Stoneridge Investment Partners LLC Grows Stock Position in Biogen Inc. (NASDAQ:BIIB)

Stoneridge Investment Partners LLC raised its holdings in Biogen Inc. (NASDAQ:BIIB) by 10.6% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 33,799 shares of the biotechnology company’s stock after purchasing an additional 3,244 shares during the quarter. Biogen makes up about 2.4% of Stoneridge Investment Partners LLC’s investment portfolio, making the stock its 10th largest position. Stoneridge Investment Partners LLC’s holdings in Biogen were worth $6,552,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Arlington Partners LLC lifted its stake in shares of Biogen by 34.3% during the third quarter. Arlington Partners LLC now owns 19,214 shares of the biotechnology company’s stock valued at $3,724,000 after acquiring an additional 4,902 shares during the period. Duality Advisers LP acquired a new stake in Biogen during the 1st quarter worth $1,290,000. Tocqueville Asset Management L.P. raised its position in shares of Biogen by 924.4% during the 1st quarter. Tocqueville Asset Management L.P. now owns 46,200 shares of the biotechnology company’s stock valued at $9,962,000 after acquiring an additional 41,690 shares during the last quarter. Cetera Investment Advisers lifted its stake in shares of Biogen by 235.1% in the 1st quarter. Cetera Investment Advisers now owns 14,860 shares of the biotechnology company’s stock valued at $3,204,000 after purchasing an additional 10,425 shares during the period. Finally, M&G Plc acquired a new position in shares of Biogen during the 1st quarter worth about $1,856,000. Institutional investors and hedge funds own 87.93% of the company’s stock.

Biogen Price Performance

Shares of BIIB opened at $173.52 on Tuesday. The company has a current ratio of 1.26, a quick ratio of 0.80 and a debt-to-equity ratio of 0.28. The company’s fifty day simple moving average is $192.09 and its 200 day simple moving average is $209.47. Biogen Inc. has a 1-year low of $170.71 and a 1-year high of $268.30. The company has a market cap of $25.29 billion, a price-to-earnings ratio of 15.67, a PEG ratio of 1.65 and a beta of -0.06.

Biogen (NASDAQ:BIIB) last issued its earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.77 by $0.31. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The company had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.43 billion. During the same period in the prior year, the firm earned $4.36 EPS. Biogen’s quarterly revenue was down 2.5% compared to the same quarter last year. On average, research analysts forecast that Biogen Inc. will post 16.4 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts recently weighed in on BIIB shares. HC Wainwright reissued a “buy” rating and set a $300.00 price objective on shares of Biogen in a research note on Thursday, October 31st. Wedbush dropped their price objective on Biogen from $210.00 to $205.00 and set a “neutral” rating on the stock in a research note on Monday, September 23rd. Royal Bank of Canada decreased their target price on Biogen from $292.00 to $269.00 and set an “outperform” rating for the company in a research note on Friday, October 4th. StockNews.com raised Biogen from a “buy” rating to a “strong-buy” rating in a research report on Monday, September 2nd. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $292.00 price objective on shares of Biogen in a research report on Monday, September 9th. Ten 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 data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $261.58.

Insider Activity at Biogen

In other news, insider Priya Singhal sold 431 shares of the business’s 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 owns 5,316 shares in the company, valued at $1,085,633.52. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.16% of the stock is owned by company insiders.

About Biogen

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.