Exome Asset Management LLC Invests $2.57 Million in Biogen Inc. (NASDAQ:BIIB)

Exome Asset Management LLC purchased a new stake in Biogen Inc. (NASDAQ:BIIB) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 13,317 shares of the biotechnology company’s stock, valued at approximately $2,573,000. Biogen accounts for approximately 1.7% of Exome Asset Management LLC’s investment portfolio, making the stock its 25th biggest position.

Several other institutional investors and hedge funds have also recently bought and sold shares of BIIB. International Assets Investment Management LLC lifted its position in shares of Biogen by 19,722.9% in the 3rd quarter. International Assets Investment Management LLC now owns 358,992 shares of the biotechnology company’s stock valued at $695,870,000 after acquiring an additional 357,181 shares in the last quarter. Mizuho Securities USA LLC lifted its holdings in shares of Biogen by 2,715.9% in the third quarter. Mizuho Securities USA LLC now owns 316,000 shares of the biotechnology company’s stock valued at $61,253,000 after purchasing an additional 304,778 shares in the last quarter. Erste Asset Management GmbH acquired a new stake in shares of Biogen in the third quarter worth $55,826,000. State Street Corp grew its holdings in shares of Biogen by 3.5% during the third quarter. State Street Corp now owns 7,344,960 shares of the biotechnology company’s stock valued at $1,423,747,000 after buying an additional 248,942 shares in the last quarter. Finally, Two Sigma Advisers LP raised its position in Biogen by 122.1% during the third quarter. Two Sigma Advisers LP now owns 427,600 shares of the biotechnology company’s stock valued at $82,886,000 after buying an additional 235,100 shares during the period. Institutional investors and hedge funds own 87.93% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Needham & Company LLC cut Biogen from a “buy” rating to a “hold” rating and set a $270.00 target price on the stock. in a research note on Monday, November 18th. Citigroup started coverage on shares of Biogen in a research report on Thursday, November 14th. They set a “neutral” rating and a $190.00 price objective on the stock. Jefferies Financial Group lowered shares of Biogen from a “buy” rating to a “hold” rating and decreased their target price for the company from $250.00 to $180.00 in a research note on Monday, December 9th. Raymond James reaffirmed a “market perform” rating on shares of Biogen in a research note on Thursday, October 10th. Finally, Barclays reduced their price objective on Biogen from $190.00 to $180.00 and set an “equal weight” rating for the company in a research report on Thursday, October 31st. Fourteen investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $249.80.

Biogen Stock Performance

Shares of Biogen stock opened at $150.03 on Friday. Biogen Inc. has a 52 week low of $149.93 and a 52 week high of $268.30. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.80 and a current ratio of 1.26. The stock has a market capitalization of $21.86 billion, a price-to-earnings ratio of 13.55, a PEG ratio of 1.83 and a beta of -0.08. The firm has a fifty day moving average of $171.21 and a two-hundred day moving average of $198.41.

Biogen (NASDAQ:BIIB) last posted its earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share (EPS) for the quarter, topping the consensus estimate 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 revenue for the quarter was down 2.5% compared to the same quarter last year. During the same period in the previous year, the company earned $4.36 EPS. As a group, equities research analysts predict that Biogen Inc. will post 16.43 EPS for the current year.

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.