Federated Hermes Inc. Acquires 4,645 Shares of Biogen Inc. $BIIB

Federated Hermes Inc. boosted its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 3.9% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 124,922 shares of the biotechnology company’s stock after buying an additional 4,645 shares during the quarter. Federated Hermes Inc.’s holdings in Biogen were worth $17,499,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of BIIB. KLP Kapitalforvaltning AS lifted its position in Biogen by 6.7% during the 2nd quarter. KLP Kapitalforvaltning AS now owns 166,577 shares of the biotechnology company’s stock worth $20,920,000 after acquiring an additional 10,500 shares during the period. Valeo Financial Advisors LLC purchased a new position in Biogen in the second quarter worth $225,000. Privium Fund Management B.V. purchased a new position in shares of Biogen in the 2nd quarter valued at about $2,666,000. Nordea Investment Management AB increased its holdings in Biogen by 5.7% in the second quarter. Nordea Investment Management AB now owns 125,935 shares of the biotechnology company’s stock valued at $15,810,000 after buying an additional 6,811 shares in the last quarter. Finally, Pitcairn Co. purchased a new position in Biogen in the 2nd quarter valued at approximately $936,000. Institutional investors and hedge funds own 87.93% of the company’s stock.

Biogen Trading Up 2.1%

NASDAQ BIIB opened at $179.89 on Friday. The company has a market capitalization of $26.39 billion, a price-to-earnings ratio of 16.40, a price-to-earnings-growth ratio of 1.47 and a beta of 0.13. Biogen Inc. has a 12 month low of $110.04 and a 12 month high of $190.20. The company’s fifty day moving average price is $176.47 and its two-hundred day moving average price is $154.81. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.72 and a quick ratio of 2.04.

Biogen (NASDAQ:BIIB) last released its quarterly earnings data on Thursday, October 30th. The biotechnology company reported $4.81 EPS for the quarter, topping analysts’ consensus estimates of $3.89 by $0.92. Biogen had a net margin of 15.98% and a return on equity of 14.13%. The firm had revenue of $2.53 billion during the quarter, compared to the consensus estimate of $2.34 billion. During the same quarter in the previous year, the company posted $4.08 earnings per share. The firm’s revenue was up 2.8% on a year-over-year basis. As a group, research analysts predict that Biogen Inc. will post 15.83 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have recently weighed in on BIIB shares. UBS Group initiated coverage on shares of Biogen in a research note on Tuesday, January 6th. They set a “neutral” rating and a $185.00 price objective for the company. Oppenheimer increased their target price on Biogen from $205.00 to $225.00 and gave the stock an “outperform” rating in a research report on Friday. Morgan Stanley increased their price target on shares of Biogen from $149.00 to $156.00 and gave the stock an “equal weight” rating in a research note on Friday, December 12th. Guggenheim upped their price objective on Biogen from $165.00 to $185.00 in a report on Friday, October 31st. Finally, Wall Street Zen lowered Biogen from a “buy” rating to a “hold” rating in a research report on Sunday, November 9th. Eleven investment analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $192.81.

About Biogen

Biogen Inc is a multinational biotechnology company focused on discovering, developing and delivering therapies for neurological and neurodegenerative diseases. Headquartered in Cambridge, Massachusetts, the company has a longstanding emphasis on neuroscience, with research and commercial activities spanning multiple therapeutic areas including multiple sclerosis, spinal muscular atrophy and Alzheimer’s disease. Biogen was founded in 1978 and has grown into a global biopharmaceutical firm with operations and commercial presence across North America, Europe, Japan and other international markets.

The company’s marketed portfolio has historically included several well-known therapies for multiple sclerosis such as Avonex, Tysabri and Tecfidera, and it has pursued treatments for rare neurological conditions and genetic neuromuscular disorders.