SVB Wealth LLC Takes Position in Biogen Inc. (NASDAQ:BIIB)

SVB Wealth LLC purchased a new position in Biogen Inc. (NASDAQ:BIIB) in the fourth quarter, Holdings Channel reports. The fund purchased 2,087 shares of the biotechnology company’s stock, valued at approximately $319,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. State Street Corp lifted its holdings in Biogen by 3.5% during the 3rd quarter. State Street Corp now owns 7,344,960 shares of the biotechnology company’s stock worth $1,423,747,000 after buying an additional 248,942 shares during the last quarter. Geode Capital Management LLC lifted its stake in Biogen by 1.3% during the third quarter. Geode Capital Management LLC now owns 3,613,020 shares of the biotechnology company’s stock worth $698,062,000 after purchasing an additional 47,055 shares during the last quarter. Pacer Advisors Inc. boosted its holdings in Biogen by 13,574.7% in the fourth quarter. Pacer Advisors Inc. now owns 2,667,531 shares of the biotechnology company’s stock worth $407,919,000 after purchasing an additional 2,648,024 shares during the period. RA Capital Management L.P. increased its stake in Biogen by 20.6% during the third quarter. RA Capital Management L.P. now owns 1,184,456 shares of the biotechnology company’s stock valued at $229,595,000 after purchasing an additional 202,317 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Biogen by 1.7% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,152,691 shares of the biotechnology company’s stock worth $223,438,000 after purchasing an additional 18,905 shares during the period. 87.93% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently commented on BIIB shares. Jefferies Financial Group lowered shares of Biogen from a “buy” rating to a “hold” rating and decreased their price target for the company from $250.00 to $180.00 in a report on Monday, December 9th. Royal Bank of Canada lowered their target price on Biogen from $231.00 to $225.00 and set an “outperform” rating for the company in a report on Thursday, February 13th. Canaccord Genuity Group cut their price target on Biogen from $298.00 to $265.00 and set a “buy” rating on the stock in a report on Thursday, February 13th. The Goldman Sachs Group lowered their price objective on Biogen from $281.00 to $245.00 and set a “buy” rating for the company in a research note on Thursday, February 13th. Finally, Citigroup cut their target price on Biogen from $160.00 to $145.00 and set a “neutral” rating on the stock in a research note on Thursday, February 13th. Seventeen equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $213.33.

Biogen Stock Performance

NASDAQ:BIIB opened at $143.77 on Thursday. The company has a 50-day moving average of $144.05 and a 200-day moving average of $167.25. The firm has a market cap of $21.04 billion, a price-to-earnings ratio of 12.85, a price-to-earnings-growth ratio of 1.51 and a beta of -0.08. The company has a current ratio of 1.35, a quick ratio of 0.90 and a debt-to-equity ratio of 0.27. Biogen Inc. has a twelve month low of $128.51 and a twelve month high of $238.00.

Biogen (NASDAQ:BIIB) last issued its earnings results on Wednesday, February 12th. The biotechnology company reported $3.44 earnings per share for the quarter, topping analysts’ consensus estimates of $3.43 by $0.01. Biogen had a net margin of 16.87% and a return on equity of 14.98%. Analysts forecast that Biogen Inc. will post 15.83 earnings per share for the current fiscal year.

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.