1832 Asset Management L.P. Makes New Investment in Biogen Inc (NASDAQ:BIIB)
1832 Asset Management L.P. bought a new position in shares of Biogen Inc (NASDAQ:BIIB) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 43,700 shares of the biotechnology company’s stock, valued at approximately $13,911,000.
Other institutional investors also recently bought and sold shares of the company. Stralem & Co. Inc. purchased a new stake in Biogen during the first quarter worth $32,000. Solstein Capital LLC purchased a new stake in shares of Biogen during the 4th quarter valued at $34,000. Covington Capital Management lifted its holdings in shares of Biogen by 53.8% during the 4th quarter. Covington Capital Management now owns 120 shares of the biotechnology company’s stock valued at $36,000 after purchasing an additional 42 shares during the last quarter. Atlas Capital Advisors LLC purchased a new stake in shares of Biogen during the 1st quarter valued at $41,000. Finally, Advisory Alpha LLC lifted its holdings in shares of Biogen by 318.8% during the 4th quarter. Advisory Alpha LLC now owns 134 shares of the biotechnology company’s stock valued at $39,000 after purchasing an additional 102 shares during the last quarter. Institutional investors own 87.45% of the company’s stock.
Shares of NASDAQ:BIIB traded down $3.25 during trading on Friday, reaching $259.38. 430,746 shares of the company’s stock traded hands, compared to its average volume of 2,143,151. Biogen Inc has a fifty-two week low of $215.77 and a fifty-two week high of $374.99. The company has a quick ratio of 1.54, a current ratio of 1.73 and a debt-to-equity ratio of 0.39. The firm has a market cap of $42.92 billion, a PE ratio of 8.11, a P/E/G ratio of 0.57 and a beta of 0.54. The company has a 50-day simple moving average of $298.35 and a 200-day simple moving average of $302.98.
Several analysts have recently commented on the company. Raymond James lowered Biogen from a “market perform” rating to an “underperform” rating in a report on Wednesday, April 22nd. SVB Leerink reiterated an “outperform” rating on shares of Biogen in a report on Wednesday, April 8th. Credit Suisse Group reiterated a “hold” rating and set a $270.00 price objective on shares of Biogen in a report on Thursday. Sanford C. Bernstein lowered Biogen from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $360.00 to $297.00 in a report on Tuesday, June 9th. Finally, Citigroup lowered Biogen from a “neutral” rating to a “sell” rating and decreased their price objective for the company from $365.00 to $240.00 in a report on Thursday, April 23rd. Seven research analysts have rated the stock with a sell rating, seventeen have given a hold rating and nine have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $306.50.
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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