Biogen Inc. (NASDAQ:BIIB) Holdings Lifted by Summit Investment Advisors Inc.

Summit Investment Advisors Inc. boosted its holdings in shares of Biogen Inc. (NASDAQ:BIIB) by 2.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,056 shares of the biotechnology company’s stock after buying an additional 141 shares during the period. Summit Investment Advisors Inc.’s holdings in Biogen were worth $926,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the business. Synovus Financial Corp grew its stake in Biogen by 3.4% during the 4th quarter. Synovus Financial Corp now owns 14,954 shares of the biotechnology company’s stock valued at $2,287,000 after acquiring an additional 492 shares in the last quarter. Nicolet Bankshares Inc. grew its position in Biogen by 33.1% during the fourth quarter. Nicolet Bankshares Inc. now owns 1,965 shares of the biotechnology company’s stock valued at $300,000 after purchasing an additional 489 shares in the last quarter. Sterling Capital Management LLC grew its position in Biogen by 55.2% during the fourth quarter. Sterling Capital Management LLC now owns 8,636 shares of the biotechnology company’s stock valued at $1,321,000 after purchasing an additional 3,071 shares in the last quarter. Covestor Ltd increased its stake in Biogen by 282.4% in the 4th quarter. Covestor Ltd now owns 325 shares of the biotechnology company’s stock valued at $50,000 after buying an additional 240 shares during the period. Finally, First Foundation Advisors lifted its position in Biogen by 32.7% in the 4th quarter. First Foundation Advisors now owns 11,352 shares of the biotechnology company’s stock worth $1,736,000 after buying an additional 2,800 shares in the last quarter. 87.93% of the stock is owned by hedge funds and other institutional investors.

Biogen Stock Up 2.9 %

Shares of NASDAQ BIIB opened at $118.61 on Friday. The business has a fifty day moving average of $134.71 and a two-hundred day moving average of $152.19. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.90 and a current ratio of 1.35. Biogen Inc. has a 52-week low of $110.04 and a 52-week high of $238.00. The stock has a market cap of $17.36 billion, a PE ratio of 10.60, a PEG ratio of 1.51 and a beta of 0.06.

Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Wednesday, February 12th. The biotechnology company reported $3.44 EPS for the quarter, beating 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%. As a group, equities research analysts expect that Biogen Inc. will post 15.83 earnings per share for the current fiscal year.

Insider Activity at Biogen

In other news, Director Stephen A. Sherwin sold 8,760 shares of the stock in a transaction on Friday, March 7th. The stock was sold at an average price of $150.02, for a total transaction of $1,314,175.20. Following the sale, the director now owns 11,318 shares in the company, valued at approximately $1,697,926.36. This represents a 43.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.16% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the stock. Royal Bank of Canada dropped their price target on shares of Biogen from $231.00 to $225.00 and set an “outperform” rating on the stock in a research note on Thursday, February 13th. Canaccord Genuity Group dropped their target price on Biogen from $298.00 to $265.00 and set a “buy” rating on the stock in a research report on Thursday, February 13th. StockNews.com lowered Biogen from a “strong-buy” rating to a “buy” rating in a report on Saturday, December 28th. Sanford C. Bernstein began coverage on Biogen in a research note on Tuesday, February 11th. They issued a “market perform” rating and a $160.00 price target for the company. Finally, William Blair reaffirmed an “outperform” rating on shares of Biogen in a research report on Monday, January 13th. Eighteen research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $213.15.

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.