Cornercap Investment Counsel Inc. Acquires Shares of 7,065 Biogen Inc. (NASDAQ:BIIB)

Cornercap Investment Counsel Inc. bought a new position in shares of Biogen Inc. (NASDAQ:BIIB) in the third quarter, HoldingsChannel reports. The firm bought 7,065 shares of the biotechnology company’s stock, valued at approximately $1,369,000.

Several other large investors also recently modified their holdings of BIIB. Envestnet Portfolio Solutions Inc. raised its holdings in shares of Biogen by 2.4% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 3,295 shares of the biotechnology company’s stock valued at $711,000 after acquiring an additional 76 shares in the last quarter. QRG Capital Management Inc. raised its holdings in Biogen by 2.0% in the 1st quarter. QRG Capital Management Inc. now owns 2,634 shares of the biotechnology company’s stock worth $568,000 after purchasing an additional 51 shares in the last quarter. Blair William & Co. IL lifted its position in shares of Biogen by 9.6% in the 1st quarter. Blair William & Co. IL now owns 12,867 shares of the biotechnology company’s stock worth $2,775,000 after purchasing an additional 1,132 shares during the period. Nwam LLC increased its position in shares of Biogen by 6.3% during the first quarter. Nwam LLC now owns 1,324 shares of the biotechnology company’s stock valued at $290,000 after buying an additional 78 shares during the period. Finally, Motco raised its stake in Biogen by 21,900.0% in the first quarter. Motco now owns 220 shares of the biotechnology company’s stock worth $47,000 after buying an additional 219 shares in the last quarter. 87.93% of the stock is owned by institutional investors.

Insider Activity at Biogen

In other news, insider Priya Singhal sold 431 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total value of $88,018.82. Following the transaction, the insider now owns 5,316 shares of the company’s stock, valued at $1,085,633.52. This trade represents a 7.50 % 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. 0.16% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Raymond James reaffirmed a “market perform” rating on shares of Biogen in a research report on Thursday, October 10th. Morgan Stanley cut shares of Biogen from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $285.00 to $204.00 in a report on Thursday, October 31st. UBS Group lowered their price objective on Biogen from $234.00 to $202.00 and set a “neutral” rating for the company in a research note on Thursday, October 3rd. Royal Bank of Canada reduced their price target on Biogen from $292.00 to $269.00 and set an “outperform” rating for the company in a report on Friday, October 4th. Finally, Scotiabank cut their price objective on shares of Biogen from $275.00 to $244.00 and set a “sector outperform” rating on the stock in a research report on Friday, August 2nd. Twelve analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $258.96.

Biogen Price Performance

Shares of NASDAQ:BIIB opened at $164.89 on Friday. The company has a quick ratio of 0.80, a current ratio of 1.26 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $24.03 billion, a PE ratio of 14.90, a price-to-earnings-growth ratio of 1.57 and a beta of -0.06. The firm’s 50 day moving average price is $187.54 and its 200-day moving average price is $208.07. Biogen Inc. has a twelve month low of $163.35 and a twelve month high of $268.30.

Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share for the quarter, topping the consensus estimate of $3.77 by $0.31. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The business had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.43 billion. During the same period last year, the firm earned $4.36 earnings per share. The company’s quarterly revenue was down 2.5% on a year-over-year basis. Equities research analysts expect that Biogen Inc. will post 16.4 EPS for the current year.

Biogen Company 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.