Legacy Capital Group California Inc. Has $349,000 Stock Position in Biogen Inc. (NASDAQ:BIIB)

Legacy Capital Group California Inc. increased its position in shares of Biogen Inc. (NASDAQ:BIIB) by 9.9% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,798 shares of the biotechnology company’s stock after purchasing an additional 162 shares during the quarter. Legacy Capital Group California Inc.’s holdings in Biogen were worth $349,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Plato Investment Management Ltd increased its position in Biogen by 82.8% in the 1st quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock valued at $25,000 after acquiring an additional 53 shares in the last quarter. Itau Unibanco Holding S.A. acquired a new stake in Biogen in the 2nd quarter valued at about $33,000. Versant Capital Management Inc increased its position in 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. EntryPoint Capital LLC acquired a new stake in Biogen in the 1st quarter valued at about $36,000. Finally, First Horizon Advisors Inc. increased its position in Biogen by 39.8% in the 2nd quarter. First Horizon Advisors Inc. now owns 172 shares of the biotechnology company’s stock valued at $40,000 after acquiring an additional 49 shares in the last quarter. Institutional investors and hedge funds own 87.93% of the company’s stock.

Biogen Stock Performance

Shares of BIIB opened at $181.69 on Friday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.48 and a current ratio of 2.29. Biogen Inc. has a twelve month low of $181.24 and a twelve month high of $268.30. The firm’s 50 day moving average price is $195.69 and its two-hundred day moving average price is $210.29. The firm has a market cap of $26.46 billion, a P/E ratio of 22.88, a PEG ratio of 1.87 and a beta of -0.06.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings results on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share for the quarter, beating analysts’ consensus estimates of $4.00 by $1.28. Biogen had a net margin of 11.98% and a return on equity of 15.71%. The firm had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.39 billion. During the same quarter in the previous year, the firm posted $4.02 earnings per share. The business’s revenue was up .4% on a year-over-year basis. On average, analysts forecast that Biogen Inc. will post 16.14 EPS for the current fiscal year.

Insider Activity

In other news, insider Priya Singhal sold 431 shares of Biogen stock in a transaction that occurred 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 sale, the insider now directly owns 5,316 shares in the company, valued at $1,085,633.52. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.16% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on BIIB shares. Needham & Company LLC restated a “buy” rating and issued a $285.00 price objective on shares of Biogen in a research report on Tuesday, September 24th. Cantor Fitzgerald reiterated an “overweight” rating and set a $292.00 price target on shares of Biogen in a research report on Monday, September 9th. Wells Fargo & Company lowered their price target on shares of Biogen from $240.00 to $225.00 and set an “equal weight” rating for the company in a research report on Friday, August 2nd. Truist Financial reiterated a “buy” rating and set a $302.00 price target (down previously from $340.00) on shares of Biogen in a research report on Monday, August 5th. Finally, UBS Group lowered their price target on shares of Biogen from $234.00 to $202.00 and set a “neutral” rating for the company in a research report on Thursday, October 3rd. Nine research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $271.39.

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.