Denali Advisors LLC Makes New Investment in Biogen Inc. (NASDAQ:BIIB)

Denali Advisors LLC bought a new position in shares of Biogen Inc. (NASDAQ:BIIB) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 400 shares of the biotechnology company’s stock, valued at approximately $86,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Leo Wealth LLC bought a new position in Biogen during the fourth quarter valued at $2,265,000. ICICI Prudential Asset Management Co Ltd lifted its position in Biogen by 15.0% during the fourth quarter. ICICI Prudential Asset Management Co Ltd now owns 35,989 shares of the biotechnology company’s stock valued at $9,313,000 after purchasing an additional 4,693 shares during the last quarter. iA Global Asset Management Inc. lifted its position in Biogen by 35.2% during the third quarter. iA Global Asset Management Inc. now owns 12,071 shares of the biotechnology company’s stock valued at $3,102,000 after purchasing an additional 3,145 shares during the last quarter. Dynamic Advisor Solutions LLC lifted its position in Biogen by 6.2% during the fourth quarter. Dynamic Advisor Solutions LLC now owns 4,850 shares of the biotechnology company’s stock valued at $1,251,000 after purchasing an additional 285 shares during the last quarter. Finally, Public Sector Pension Investment Board lifted its position in Biogen by 12.2% during the third quarter. Public Sector Pension Investment Board now owns 15,550 shares of the biotechnology company’s stock valued at $3,997,000 after purchasing an additional 1,690 shares during the last quarter. Institutional investors own 87.93% of the company’s stock.

Biogen Stock Performance

NASDAQ BIIB traded down $4.21 on Wednesday, hitting $224.61. 580,727 shares of the company’s stock traded hands, compared to its average volume of 1,156,063. The company has a current ratio of 2.10, a quick ratio of 1.32 and a debt-to-equity ratio of 0.41. Biogen Inc. has a 1-year low of $189.44 and a 1-year high of $287.60. The firm’s 50-day moving average price is $223.69 and its two-hundred day moving average price is $228.05. The firm has a market capitalization of $32.70 billion, a PE ratio of 27.97, a P/E/G ratio of 2.33 and a beta of -0.04.

Biogen (NASDAQ:BIIB) last posted its earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 earnings per share for the quarter, beating the consensus estimate of $3.45 by $0.22. The firm had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.31 billion. Biogen had a net margin of 12.07% and a return on equity of 14.83%. The business’s quarterly revenue was down 7.0% on a year-over-year basis. During the same period in the previous year, the firm earned $3.40 EPS. As a group, analysts expect that Biogen Inc. will post 15.63 EPS for the current year.

Analyst Ratings Changes

BIIB has been the subject of several research reports. HSBC increased their price objective on shares of Biogen from $339.00 to $342.00 and gave the company a “buy” rating in a research report on Friday, May 3rd. Barclays lowered their target price on shares of Biogen from $215.00 to $200.00 and set an “equal weight” rating for the company in a report on Thursday, April 25th. Oppenheimer restated an “outperform” rating and issued a $270.00 target price on shares of Biogen in a report on Monday, April 29th. HC Wainwright restated a “buy” rating and issued a $300.00 target price on shares of Biogen in a report on Thursday, May 23rd. Finally, UBS Group lowered their target price on shares of Biogen from $250.00 to $214.00 and set a “neutral” rating for the company in a report on Wednesday, April 17th. Ten research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $286.50.

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.