Acadian Asset Management LLC Has $1.32 Million Position in Biogen Inc. (NASDAQ:BIIB)

Acadian Asset Management LLC lifted its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 201.9% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 5,702 shares of the biotechnology company’s stock after acquiring an additional 3,813 shares during the period. Acadian Asset Management LLC’s holdings in Biogen were worth $1,320,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in Biogen by 15.0% during the first quarter. Vanguard Group Inc. now owns 16,570,398 shares of the biotechnology company’s stock worth $3,573,075,000 after buying an additional 2,163,068 shares during the last quarter. Primecap Management Co. CA raised its holdings in Biogen by 1.6% during the fourth quarter. Primecap Management Co. CA now owns 16,264,481 shares of the biotechnology company’s stock worth $4,208,760,000 after buying an additional 251,915 shares during the last quarter. Van ECK Associates Corp raised its holdings in Biogen by 22.2% during the first quarter. Van ECK Associates Corp now owns 1,737,340 shares of the biotechnology company’s stock worth $374,623,000 after buying an additional 316,144 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Biogen by 5.4% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,589,629 shares of the biotechnology company’s stock worth $342,772,000 after buying an additional 81,283 shares during the last quarter. Finally, Norges Bank acquired a new position in Biogen during the fourth quarter worth $378,728,000. Institutional investors and hedge funds own 87.93% of the company’s stock.

Insider Transactions at Biogen

In other news, insider Priya Singhal sold 431 shares of the stock in a transaction dated 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 of the company’s stock, valued at $1,085,633.52. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.16% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. HC Wainwright restated a “buy” rating and set a $300.00 price objective on shares of Biogen in a report on Thursday, May 23rd. Truist Financial reiterated a “buy” rating and issued a $302.00 target price (down previously from $340.00) on shares of Biogen in a research note on Monday, August 5th. Mizuho reduced their target price on shares of Biogen from $277.00 to $251.00 and set an “outperform” rating for the company in a research note on Tuesday, August 6th. Royal Bank of Canada upped their target price on shares of Biogen from $282.00 to $292.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Finally, StockNews.com upgraded shares of Biogen from a “buy” rating to a “strong-buy” rating in a research note on Monday, September 2nd. Eight research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Biogen currently has a consensus rating of “Moderate Buy” and an average target price of $275.52.

Biogen Price Performance

NASDAQ BIIB opened at $195.63 on Monday. The company has a market cap of $28.50 billion, a PE ratio of 24.42, a price-to-earnings-growth ratio of 2.01 and a beta of -0.06. Biogen Inc. has a 52 week low of $189.44 and a 52 week high of $269.43. The company has a quick ratio of 1.48, a current ratio of 2.29 and a debt-to-equity ratio of 0.40. The firm’s 50-day simple moving average is $210.52 and its two-hundred day simple moving average is $215.67.

Biogen (NASDAQ:BIIB) last released its quarterly earnings data on Thursday, August 1st. The biotechnology company reported $5.28 EPS for the quarter, beating the consensus estimate of $4.00 by $1.28. Biogen had a net margin of 11.98% and a return on equity of 15.71%. The business had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.39 billion. During the same period in the prior year, the firm earned $4.02 earnings per share. The company’s revenue was up .4% compared to the same quarter last year. Research analysts predict that Biogen Inc. will post 16.12 earnings per share 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.