Cerity Partners LLC Grows Position in Biogen Inc. (NASDAQ:BIIB)

Cerity Partners LLC raised its position in shares of Biogen Inc. (NASDAQ:BIIB) by 35.3% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,785 shares of the biotechnology company’s stock after buying an additional 2,030 shares during the quarter. Cerity Partners LLC’s holdings in Biogen were worth $1,509,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in BIIB. First Horizon Advisors Inc. raised 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 worth $40,000 after purchasing an additional 49 shares during the period. CWM LLC raised its holdings in shares of Biogen by 1.7% in the second quarter. CWM LLC now owns 3,765 shares of the biotechnology company’s stock worth $873,000 after buying an additional 62 shares during the period. Grandfield & Dodd LLC raised its holdings in shares of Biogen by 5.2% in the third quarter. Grandfield & Dodd LLC now owns 1,261 shares of the biotechnology company’s stock worth $244,000 after buying an additional 62 shares during the period. Quintet Private Bank Europe S.A. raised its holdings in shares of Biogen by 9.7% in the third quarter. Quintet Private Bank Europe S.A. now owns 710 shares of the biotechnology company’s stock worth $138,000 after buying an additional 63 shares during the period. Finally, Wealth Enhancement Advisory Services LLC raised its holdings in shares of Biogen by 1.1% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 6,122 shares of the biotechnology company’s stock worth $1,419,000 after buying an additional 64 shares during the period. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. BMO Capital Markets reduced their price target on Biogen from $260.00 to $230.00 and set an “outperform” rating on the stock in a report on Thursday, October 17th. Mizuho reduced their price target on Biogen from $251.00 to $207.00 and set an “outperform” rating on the stock in a report on Thursday, November 21st. Royal Bank of Canada reduced their price target on Biogen from $292.00 to $269.00 and set an “outperform” rating on the stock in a report on Friday, October 4th. Robert W. Baird increased their price target on Biogen from $294.00 to $300.00 and gave the stock an “outperform” rating in a report on Friday, November 15th. Finally, JPMorgan Chase & Co. dropped their price objective on Biogen from $220.00 to $210.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. Thirteen research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $257.20.

Biogen Stock Down 2.1 %

Biogen stock opened at $160.85 on Wednesday. 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 has a market capitalization of $23.44 billion, a price-to-earnings ratio of 14.53, a PEG ratio of 1.55 and a beta of -0.08. Biogen Inc. has a 1-year low of $153.62 and a 1-year high of $268.30. The business has a fifty day moving average price of $176.56 and a 200-day moving average price of $201.80.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share for the quarter, topping analysts’ consensus estimates of $3.77 by $0.31. The firm had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.43 billion. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The business’s quarterly revenue was down 2.5% on a year-over-year basis. During the same quarter last year, the firm earned $4.36 EPS. Equities research analysts forecast that Biogen Inc. will post 16.45 EPS for the current fiscal year.

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.