Voloridge Investment Management LLC Makes New Investment in Biogen Inc. (NASDAQ:BIIB)

Voloridge Investment Management LLC purchased a new position in shares of Biogen Inc. (NASDAQ:BIIB) in the 4th quarter, HoldingsChannel reports. The firm purchased 151,678 shares of the biotechnology company’s stock, valued at approximately $23,195,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. Lee Danner & Bass Inc. acquired a new position in shares of Biogen in the 4th quarter valued at about $25,000. Larson Financial Group LLC lifted its stake 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 valued at $25,000 after purchasing an additional 141 shares during the period. Colonial Trust Co SC lifted its stake 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 valued at $29,000 after purchasing an additional 186 shares during the period. SRS Capital Advisors Inc. acquired a new position in shares of Biogen in the 4th quarter valued at about $33,000. Finally, OFI Invest Asset Management acquired a new position in shares of Biogen in the 4th quarter valued at about $32,000. Institutional investors own 87.93% of the company’s stock.

Biogen Trading Down 0.4%

NASDAQ BIIB opened at $126.30 on Friday. The firm has a market capitalization of $18.51 billion, a P/E ratio of 11.29, a PEG ratio of 1.51 and a beta of 0.12. The business has a fifty day simple moving average of $124.95 and a 200 day simple moving average of $141.27. Biogen Inc. has a 12 month low of $110.04 and a 12 month high of $238.00. 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 (NASDAQ:BIIB) last posted its earnings results on Thursday, May 1st. The biotechnology company reported $3.02 EPS for the quarter, missing the consensus estimate of $3.26 by ($0.24). Biogen had a return on equity of 14.98% and a net margin of 16.87%. The firm had revenue of $2.43 billion for the quarter, compared to the consensus estimate of $2.25 billion. During the same period in the prior year, the business earned $3.67 EPS. Biogen’s quarterly revenue was up 6.2% compared to the same quarter last year. On average, analysts predict that Biogen Inc. will post 15.83 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on BIIB. JPMorgan Chase & Co. dropped their price objective on Biogen from $185.00 to $175.00 and set a “neutral” rating on the stock in a research note on Monday, May 5th. Mizuho cut their target price on shares of Biogen from $207.00 to $169.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 7th. BMO Capital Markets cut their target price on shares of Biogen from $156.00 to $139.00 and set a “market perform” rating on the stock in a research note on Thursday, February 13th. Wells Fargo & Company cut their target price on shares of Biogen from $165.00 to $140.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 13th. Finally, HC Wainwright cut their target price on shares of Biogen from $241.00 to $187.00 and set a “buy” rating on the stock in a research note on Friday, May 2nd. Twenty equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $191.30.

Insiders Place Their Bets

In related news, Director Stephen A. Sherwin sold 8,760 shares of the business’s stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $150.02, for a total value of $1,314,175.20. Following the transaction, the director now directly owns 11,318 shares of the company’s stock, valued at approximately $1,697,926.36. The trade was a 43.63% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.16% of the company’s stock.

Biogen 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.