Itau Unibanco Holding S.A. Acquires 90 Shares of Biogen Inc. (NASDAQ:BIIB)

Itau Unibanco Holding S.A. grew its stake in Biogen Inc. (NASDAQ:BIIB) by 63.8% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 231 shares of the biotechnology company’s stock after purchasing an additional 90 shares during the quarter. Itau Unibanco Holding S.A.’s holdings in Biogen were worth $45,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in BIIB. Janus Henderson Group PLC lifted its stake in Biogen by 9.0% in the third quarter. Janus Henderson Group PLC now owns 23,029 shares of the biotechnology company’s stock valued at $4,462,000 after buying an additional 1,900 shares during the period. Centiva Capital LP raised its position in shares of Biogen by 183.6% in the 3rd quarter. Centiva Capital LP now owns 6,345 shares of the biotechnology company’s stock valued at $1,230,000 after acquiring an additional 4,108 shares during the period. Paloma Partners Management Co acquired a new stake in shares of Biogen in the 3rd quarter valued at approximately $354,000. FSA Wealth Management LLC bought a new position in Biogen during the 3rd quarter worth approximately $74,000. Finally, Erste Asset Management GmbH acquired a new position in Biogen during the third quarter valued at approximately $55,826,000. 87.93% of the stock is currently owned by institutional investors.

Biogen Trading Down 2.1 %

Shares of Biogen stock opened at $160.85 on Wednesday. Biogen Inc. has a 1 year low of $153.62 and a 1 year high of $268.30. The company has a market capitalization of $23.44 billion, a price-to-earnings ratio of 14.53, a P/E/G ratio of 1.55 and a beta of -0.08. The business has a fifty day simple moving average of $176.56 and a two-hundred day simple moving average of $201.80. 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 announced its earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, topping the consensus estimate of $3.77 by $0.31. The business had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.43 billion. Biogen had a net margin of 16.81% and a return on equity of 14.98%. Biogen’s revenue was down 2.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $4.36 EPS. Research analysts forecast that Biogen Inc. will post 16.45 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the stock. Oppenheimer reduced their price target on shares of Biogen from $270.00 to $255.00 and set an “outperform” rating on the stock in a research report on Thursday, October 31st. BMO Capital Markets reduced their target price on Biogen from $260.00 to $230.00 and set an “outperform” rating on the stock in a report on Thursday, October 17th. UBS Group lowered their price target on Biogen from $234.00 to $202.00 and set a “neutral” rating for the company in a report on Thursday, October 3rd. StockNews.com raised Biogen from a “buy” rating to a “strong-buy” rating in a research note on Monday, September 2nd. Finally, Morgan Stanley lowered shares of Biogen from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $285.00 to $204.00 in a research note on Thursday, October 31st. Thirteen analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $257.20.

Biogen Company 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.