Heritage Family Offices LLP Makes New $953,000 Investment in Biogen Inc. $BIIB

Heritage Family Offices LLP purchased a new position in Biogen Inc. (NASDAQ:BIIB) during the third quarter, HoldingsChannel.com reports. The fund purchased 4,218 shares of the biotechnology company’s stock, valued at approximately $953,000.

Other hedge funds have also recently modified their holdings of the company. Align Financial LLC grew its stake in shares of Biogen by 339.3% in the third quarter. Align Financial LLC now owns 123 shares of the biotechnology company’s stock worth $28,000 after purchasing an additional 95 shares during the last quarter. Bell Investment Advisors Inc bought a new position in shares of Biogen during the second quarter valued at approximately $27,000. Provenance Wealth Advisors LLC purchased a new stake in Biogen in the third quarter worth $29,000. Canton Hathaway LLC purchased a new stake in shares of Biogen in the 3rd quarter worth about $31,000. Finally, Ashurst Perkins Coie Trust Co boosted its stake in shares of Biogen by 92.2% during the 3rd quarter. Ashurst Perkins Coie Trust Co now owns 173 shares of the biotechnology company’s stock valued at $39,000 after purchasing an additional 83 shares in the last quarter. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on BIIB. Barclays boosted their price target on shares of Biogen from $200.00 to $230.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 28th. Wolfe Research upgraded shares of Biogen from a “peer perform” rating to an “outperform” rating and set a $300.00 price objective for the company in a report on Thursday, August 13th. Wedbush lifted their price objective on Biogen from $212.00 to $225.00 and gave the company a “neutral” rating in a research report on Thursday, October 29th. Oppenheimer restated an “outperform” rating and set a $300.00 price target on shares of Biogen in a research report on Wednesday, July 29th. Finally, Canaccord Genuity Group lifted their price target on Biogen from $248.00 to $272.00 and gave the company a “buy” rating in a research report on Thursday, October 29th. One analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Biogen presently has a consensus rating of “Moderate Buy” and an average target price of $252.34.

Biogen Stock Up 1.8%

Biogen stock traded up $4.42 during mid-day trading on Friday, hitting $248.35. The company had a trading volume of 1,002,117 shares, compared to its average volume of 1,354,194. Biogen Inc. has a 12 month low of $151.83 and a 12 month high of $258.78. The company has a market capitalization of $36.71 billion, a PE ratio of 106.13, a price-to-earnings-growth ratio of 2.82 and a beta of 0.10. The stock’s 50 day moving average price is $230.01 and its two-hundred day moving average price is $203.04. The company has a current ratio of 1.95, a quick ratio of 1.37 and a debt-to-equity ratio of 0.39.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings results on Wednesday, October 28th. The biotechnology company reported $2.62 earnings per share for the quarter, beating the consensus estimate of $1.99 by $0.63. The firm had revenue of $2.80 billion during the quarter, compared to the consensus estimate of $2.63 billion. Biogen had a return on equity of 9.38% and a net margin of 3.37%. The company’s revenue was up 10.6% on a year-over-year basis. During the same period last year, the company earned $4.81 earnings per share. As a group, sell-side analysts anticipate that Biogen Inc. will post 12.45 earnings per share for the current fiscal year.

Biogen Company Profile

Biogen is a biotechnology company focused on developing and commercializing medicines for neurological and rare diseases. Its areas of focus include multiple sclerosis, Alzheimer’s disease, spinal muscular atrophy and Friedreich’s ataxia.

Its products include multiple sclerosis treatments such as Tysabri, Tecfidera and Vumerity, and Skyclarys for Friedreich’s ataxia. Biogen shares rights to several medicines with other companies, including Leqembi for Alzheimer’s disease with Eisai and Spinraza for spinal muscular atrophy with Ionis Pharmaceuticals.

Founded in 1978, Biogen is headquartered in Cambridge, Massachusetts, and serves patients and healthcare providers in the United States and international markets.