Orbimed Advisors LLC Has $338.97 Million Position in Biogen Inc (BIIB)
Orbimed Advisors LLC increased its stake in Biogen Inc (NASDAQ:BIIB) by 12.3% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,167,900 shares of the biotechnology company’s stock after purchasing an additional 127,500 shares during the period. Biogen makes up 4.0% of Orbimed Advisors LLC’s holdings, making the stock its 2nd biggest holding. Orbimed Advisors LLC owned 0.58% of Biogen worth $338,971,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently modified their holdings of BIIB. Rainier Group Investment Advisory LLC bought a new position in Biogen in the first quarter valued at about $100,000. Point72 Asia Hong Kong Ltd bought a new position in Biogen in the first quarter valued at about $105,000. McKinley Carter Wealth Services Inc. bought a new position in Biogen in the first quarter valued at about $110,000. Adviser Investments LLC grew its position in Biogen by 745.7% in the second quarter. Adviser Investments LLC now owns 389 shares of the biotechnology company’s stock valued at $113,000 after acquiring an additional 343 shares during the last quarter. Finally, Wealthcare Advisory Partners LLC grew its position in Biogen by 141.8% in the first quarter. Wealthcare Advisory Partners LLC now owns 503 shares of the biotechnology company’s stock valued at $138,000 after acquiring an additional 295 shares during the last quarter. Institutional investors own 87.46% of the company’s stock.
BIIB stock traded down $0.09 during mid-day trading on Thursday, reaching $339.94. The company’s stock had a trading volume of 520 shares, compared to its average volume of 860,610. The company has a market cap of $68.03 billion, a P/E ratio of 15.56, a PEG ratio of 1.30 and a beta of 0.90. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.06 and a current ratio of 2.36. Biogen Inc has a 12 month low of $249.17 and a 12 month high of $388.67.
BIIB has been the topic of a number of recent analyst reports. ValuEngine upgraded Biogen from a “hold” rating to a “buy” rating in a research report on Tuesday, July 24th. Oppenheimer set a $400.00 price target on Biogen and gave the company a “buy” rating in a research note on Sunday, July 8th. UBS Group lifted their price target on Biogen from $354.00 to $395.00 and gave the company a “buy” rating in a research note on Thursday, July 26th. Robert W. Baird lowered Biogen from an “outperform” rating to a “neutral” rating and set a $323.00 price target on the stock. in a research note on Tuesday, July 10th. Finally, Citigroup lifted their price target on Biogen to $483.00 and gave the company a “positive” rating in a research note on Thursday, July 26th. Nine analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $375.52.
Biogen Inc discovers, develops, manufactures, and delivers therapies for the treatment of neurological and neurodegenerative diseases worldwide. The company offers TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, ZINBRYTA, and FAMPYRA for the treatment of multiple sclerosis (MS); FUMADERM for the treatment of plaque psoriasis; and SPINRAZA to treat spinal muscular atrophy.
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