Massachusetts Wealth Management Has $636,000 Stock Position in Biogen Inc. (NASDAQ:BIIB)

Massachusetts Wealth Management decreased its position in Biogen Inc. (NASDAQ:BIIB) by 9.2% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 2,950 shares of the biotechnology company’s stock after selling 300 shares during the period. Massachusetts Wealth Management’s holdings in Biogen were worth $636,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in shares of Biogen by 18.2% in 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 acquiring an additional 2,218,744 shares during the period. Norges Bank bought a new position in Biogen during the fourth quarter valued at $378,728,000. FIL Ltd raised its stake in shares of Biogen by 936.4% in the fourth quarter. FIL Ltd now owns 656,502 shares of the biotechnology company’s stock valued at $169,883,000 after acquiring an additional 593,158 shares during the period. First Trust Advisors LP grew its holdings in Biogen by 141.0% during the 4th quarter. First Trust Advisors LP now owns 977,308 shares of the biotechnology company’s stock worth $252,898,000 after acquiring an additional 571,795 shares in the last quarter. Finally, International Assets Investment Management LLC boosted its stake in Biogen by 24,726.3% in the 4th quarter. International Assets Investment Management LLC now owns 476,913 shares of the biotechnology company’s stock worth $123,411,000 after purchasing an additional 474,992 shares in the last quarter. 87.93% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

BIIB has been the subject of a number of recent analyst reports. Oppenheimer reiterated an “outperform” rating and issued a $270.00 target price on shares of Biogen in a research note on Monday, April 29th. JPMorgan Chase & Co. cut their price target on shares of Biogen from $270.00 to $240.00 and set a “neutral” rating for the company in a report on Thursday, April 11th. Royal Bank of Canada reissued an “outperform” rating and issued a $317.00 price target on shares of Biogen in a report on Wednesday, June 26th. HC Wainwright reissued a “buy” rating and issued a $300.00 price target on shares of Biogen in a report on Thursday, May 23rd. Finally, HSBC boosted their price target on shares of Biogen from $339.00 to $342.00 and gave the stock a “buy” rating in a report on Friday, May 3rd. Ten research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $286.50.

Biogen Stock Performance

Shares of BIIB stock traded down $4.21 during mid-day trading on Thursday, reaching $224.61. The stock had a trading volume of 580,741 shares, compared to its average volume of 1,025,765. The company has a quick ratio of 1.32, a current ratio of 2.10 and a debt-to-equity ratio of 0.41. The firm has a market cap of $32.70 billion, a PE ratio of 28.04, a P/E/G ratio of 2.30 and a beta of -0.04. Biogen Inc. has a one year low of $189.44 and a one year high of $287.60. The firm’s 50 day simple moving average is $223.69 and its 200 day simple moving average is $228.05.

Biogen (NASDAQ:BIIB) last released its earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 EPS for the quarter, beating the consensus estimate of $3.45 by $0.22. Biogen had a return on equity of 14.83% and a net margin of 12.07%. The company had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.31 billion. During the same period last year, the firm earned $3.40 EPS. The business’s revenue for the quarter was down 7.0% on a year-over-year basis. On average, analysts forecast that Biogen Inc. will post 15.63 EPS for the current 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.