Lido Advisors LLC Purchases 58,022 Shares of Biogen Inc. $BIIB

Lido Advisors LLC grew its position in Biogen Inc. (NASDAQ:BIIB) by 1,096.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 63,314 shares of the biotechnology company’s stock after purchasing an additional 58,022 shares during the quarter. Lido Advisors LLC’s holdings in Biogen were worth $14,301,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of BIIB. Bell Investment Advisors Inc purchased a new position in shares of Biogen during the 2nd quarter valued at $27,000. Align Financial LLC increased its stake in Biogen by 339.3% in the 3rd quarter. Align Financial LLC now owns 123 shares of the biotechnology company’s stock worth $28,000 after buying an additional 95 shares in the last quarter. Provenance Wealth Advisors LLC purchased a new stake in Biogen in the 3rd quarter worth $29,000. Canton Hathaway LLC bought a new stake in Biogen during the third quarter valued at about $31,000. Finally, Ashurst Perkins Coie Trust Co raised its holdings in Biogen by 92.2% during the third quarter. Ashurst Perkins Coie Trust Co now owns 173 shares of the biotechnology company’s stock valued at $39,000 after acquiring an additional 83 shares during the period. 87.93% of the stock is owned by hedge funds and other institutional investors.

Biogen Price Performance

Shares of NASDAQ:BIIB opened at $253.40 on Thursday. The firm has a market cap of $37.46 billion, a price-to-earnings ratio of 108.29, a P/E/G ratio of 2.87 and a beta of 0.10. The firm has a fifty day moving average price of $232.21 and a 200 day moving average price of $204.26. Biogen Inc. has a fifty-two week low of $158.05 and a fifty-two week high of $261.00. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.37 and a current ratio of 1.95.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings results on Wednesday, October 28th. The biotechnology company reported $2.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.99 by $0.63. The company had revenue of $2.80 billion for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period in the previous year, the firm posted $4.81 EPS. As a group, sell-side analysts expect that Biogen Inc. will post 12.46 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Wolfe Research upgraded Biogen from a “peer perform” rating to an “outperform” rating and set a $300.00 price objective on the stock in a research report on Thursday, August 13th. Barclays increased their target price on Biogen from $200.00 to $230.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 28th. HC Wainwright increased their target price on Biogen from $251.00 to $270.00 and gave the stock a “buy” rating in a research report on Monday, November 2nd. Canaccord Genuity Group lifted their target price on Biogen from $248.00 to $272.00 and gave the company a “buy” rating in a research note on Thursday, October 29th. Finally, Seaport Research Partners raised Biogen to an “outperform” rating in a report on Monday, October 12th. One research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $254.41.

About Biogen

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.