Assenagon Asset Management S.A. Raises Stake in Biogen Inc. (NASDAQ:BIIB)

Assenagon Asset Management S.A. increased its stake in Biogen Inc. (NASDAQ:BIIB) by 3.1% during the first quarter, according to its most recent filing with the SEC. The fund owned 44,796 shares of the biotechnology company’s stock after buying an additional 1,336 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Biogen were worth $6,130,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in BIIB. Larson Financial Group LLC boosted its holdings in shares of Biogen by 640.9% in the 4th quarter. Larson Financial Group LLC now owns 163 shares of the biotechnology company’s stock worth $25,000 after buying an additional 141 shares during the last quarter. Lee Danner & Bass Inc. purchased a new position in shares of Biogen in the 4th quarter worth about $25,000. Colonial Trust Co SC boosted its holdings in shares of Biogen by 9,300.0% in the 4th quarter. Colonial Trust Co SC now owns 188 shares of the biotechnology company’s stock worth $29,000 after buying an additional 186 shares during the last quarter. OFI Invest Asset Management purchased a new position in shares of Biogen in the 4th quarter worth about $32,000. Finally, SRS Capital Advisors Inc. purchased a new position in shares of Biogen in the 4th quarter worth about $33,000. 87.93% of the stock is owned by hedge funds and other institutional investors.

Biogen Trading Down 1.3%

Shares of BIIB opened at $130.65 on Friday. The firm’s 50 day simple moving average is $123.75 and its 200 day simple moving average is $137.42. The company has a market capitalization of $19.14 billion, a P/E ratio of 11.68, a P/E/G ratio of 1.51 and a beta of 0.14. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.35 and a quick ratio of 0.90. Biogen Inc. has a 1-year low of $110.04 and a 1-year high of $238.00.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings results on Thursday, May 1st. The biotechnology company reported $3.02 EPS for the quarter, missing analysts’ consensus estimates of $3.26 by ($0.24). Biogen had a net margin of 16.87% and a return on equity of 14.98%. The business had revenue of $2.43 billion for the quarter, compared to the consensus estimate of $2.25 billion. During the same quarter in the previous year, the business earned $3.67 earnings per share. The firm’s revenue was up 6.2% on a year-over-year basis. Sell-side analysts forecast that Biogen Inc. will post 15.83 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

BIIB has been the topic of a number of research analyst reports. Oppenheimer set a $205.00 price target on shares of Biogen in a report on Friday, May 2nd. The Goldman Sachs Group dropped their price objective on shares of Biogen from $219.00 to $197.00 and set a “buy” rating on the stock in a report on Wednesday, April 23rd. JPMorgan Chase & Co. dropped their price objective on shares of Biogen from $185.00 to $175.00 and set a “neutral” rating on the stock in a report on Monday, May 5th. HSBC downgraded shares of Biogen from a “buy” rating to a “hold” rating and set a $118.00 price objective on the stock. in a report on Monday, April 28th. Finally, Hsbc Global Res downgraded shares of Biogen from a “strong-buy” rating to a “hold” rating in a report on Monday, April 28th. Twenty equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, Biogen presently has an average rating of “Hold” and a consensus price target of $188.19.

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.