NASDAQ:BIIB)

Old North State Wealth Management LLC raised its stake in Biogen Inc. (NASDAQ:BIIB) by 14.3% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 15,467 shares of the biotechnology company’s stock after buying an additional 1,934 shares during the period. Biogen makes up about 1.3% of Old North State Wealth Management LLC’s investment portfolio, making the stock its 29th biggest position. Old North State Wealth Management LLC’s holdings in Biogen were worth $2,365,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Ashton Thomas Securities LLC purchased a new stake in Biogen during the third quarter valued at approximately $33,000. Venturi Wealth Management LLC increased its stake in Biogen by 73.8% during the 3rd quarter. Venturi Wealth Management LLC now owns 219 shares of the biotechnology company’s stock valued at $42,000 after purchasing an additional 93 shares in the last quarter. Itau Unibanco Holding S.A. increased its stake in Biogen by 63.8% during the 3rd quarter. Itau Unibanco Holding S.A. now owns 231 shares of the biotechnology company’s stock valued at $45,000 after purchasing an additional 90 shares in the last quarter. Versant Capital Management Inc increased its stake in Biogen by 228.7% during the 4th quarter. Versant Capital Management Inc now owns 401 shares of the biotechnology company’s stock valued at $61,000 after purchasing an additional 279 shares in the last quarter. Finally, FSA Wealth Management LLC acquired a new stake in shares of Biogen in the third quarter worth $74,000. 87.93% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. William Blair reiterated an “outperform” rating on shares of Biogen in a research note on Monday, January 13th. Needham & Company LLC lowered shares of Biogen from a “buy” rating to a “hold” rating and set a $270.00 price objective on the stock. in a research note on Monday, November 18th. Truist Financial cut their price objective on shares of Biogen from $302.00 to $220.00 and set a “buy” rating on the stock in a research note on Wednesday, January 8th. Wells Fargo & Company dropped their price target on shares of Biogen from $190.00 to $165.00 and set an “equal weight” rating on the stock in a research report on Friday, January 10th. Finally, Robert W. Baird raised their price target on shares of Biogen from $294.00 to $300.00 and gave the company an “outperform” rating in a research report on Friday, November 15th. Sixteen investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $228.80.

Biogen Stock Performance

Biogen stock opened at $142.49 on Wednesday. The company has a quick ratio of 0.80, a current ratio of 1.26 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $20.76 billion, a P/E ratio of 12.87, a PEG ratio of 1.66 and a beta of -0.08. The stock’s 50 day moving average is $150.47 and its 200 day moving average is $177.77. Biogen Inc. has a twelve month low of $139.71 and a twelve month high of $246.44.

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.