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

Morningstar Investment Services LLC bought a new position in shares of Biogen Inc (NASDAQ:BIIB) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 25,398 shares of the biotechnology company’s stock, valued at approximately $6,612,000.

Several other institutional investors also recently made changes to their positions in the company. BlackRock Inc. raised its position in shares of Biogen by 2.5% during the first quarter. BlackRock Inc. now owns 16,043,037 shares of the biotechnology company’s stock worth $5,075,698,000 after purchasing an additional 384,396 shares during the period. Primecap Management Co. CA raised its position in shares of Biogen by 5.1% during the first quarter. Primecap Management Co. CA now owns 15,965,989 shares of the biotechnology company’s stock worth $5,051,320,000 after purchasing an additional 776,508 shares during the period. State Street Corp raised its position in shares of Biogen by 0.4% during the first quarter. State Street Corp now owns 8,262,242 shares of the biotechnology company’s stock worth $2,614,008,000 after purchasing an additional 30,055 shares during the period. Geode Capital Management LLC raised its position in shares of Biogen by 2.1% during the first quarter. Geode Capital Management LLC now owns 3,372,294 shares of the biotechnology company’s stock worth $1,065,558,000 after purchasing an additional 69,657 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in shares of Biogen by 14.0% during the first quarter. Bank of New York Mellon Corp now owns 2,412,860 shares of the biotechnology company’s stock valued at $763,380,000 after buying an additional 295,556 shares in the last quarter. 87.34% of the stock is currently owned by institutional investors.

Shares of BIIB traded down $0.17 during trading hours on Friday, hitting $274.69. 1,288,904 shares of the company were exchanged, compared to its average volume of 1,142,485. The company has a market cap of $43.49 billion, a PE ratio of 8.05, a PEG ratio of 0.77 and a beta of 0.54. The firm’s 50 day moving average is $273.66 and its 200-day moving average is $298.73. Biogen Inc has a 52 week low of $215.77 and a 52 week high of $374.99. The company has a debt-to-equity ratio of 0.69, a quick ratio of 2.19 and a current ratio of 2.46.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings data on Wednesday, July 22nd. The biotechnology company reported $10.26 earnings per share for the quarter, topping the consensus estimate of $8.03 by $2.23. Biogen had a return on equity of 50.10% and a net margin of 40.91%. The business had revenue of $3.68 billion during the quarter, compared to analysts’ expectations of $3.44 billion. During the same quarter in the previous year, the firm earned $9.15 EPS. As a group, equities analysts forecast that Biogen Inc will post 35.51 earnings per share for the current fiscal year.

BIIB has been the topic of a number of research analyst reports. Piper Sandler lowered their price target on Biogen from $307.00 to $260.00 and set a “neutral” rating on the stock in a report on Friday, June 19th. SunTrust Banks reiterated a “buy” rating and set a $330.00 price target on shares of Biogen in a report on Wednesday, July 8th. JPMorgan Chase & Co. reiterated a “hold” rating and set a $279.00 price target on shares of Biogen in a report on Wednesday. Raymond James reiterated a “sell” rating on shares of Biogen in a report on Friday. Finally, SVB Leerink reiterated an “outperform” rating on shares of Biogen in a report on Wednesday, April 8th. Six equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and ten have given a buy rating to the company. Biogen currently has an average rating of “Hold” and an average target price of $307.79.

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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