J. L. Bainbridge & Co. Inc. Raises Stake in Biogen Inc. (NASDAQ:BIIB)

J. L. Bainbridge & Co. Inc. raised its stake in Biogen Inc. (NASDAQ:BIIB) by 27.1% in the first quarter, HoldingsChannel reports. The fund owned 124,522 shares of the biotechnology company’s stock after purchasing an additional 26,539 shares during the period. Biogen accounts for approximately 1.7% of J. L. Bainbridge & Co. Inc.’s investment portfolio, making the stock its 23rd largest holding. J. L. Bainbridge & Co. Inc.’s holdings in Biogen were worth $17,040,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the stock. Amundi lifted its position in shares of Biogen by 35.6% during the fourth quarter. Amundi now owns 1,216,990 shares of the biotechnology company’s stock worth $183,461,000 after purchasing an additional 319,478 shares in the last quarter. Integrated Quantitative Investments LLC acquired a new stake in shares of Biogen during the fourth quarter worth about $407,000. Daiwa Securities Group Inc. lifted its position in shares of Biogen by 17.8% during the fourth quarter. Daiwa Securities Group Inc. now owns 37,221 shares of the biotechnology company’s stock worth $5,692,000 after purchasing an additional 5,627 shares in the last quarter. State of Michigan Retirement System lifted its position in shares of Biogen by 59.9% during the fourth quarter. State of Michigan Retirement System now owns 63,503 shares of the biotechnology company’s stock worth $9,711,000 after purchasing an additional 23,800 shares in the last quarter. Finally, APG Asset Management N.V. lifted its position in shares of Biogen by 346.1% during the fourth quarter. APG Asset Management N.V. now owns 105,446 shares of the biotechnology company’s stock worth $15,572,000 after purchasing an additional 81,811 shares in the last quarter. 87.93% of the stock is owned by institutional investors and hedge funds.

Biogen Stock Performance

Shares of NASDAQ:BIIB opened at $126.08 on Friday. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.44 and a quick ratio of 1.01. Biogen Inc. has a 12 month low of $110.04 and a 12 month high of $238.00. The firm has a market capitalization of $18.47 billion, a PE ratio of 12.45, a P/E/G ratio of 1.00 and a beta of 0.14. The business has a 50-day moving average of $125.68 and a two-hundred day moving average of $135.32.

Biogen (NASDAQ:BIIB) last posted its earnings results on Thursday, May 1st. The biotechnology company reported $3.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.26 by ($0.24). Biogen had a net margin of 15.07% and a return on equity of 14.03%. The company had revenue of $2.43 billion during the quarter, compared to analyst estimates of $2.25 billion. During the same quarter last year, the business posted $3.67 EPS. Biogen’s quarterly revenue was up 6.2% compared to the same quarter last year. As a group, research analysts forecast that Biogen Inc. will post 15.83 earnings per share for the current year.

Wall Street Analyst Weigh In

BIIB has been the topic of a number of analyst reports. Piper Sandler reaffirmed a “neutral” rating and issued a $115.00 price target on shares of Biogen in a research report on Thursday, June 12th. JPMorgan Chase & Co. cut their target price on Biogen from $185.00 to $175.00 and set a “neutral” rating on the stock in a research report on Monday, May 5th. Hsbc Global Res lowered Biogen from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 28th. Argus lowered Biogen from a “buy” rating to a “hold” rating in a research report on Friday, April 4th. Finally, Truist Financial cut their price target on Biogen from $210.00 to $199.00 and set a “buy” rating on the stock in a research report on Tuesday, April 29th. Twenty equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $188.48.

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.