StoneRidge PMG Advisors LLC Makes New $701,000 Investment in Biogen Inc. $BIIB

StoneRidge PMG Advisors LLC bought a new stake in Biogen Inc. (NASDAQ:BIIB) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 3,104 shares of the biotechnology company’s stock, valued at approximately $701,000.

Other hedge funds also recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in Biogen in the second quarter valued at approximately $3,453,878,000. Orbimed Advisors LLC bought a new stake in Biogen in the first quarter worth approximately $11,293,000. Tidal Investments LLC grew its position in Biogen by 9.0% in the second quarter. Tidal Investments LLC now owns 63,842 shares of the biotechnology company’s stock worth $13,794,000 after acquiring an additional 5,256 shares in the last quarter. Saudi Central Bank grew its position in Biogen by 89.7% in the second quarter. Saudi Central Bank now owns 10,273 shares of the biotechnology company’s stock worth $2,220,000 after acquiring an additional 4,858 shares in the last quarter. Finally, Nippon Life Global Investors Americas Inc. acquired a new position in shares of Biogen during the 2nd quarter worth $29,648,000. 87.93% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on BIIB shares. Needham & Company LLC raised their price target on shares of Biogen from $256.00 to $290.00 and gave the company a “buy” rating in a report on Thursday, October 29th. UBS Group upped their price objective on shares of Biogen from $270.00 to $300.00 and gave the stock a “buy” rating in a report on Thursday, October 29th. Weiss Ratings downgraded shares of Biogen from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday, October 29th. Argus raised shares of Biogen from a “hold” rating to a “buy” rating and set a $280.00 target price on the stock in a research report on Thursday, October 29th. Finally, Citigroup restated a “neutral” rating on shares of Biogen in a report on Wednesday, October 28th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $252.34.

Biogen Stock Performance

Shares of BIIB stock opened at $248.35 on Monday. Biogen Inc. has a 12 month low of $151.83 and a 12 month high of $258.78. The company has a quick ratio of 1.37, a current ratio of 1.95 and a debt-to-equity ratio of 0.39. The business’s 50 day moving average is $230.01 and its two-hundred day moving average is $203.04. The company has a market cap of $36.71 billion, a PE ratio of 106.13, a price-to-earnings-growth ratio of 2.82 and a beta of 0.10.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings data on Wednesday, October 28th. The biotechnology company reported $2.62 earnings per share for the quarter, topping analysts’ consensus estimates of $1.99 by $0.63. The business had revenue of $2.80 billion during the quarter, compared to analysts’ expectations of $2.63 billion. Biogen had a net margin of 3.37% and a return on equity of 9.38%. Biogen’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same period in the previous year, the company earned $4.81 earnings per share. Equities analysts predict that Biogen Inc. will post 12.45 EPS for the current year.

Biogen Profile

Biogen is a biotechnology company focused on developing and commercializing medicines for neurological and rare diseases. Its areas of focus include multiple sclerosis, Alzheimer’s disease, spinal muscular atrophy and Friedreich’s ataxia.

Its products include multiple sclerosis treatments such as Tysabri, Tecfidera and Vumerity, and Skyclarys for Friedreich’s ataxia. Biogen shares rights to several medicines with other companies, including Leqembi for Alzheimer’s disease with Eisai and Spinraza for spinal muscular atrophy with Ionis Pharmaceuticals.

Founded in 1978, Biogen is headquartered in Cambridge, Massachusetts, and serves patients and healthcare providers in the United States and international markets.