2,306 Biogen Inc. $BIIB Shares Bought by Citizens & Northern Corp

Citizens & Northern Corp boosted its holdings in Biogen Inc. (NASDAQ:BIIB) by 33.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,249 shares of the biotechnology company’s stock after buying an additional 2,306 shares during the quarter. Citizens & Northern Corp’s holdings in Biogen were worth $2,089,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the business. BlackRock Inc. bought a new stake in Biogen during the 2nd quarter worth approximately $3,453,878,000. Primecap Management Co. CA bought a new position in shares of Biogen during the second quarter valued at $3,274,304,000. Wellington Management Group LLP raised its stake in shares of Biogen by 5.3% during the second quarter. Wellington Management Group LLP now owns 3,117,469 shares of the biotechnology company’s stock valued at $673,560,000 after acquiring an additional 155,828 shares during the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of Biogen by 1,524.5% during the third quarter. Russell Investments Group Ltd. now owns 2,175,055 shares of the biotechnology company’s stock worth $491,301,000 after purchasing an additional 2,041,161 shares during the period. Finally, Pictet Asset Management Holding SA lifted its holdings in shares of Biogen by 139.4% during the third quarter. Pictet Asset Management Holding SA now owns 2,039,056 shares of the biotechnology company’s stock worth $460,582,000 after purchasing an additional 1,187,237 shares during the period. Institutional investors own 87.93% of the company’s stock.

Analyst Ratings Changes

BIIB has been the topic of several analyst reports. Piper Sandler reissued an “overweight” rating and issued a $305.00 price objective (up from $245.00) on shares of Biogen in a research note on Monday. Morgan Stanley raised their target price on Biogen from $231.00 to $238.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 29th. Wells Fargo & Company lifted their target price on Biogen from $250.00 to $310.00 and gave the stock an “overweight” rating in a report on Tuesday, October 20th. Wall Street Zen upgraded Biogen from a “hold” rating to a “strong-buy” rating in a research report on Saturday, October 31st. Finally, Barclays increased their price target on Biogen from $200.00 to $230.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 28th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $254.41.

Biogen Trading Down 1.2%

NASDAQ BIIB opened at $250.48 on Friday. The business has a 50 day simple moving average of $232.77 and a 200 day simple moving average of $204.64. Biogen Inc. has a one year low of $160.36 and a one year high of $261.00. The stock has a market capitalization of $37.03 billion, a P/E ratio of 107.04, a P/E/G ratio of 2.87 and a beta of 0.10. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.95 and a quick ratio of 1.37.

Biogen (NASDAQ:BIIB) last issued its earnings results on Wednesday, October 28th. The biotechnology company reported $2.62 earnings per share for the quarter, topping analysts’ consensus estimates of $1.99 by $0.63. Biogen had a return on equity of 9.38% and a net margin of 3.37%. The business had revenue of $2.80 billion during the quarter, compared to the consensus estimate of $2.63 billion. During the same period in the previous year, the company posted $4.81 earnings per share. The firm’s revenue for the quarter was up 10.6% on a year-over-year basis. Research analysts expect that Biogen Inc. will post 12.46 earnings per share for the current year.

Biogen Company Profile

Biogen is a biotechnology company focused on developing and commercializing medicines for neurological and rare diseases. Its areas of focus include multiple sclerosis, Alzheimer’s disease, spinal muscular atrophy and Friedreich’s ataxia. Its products include multiple sclerosis treatments such as Tysabri, Tecfidera and Vumerity, and Skyclarys for Friedreich’s ataxia. Biogen shares rights to several medicines with other companies, including Leqembi for Alzheimer’s disease with Eisai and Spinraza for spinal muscular atrophy with Ionis Pharmaceuticals.