Cerity Partners LLC Raises Stock Holdings in Biogen Inc. (NASDAQ:BIIB)

Cerity Partners LLC increased its position in Biogen Inc. (NASDAQ:BIIB) by 35.3% in the third quarter, HoldingsChannel.com reports. The fund owned 7,785 shares of the biotechnology company’s stock after buying an additional 2,030 shares during the period. Cerity Partners LLC’s holdings in Biogen were worth $1,509,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Itau Unibanco Holding S.A. purchased a new position in shares of Biogen during the 2nd quarter valued at about $33,000. Ashton Thomas Securities LLC purchased a new position in shares of Biogen during the 3rd quarter valued at about $33,000. Blue Trust Inc. raised its stake in shares of Biogen by 249.0% during the 2nd quarter. Blue Trust Inc. now owns 178 shares of the biotechnology company’s stock valued at $38,000 after buying an additional 127 shares during the last quarter. First Horizon Advisors Inc. raised its stake in shares of Biogen by 39.8% during the 2nd quarter. First Horizon Advisors Inc. now owns 172 shares of the biotechnology company’s stock valued at $40,000 after buying an additional 49 shares during the last quarter. Finally, Venturi Wealth Management LLC raised its stake in shares of Biogen by 73.8% during the 3rd quarter. Venturi Wealth Management LLC now owns 219 shares of the biotechnology company’s stock valued at $42,000 after buying an additional 93 shares during the last quarter. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on BIIB shares. TD Cowen reduced their price objective on Biogen from $300.00 to $275.00 and set a “buy” rating for the company in a research note on Thursday, October 31st. StockNews.com upgraded Biogen from a “buy” rating to a “strong-buy” rating in a research note on Monday, September 2nd. Raymond James restated a “market perform” rating on shares of Biogen in a research note on Thursday, October 10th. JPMorgan Chase & Co. cut their price target on Biogen from $220.00 to $210.00 and set a “neutral” rating for the company in a research note on Monday, November 4th. Finally, BMO Capital Markets cut their price target on Biogen from $260.00 to $230.00 and set an “outperform” rating for the company in a research note on Thursday, October 17th. Thirteen investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Biogen has an average rating of “Moderate Buy” and an average price target of $257.20.

Biogen Trading Down 2.1 %

Shares of Biogen stock opened at $160.85 on Wednesday. The stock has a market cap of $23.44 billion, a P/E ratio of 14.53, a P/E/G ratio of 1.55 and a beta of -0.08. The stock’s 50 day simple moving average is $176.56 and its 200-day simple moving average is $201.80. Biogen Inc. has a 1-year low of $153.62 and a 1-year high of $268.30. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.26 and a quick ratio of 0.80.

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 firm 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 business’s revenue for the quarter was down 2.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $4.36 EPS. Analysts predict that Biogen Inc. will post 16.45 EPS for the current fiscal year.

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.