Glenmede Trust Co. NA Acquires 66,583 Shares of Biogen Inc. (NASDAQ:BIIB)

Glenmede Trust Co. NA grew its holdings in shares of Biogen Inc. (NASDAQ:BIIB) by 621.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 77,301 shares of the biotechnology company’s stock after purchasing an additional 66,583 shares during the quarter. Glenmede Trust Co. NA’s holdings in Biogen were worth $14,984,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Plato Investment Management Ltd increased its holdings in Biogen by 82.8% during the first quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock worth $25,000 after buying an additional 53 shares during the last quarter. Itau Unibanco Holding S.A. purchased a new stake in shares of Biogen during the 2nd quarter worth approximately $33,000. Ashton Thomas Securities LLC bought a new stake in shares of Biogen in the 3rd quarter worth approximately $33,000. Versant Capital Management Inc lifted its stake in Biogen by 123.2% in the second quarter. Versant Capital Management Inc now owns 154 shares of the biotechnology company’s stock valued at $36,000 after purchasing an additional 85 shares during the last quarter. Finally, Blue Trust Inc. grew its holdings in Biogen by 249.0% during the second quarter. Blue Trust Inc. now owns 178 shares of the biotechnology company’s stock valued at $38,000 after purchasing an additional 127 shares during the period. 87.93% of the stock is owned by hedge funds and other institutional investors.

Biogen Price Performance

BIIB opened at $159.83 on Friday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.26 and a quick ratio of 0.80. The stock’s 50 day simple moving average is $178.63 and its 200 day simple moving average is $203.60. The firm has a market cap of $23.29 billion, a price-to-earnings ratio of 14.44, a PEG ratio of 1.50 and a beta of -0.06. Biogen Inc. has a 1 year low of $153.62 and a 1 year high of $268.30.

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, 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 firm had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.43 billion. During the same quarter last year, the business earned $4.36 earnings per share. The business’s revenue was down 2.5% on a year-over-year basis. As a group, analysts predict that Biogen Inc. will post 16.44 earnings per share for the current year.

Insiders Place Their Bets

In other Biogen news, insider Priya Singhal sold 431 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was 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 approximately $1,085,633.52. This trade represents a 7.50 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.16% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on BIIB shares. Wells Fargo & Company lowered their target price on 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 objective on shares of Biogen from $190.00 to $180.00 and set an “equal weight” rating on the stock in a report on Thursday, October 31st. Truist Financial reissued a “buy” rating and issued a $302.00 price target (down previously from $340.00) on shares of Biogen in a research report on Monday, August 5th. Wolfe Research began coverage on shares of Biogen in a report on Friday, November 15th. They issued a “peer perform” rating for the company. Finally, Oppenheimer lowered their target price on shares of Biogen from $270.00 to $255.00 and set an “outperform” rating on the stock in a report on Thursday, October 31st. Thirteen investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Biogen currently has an average rating of “Moderate Buy” and an average price target of $257.20.

Biogen 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.