Biogen Inc. (NASDAQ:BIIB) Shares Purchased by Huntington National Bank

Huntington National Bank lifted its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 3.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,308 shares of the biotechnology company’s stock after acquiring an additional 79 shares during the quarter. Huntington National Bank’s holdings in Biogen were worth $447,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Plato Investment Management Ltd increased its stake in 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 purchasing an additional 53 shares in the last quarter. Itau Unibanco Holding S.A. purchased a new position in shares of Biogen in the second quarter worth approximately $33,000. Ashton Thomas Securities LLC purchased a new position in shares of Biogen in the third quarter worth approximately $33,000. EntryPoint Capital LLC acquired a new stake in shares of Biogen during the first quarter valued at approximately $36,000. Finally, Versant Capital Management Inc lifted its position in shares of Biogen by 123.2% in the 2nd quarter. Versant Capital Management Inc now owns 154 shares of the biotechnology company’s stock valued at $36,000 after acquiring an additional 85 shares in the last quarter. 87.93% of the stock is currently owned by institutional investors and hedge funds.

Biogen Price Performance

NASDAQ BIIB opened at $159.99 on Friday. The stock has a 50-day simple moving average of $185.99 and a 200 day simple moving average of $207.38. Biogen Inc. has a twelve month low of $159.60 and a twelve month high of $268.30. The stock has a market capitalization of $23.31 billion, a PE ratio of 14.45, a P/E/G ratio of 1.57 and a beta of -0.06. 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 (NASDAQ:BIIB) last issued its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, topping analysts’ consensus estimates of $3.77 by $0.31. The company had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.43 billion. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The company’s quarterly revenue was down 2.5% compared to the same quarter last year. During the same period in the previous year, the company earned $4.36 earnings per share. Research analysts anticipate that Biogen Inc. will post 16.4 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have issued reports on BIIB. Wells Fargo & Company cut their target price on shares of Biogen from $240.00 to $225.00 and set an “equal weight” rating on the stock in a research note on Friday, August 2nd. Barclays dropped their price target on Biogen from $190.00 to $180.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. Citigroup assumed coverage on Biogen in a research report on Thursday. They set a “neutral” rating and a $190.00 price objective for the company. Robert W. Baird upped their target price on Biogen from $294.00 to $300.00 and gave the company an “outperform” rating in a report on Friday. Finally, Needham & Company LLC restated a “buy” rating and set a $270.00 price target on shares of Biogen in a report on Wednesday, October 30th. 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 data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $258.96.

Insider Buying and Selling at Biogen

In other news, insider Priya Singhal sold 431 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total transaction of $88,018.82. Following the completion of the transaction, the insider now owns 5,316 shares of the company’s stock, valued at approximately $1,085,633.52. This represents a 7.50 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.16% of the company’s stock.

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.