Simplify Asset Management Inc. Buys 908 Shares of Biogen Inc. (NASDAQ:BIIB)

Simplify Asset Management Inc. raised its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 58.1% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,470 shares of the biotechnology company’s stock after purchasing an additional 908 shares during the period. Simplify Asset Management Inc.’s holdings in Biogen were worth $479,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the stock. First Horizon Advisors Inc. raised its position in Biogen by 39.8% during the 2nd quarter. First Horizon Advisors Inc. now owns 172 shares of the biotechnology company’s stock worth $40,000 after purchasing an additional 49 shares during the last quarter. QRG Capital Management Inc. raised its position in shares of 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 acquiring an additional 51 shares in the last quarter. Plato Investment Management Ltd raised its position in shares of Biogen by 82.8% in the 1st quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock worth $25,000 after acquiring an additional 53 shares in the last quarter. Jacobi Capital Management LLC raised its position in shares of Biogen by 3.4% in the 1st quarter. Jacobi Capital Management LLC now owns 1,664 shares of the biotechnology company’s stock worth $359,000 after acquiring an additional 55 shares in the last quarter. Finally, CWM LLC raised its position in shares of Biogen by 1.7% in the 2nd quarter. CWM LLC now owns 3,765 shares of the biotechnology company’s stock worth $873,000 after acquiring an additional 62 shares in the last quarter. 87.93% of the stock is owned by institutional investors.

Biogen Stock Down 2.4 %

NASDAQ:BIIB traded down $3.89 during midday trading on Friday, reaching $161.00. 436,436 shares of the stock traded hands, compared to its average volume of 1,162,882. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.80 and a current ratio of 1.26. Biogen Inc. has a 12-month low of $160.67 and a 12-month high of $268.30. The stock has a market capitalization of $23.46 billion, a PE ratio of 14.78, a price-to-earnings-growth ratio of 1.57 and a beta of -0.06. The business has a 50-day moving average of $186.80 and a two-hundred day moving average of $207.77.

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

Insider Activity at Biogen

In related news, insider Priya Singhal sold 431 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total value 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. This represents a 7.50 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.16% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. JPMorgan Chase & Co. reduced their target price on Biogen from $220.00 to $210.00 and set a “neutral” rating for the company in a research note on Monday, November 4th. Mizuho reduced their target price on Biogen from $277.00 to $251.00 and set an “outperform” rating for the company in a research note on Tuesday, August 6th. TD Cowen reduced their target price on Biogen from $300.00 to $275.00 and set a “buy” rating for the company in a research note on Thursday, October 31st. Needham & Company LLC restated a “buy” rating and issued a $270.00 target price on shares of Biogen in a research note on Wednesday, October 30th. Finally, BMO Capital Markets reduced their target price on Biogen from $260.00 to $230.00 and set an “outperform” rating for the company in a research note on Thursday, October 17th. Twelve analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $258.96.

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.