Callan Capital LLC Increases Stock Position in Biogen Inc. (NASDAQ:BIIB)

Callan Capital LLC raised its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 5.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,221 shares of the biotechnology company’s stock after purchasing an additional 180 shares during the period. Callan Capital LLC’s holdings in Biogen were worth $747,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in BIIB. Vanguard Group Inc. lifted its holdings in Biogen by 18.2% during the fourth quarter. Vanguard Group Inc. now owns 14,407,330 shares of the biotechnology company’s stock valued at $3,728,185,000 after purchasing an additional 2,218,744 shares in the last quarter. FIL Ltd lifted its holdings in Biogen by 936.4% during the fourth quarter. FIL Ltd now owns 656,502 shares of the biotechnology company’s stock valued at $169,883,000 after purchasing an additional 593,158 shares in the last quarter. First Trust Advisors LP lifted its holdings in Biogen by 141.0% during the fourth quarter. First Trust Advisors LP now owns 977,308 shares of the biotechnology company’s stock valued at $252,898,000 after purchasing an additional 571,795 shares in the last quarter. Van ECK Associates Corp raised its position in shares of Biogen by 22.2% in the first quarter. Van ECK Associates Corp now owns 1,737,340 shares of the biotechnology company’s stock valued at $374,623,000 after buying an additional 316,144 shares during the last quarter. Finally, Primecap Management Co. CA raised its position in shares of Biogen by 1.6% in the fourth quarter. Primecap Management Co. CA now owns 16,264,481 shares of the biotechnology company’s stock valued at $4,208,760,000 after buying an additional 251,915 shares during the last quarter. 87.93% of the stock is owned by hedge funds and other institutional investors.

Biogen Stock Up 1.9 %

Shares of Biogen stock opened at $201.44 on Friday. Biogen Inc. has a 52-week low of $189.44 and a 52-week high of $269.43. The company has a 50 day moving average of $207.92 and a 200 day moving average of $215.17. 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 company has a market capitalization of $29.33 billion, a P/E ratio of 25.15, a P/E/G ratio of 2.01 and a beta of -0.06.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings results on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share (EPS) for the quarter, topping 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 company had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.39 billion. During the same quarter in the previous year, the firm earned $4.02 earnings per share. The firm’s quarterly revenue was up .4% on a year-over-year basis. As a group, research analysts forecast that Biogen Inc. will post 16.12 EPS for the current fiscal year.

Insiders Place Their Bets

In other Biogen news, insider Priya Singhal sold 431 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total transaction of $88,018.82. Following the sale, the insider now owns 5,316 shares of the company’s stock, valued at $1,085,633.52. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.16% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. Piper Sandler reduced their target price on shares of Biogen from $335.00 to $313.00 and set an “overweight” rating for the company in a research report on Friday, July 12th. Mizuho cut their price objective on shares of Biogen from $277.00 to $251.00 and set an “outperform” rating for the company in a research report on Tuesday, August 6th. Robert W. Baird cut their price objective on shares of Biogen from $316.00 to $294.00 and set an “outperform” rating for the company in a research report on Monday, July 29th. Royal Bank of Canada restated an “outperform” rating and set a $292.00 price objective on shares of Biogen in a research report on Thursday. Finally, Scotiabank cut their price objective on shares of Biogen from $275.00 to $244.00 and set a “sector outperform” rating for the company in a research report on Friday, August 2nd. Eight analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $275.52.

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.