Morningstar Investment Services LLC Invests $6.61 Million in Biogen Inc (NASDAQ:BIIB)

Morningstar Investment Services LLC purchased a new position in shares of Biogen Inc (NASDAQ:BIIB) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 25,398 shares of the biotechnology company’s stock, valued at approximately $6,612,000.

Several other institutional investors also recently added to or reduced their stakes in BIIB. Stralem & Co. Inc. purchased a new stake in shares of Biogen during the first quarter worth approximately $32,000. Atlas Capital Advisors LLC purchased a new position in Biogen in the first quarter worth $41,000. First Manhattan Co. raised its position in Biogen by 54.2% in the first quarter. First Manhattan Co. now owns 185 shares of the biotechnology company’s stock worth $58,000 after acquiring an additional 65 shares in the last quarter. Ellevest Inc. raised its position in Biogen by 70.7% in the first quarter. Ellevest Inc. now owns 198 shares of the biotechnology company’s stock worth $63,000 after acquiring an additional 82 shares in the last quarter. Finally, Private Ocean LLC raised its position in Biogen by 162.5% in the first quarter. Private Ocean LLC now owns 210 shares of the biotechnology company’s stock worth $66,000 after acquiring an additional 130 shares in the last quarter. Institutional investors and hedge funds own 87.34% of the company’s stock.

Several research analysts have issued reports on the company. Wells Fargo & Co increased their price objective on Biogen from $311.00 to $324.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 22nd. Raymond James reiterated a “sell” rating on shares of Biogen in a research report on Friday. Citigroup cut Biogen from a “neutral” rating to a “sell” rating and cut their price objective for the stock from $365.00 to $240.00 in a research report on Thursday, April 23rd. Goldman Sachs Group lowered their target price on Biogen from $300.00 to $257.00 and set a “neutral” rating on the stock in a report on Monday, July 13th. Finally, JPMorgan Chase & Co. reissued a “hold” rating and issued a $279.00 target price on shares of Biogen in a report on Wednesday. Six investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and ten have given a buy rating to the company. Biogen presently has a consensus rating of “Hold” and a consensus price target of $307.79.

NASDAQ:BIIB traded down $0.17 during mid-day trading on Friday, reaching $274.69. The company’s stock had a trading volume of 1,288,904 shares, compared to its average volume of 1,142,485. The company’s fifty day simple moving average is $273.66 and its two-hundred day simple moving average is $298.73. The company has a debt-to-equity ratio of 0.69, a current ratio of 2.46 and a quick ratio of 2.19. Biogen Inc has a twelve month low of $215.77 and a twelve month high of $374.99. The stock has a market cap of $43.49 billion, a P/E ratio of 8.05, a P/E/G ratio of 0.77 and a beta of 0.54.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings results on Wednesday, July 22nd. The biotechnology company reported $10.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $8.03 by $2.23. The firm had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.44 billion. Biogen had a return on equity of 50.10% and a net margin of 40.91%. During the same period last year, the company earned $9.15 EPS. Sell-side analysts expect that Biogen Inc will post 35.51 EPS for the current fiscal year.

About Biogen

Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases worldwide. The company offers TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for the treatment of multiple sclerosis (MS); SPINRAZA for the treatment of spinal muscular atrophy; and FUMADERM for the treatment of plaque psoriasis.

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Institutional Ownership by Quarter for Biogen (NASDAQ:BIIB)

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