Bedell Frazier Investment Counselling LLC Buys 17,628 Shares of Biogen Inc. (NASDAQ:BIIB)

Bedell Frazier Investment Counselling LLC raised its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 128.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 31,318 shares of the biotechnology company’s stock after acquiring an additional 17,628 shares during the quarter. Biogen makes up about 1.5% of Bedell Frazier Investment Counselling LLC’s portfolio, making the stock its 23rd biggest position. Bedell Frazier Investment Counselling LLC’s holdings in Biogen were worth $6,071,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Principal Financial Group Inc. boosted its position in shares of Biogen by 3.2% in the 3rd quarter. Principal Financial Group Inc. now owns 168,631 shares of the biotechnology company’s stock worth $32,687,000 after purchasing an additional 5,270 shares in the last quarter. Arlington Partners LLC boosted its position in shares of Biogen by 34.3% in the 3rd quarter. Arlington Partners LLC now owns 19,214 shares of the biotechnology company’s stock worth $3,724,000 after purchasing an additional 4,902 shares in the last quarter. Cetera Investment Advisers boosted its position in shares of Biogen by 235.1% in the 1st quarter. Cetera Investment Advisers now owns 14,860 shares of the biotechnology company’s stock worth $3,204,000 after purchasing an additional 10,425 shares in the last quarter. National Pension Service boosted its position in shares of Biogen by 10.1% in the 3rd quarter. National Pension Service now owns 359,569 shares of the biotechnology company’s stock worth $69,699,000 after purchasing an additional 32,914 shares in the last quarter. Finally, Tidal Investments LLC raised its stake in Biogen by 99.1% in the 1st quarter. Tidal Investments LLC now owns 10,211 shares of the biotechnology company’s stock worth $2,202,000 after acquiring an additional 5,082 shares during the last quarter. Institutional investors own 87.93% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Needham & Company LLC lowered Biogen from a “buy” rating to a “hold” rating and set a $270.00 target price for the company. in a research note on Monday, November 18th. Wolfe Research assumed coverage on Biogen in a research note on Friday, November 15th. They issued a “peer perform” rating for the company. Oppenheimer reduced their target price on Biogen from $270.00 to $255.00 and set an “outperform” rating for the company in a research note on Thursday, October 31st. BMO Capital Markets reduced their target price on Biogen from $260.00 to $230.00 and set an “outperform” rating for the company in a research note on Thursday, October 17th. Finally, Wells Fargo & Company reduced their price objective on Biogen from $240.00 to $225.00 and set an “equal weight” rating for the company in a research note on Friday, August 2nd. Thirteen research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $257.20.

Biogen Trading Down 0.1 %

Shares of Biogen stock opened at $157.90 on Monday. The stock has a market cap of $23.01 billion, a P/E ratio of 14.26, a P/E/G ratio of 1.49 and a beta of -0.06. The stock’s 50 day simple moving average is $181.85 and its 200-day simple moving average is $205.12. Biogen Inc. has a 1-year low of $153.62 and a 1-year high of $268.30. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.26 and a quick ratio of 0.80.

Biogen (NASDAQ:BIIB) last issued its earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share for the quarter, topping the consensus estimate of $3.77 by $0.31. The business had revenue of $2.47 billion for 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 revenue for the quarter was down 2.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $4.36 EPS. Analysts predict that Biogen Inc. will post 16.44 EPS for the current fiscal year.

Insider Transactions at Biogen

In other news, insider Priya Singhal sold 431 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total transaction of $88,018.82. Following the transaction, the insider now directly owns 5,316 shares in the company, valued at $1,085,633.52. The trade was a 7.50 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.16% of the company’s stock.

About Biogen

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.