Empirical Finance LLC Acquires 101 Shares of Biogen Inc. (NASDAQ:BIIB)

Empirical Finance LLC boosted its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 2.0% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 5,070 shares of the biotechnology company’s stock after acquiring an additional 101 shares during the quarter. Empirical Finance LLC’s holdings in Biogen were worth $983,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Plato Investment Management Ltd grew its stake in shares of Biogen by 82.8% during the first quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock valued at $25,000 after purchasing an additional 53 shares during the last quarter. Itau Unibanco Holding S.A. bought a new position in Biogen in the 2nd quarter valued at $33,000. Versant Capital Management Inc increased its stake in shares of Biogen by 123.2% in the 2nd quarter. Versant Capital Management Inc now owns 154 shares of the biotechnology company’s stock valued at $36,000 after buying an additional 85 shares during the period. EntryPoint Capital LLC bought a new stake in shares of Biogen during the first quarter worth $36,000. Finally, Ashton Thomas Securities LLC bought a new stake in shares of Biogen during the third quarter worth $33,000. Institutional investors and hedge funds own 87.93% of the company’s stock.

Insider Transactions at Biogen

In related news, insider Priya Singhal sold 431 shares of Biogen stock in a transaction that occurred on 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 sale, the insider now directly owns 5,316 shares of the company’s stock, valued at approximately $1,085,633.52. This trade represents a 7.50 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.16% of the company’s stock.

Biogen Stock Down 3.0 %

Biogen stock opened at $159.99 on Friday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.26 and a quick ratio of 0.80. The company’s 50-day moving average is $185.99 and its 200-day moving average is $207.33. The firm has a market capitalization of $23.31 billion, a PE ratio of 14.45, a P/E/G ratio of 1.57 and a beta of -0.06. Biogen Inc. has a fifty-two week low of $159.60 and a fifty-two week high of $268.30.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share 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 firm had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.43 billion. During the same quarter in the previous year, the business earned $4.36 earnings per share. The business’s revenue was down 2.5% compared to the same quarter last year. Sell-side analysts anticipate that Biogen Inc. will post 16.4 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages recently commented on BIIB. Truist Financial reiterated a “buy” rating and issued a $302.00 price objective (down from $340.00) on shares of Biogen in a research report on Monday, August 5th. Wedbush cut their price objective on shares of Biogen from $210.00 to $205.00 and set a “neutral” rating on the stock in a report on Monday, September 23rd. BMO Capital Markets reduced their price objective on shares of Biogen from $260.00 to $230.00 and set an “outperform” rating on the stock in a research note on Thursday, October 17th. Morgan Stanley cut shares of Biogen from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $285.00 to $204.00 in a research report on Thursday, October 31st. Finally, Robert W. Baird raised their price target on Biogen from $294.00 to $300.00 and gave the stock an “outperform” rating in a research report on Friday. Twelve investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Biogen currently has an average rating of “Moderate Buy” and a consensus price target of $258.96.

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.