Two Sigma Investments LP Raises Stock Holdings in Biogen Inc. (NASDAQ:BIIB)

Two Sigma Investments LP increased its position in Biogen Inc. (NASDAQ:BIIB) by 31.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 852,336 shares of the biotechnology company’s stock after purchasing an additional 203,634 shares during the period. Two Sigma Investments LP owned 0.58% of Biogen worth $130,339,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Tidal Investments LLC grew its stake in Biogen by 110.4% in the fourth quarter. Tidal Investments LLC now owns 18,959 shares of the biotechnology company’s stock worth $2,899,000 after purchasing an additional 9,947 shares during the period. State of Wyoming purchased a new stake in Biogen in the fourth quarter worth $383,000. Tema Etfs LLC purchased a new stake in Biogen in the fourth quarter worth $382,000. Toronto Dominion Bank grew its stake in Biogen by 20.4% in the fourth quarter. Toronto Dominion Bank now owns 72,671 shares of the biotechnology company’s stock worth $11,111,000 after purchasing an additional 12,301 shares during the period. Finally, Suvretta Capital Management LLC grew its stake in Biogen by 285.5% in the fourth quarter. Suvretta Capital Management LLC now owns 115,436 shares of the biotechnology company’s stock worth $17,652,000 after purchasing an additional 85,490 shares during the period. 87.93% of the stock is owned by hedge funds and other institutional investors.

Biogen Trading Up 1.5%

Shares of NASDAQ:BIIB opened at $125.59 on Monday. The stock has a market capitalization of $18.40 billion, a price-to-earnings ratio of 11.22, a PEG ratio of 1.51 and a beta of 0.12. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.90 and a current ratio of 1.35. The stock’s 50-day simple moving average is $125.96 and its two-hundred day simple moving average is $142.09. Biogen Inc. has a 52-week low of $110.04 and a 52-week high of $238.00.

Biogen (NASDAQ:BIIB) last announced its earnings results on Thursday, May 1st. The biotechnology company reported $3.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.26 by ($0.24). The firm had revenue of $2.43 billion during the quarter, compared to analysts’ expectations of $2.25 billion. Biogen had a return on equity of 14.98% and a net margin of 16.87%. The company’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same period in the previous year, the business posted $3.67 earnings per share. Analysts expect that Biogen Inc. will post 15.83 EPS for the current year.

Insiders Place Their Bets

In other news, Director Stephen A. Sherwin sold 8,760 shares of the firm’s stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $150.02, for a total value of $1,314,175.20. Following the transaction, the director now owns 11,318 shares of the company’s stock, valued at $1,697,926.36. This trade represents a 43.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.16% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on BIIB shares. BMO Capital Markets reduced their price target on Biogen from $156.00 to $139.00 and set a “market perform” rating on the stock in a research note on Thursday, February 13th. Scotiabank cut their target price on Biogen from $244.00 to $224.00 and set a “sector outperform” rating on the stock in a research note on Thursday, February 13th. Morgan Stanley cut their target price on Biogen from $157.00 to $152.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 9th. Piper Sandler cut their target price on Biogen from $135.00 to $115.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 29th. Finally, The Goldman Sachs Group cut their target price on Biogen from $219.00 to $197.00 and set a “buy” rating on the stock in a research note on Wednesday, April 23rd. Twenty analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $191.30.

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.