Centre Asset Management LLC Increases Shareholding in Biogen Inc.

Centre Asset Management LLC has increased its holdings in Biogen Inc. (NASDAQ:BIIB) by 7.7% during the fourth quarter, as reported in its latest Form 13F filing with the SEC. After acquiring an additional 3,698 shares, the fund now owns a total of 51,530 shares of the biotechnology company. This investment has brought the value of Centre Asset Management's holdings in Biogen to approximately $7,880,000 according to the most recent SEC filing.

Recent Institutional Investments

Several other institutional investors have also been active in buying and selling shares of Biogen. For instance, Itau Unibanco Holding S.A. recently acquired a new stake valued at around $33,000 in the 2nd quarter. Similarly, Ashton Thomas Securities LLC entered into Biogen with a new position worth about $33,000 in the third quarter. Additionally, Venturi Wealth Management LLC reported a significant increase in its holdings by 73.8%, now possessing 219 shares valued at about $42,000 after acquiring an extra 93 shares. Other noteworthy investments include Rothschild Investment LLC, which bought a new stake around $60,000 in the second quarter, and Versant Capital Management Inc., which boosted its holdings by an impressive 228.7% in the last quarter, owning 401 shares valued at $61,000. Gathered data indicates that institutional investors and hedge funds collectively hold 87.93% of Biogen’s stock.

Analyst Insights and Ratings Changes

In recent evaluations, a number of analysts have made changes to their ratings for Biogen. Piper Sandler downgraded Biogen from an "overweight" rating to a "neutral" rating, slashing their target price from $315.00 to $138.00. Barclays also adjusted their price objective down from $190.00 to $180.00, assigning an "equal weight" rating for the stock. In a related note, Wedbush cut their target price from $210.00 to $205.00 while keeping a "neutral" rating. Needham & Company LLC also lowered Biogen's rating from "buy" to "hold" with a target price of $270.00. Lastly, Oppenheimer reduced their price target from $270.00 to $255.00, while maintaining an "outperform" rating. Overall, 17 research analysts have issued a hold rating while 13 have given Biogen a buy rating, resulting in an average stock rating of "Hold" and a price target of approximately $235.68, according to MarketBeat.

Biogen Stock Market Activity

During midday trading on Friday, Biogen's stock price rose by $2.00, reaching $152.00. The trading volume was recorded at 128,492 shares, significantly lower than the average volume of 584,197 shares. Over the past year, Biogen Inc. has recorded a low of $145.07 and a high of $264.58. The company now boasts a market capitalization of $22.15 billion, with a price-to-earnings ratio of 13.73 and a price-to-earnings-growth ratio of 1.74. Biogen's beta stands at -0.08, with a 50-day moving average price of $160.79 and a two-hundred day moving average of $190.86. The firm has a debt-to-equity ratio of 0.28, along with a current ratio of 1.26 and a quick ratio of 0.80.

Recent Earnings Report and Company Profile

Biogen last reported its earnings on Wednesday, October 30th, revealing earnings per share (EPS) of $4.08 for the quarter, which surpassed the consensus estimate of $3.77 by $0.31. The company's revenue reached $2.47 billion, exceeding the expected $2.43 billion. Biogen's net margin was recorded at 16.81%, with a return on equity of 14.98%, although the revenue saw a decrease of 2.5% compared to the same quarter last year. Last year, the firm had an EPS of $4.36 for the same quarter. Analysts forecast Biogen Inc. will post an EPS of 16.43 for the current year.

Business Overview

Biogen Inc. specializes in discovering, developing, manufacturing, and delivering therapies targeted at neurological and neurodegenerative diseases across various regions including the United States and Europe. The company’s portfolio includes treatments such as TECFIDERA, VUMERITY, AVONEX, PLEGRIDY for multiple sclerosis, SPINRAZA for spinal muscular atrophy, and ADUHELM for Alzheimer's disease, among others.

Investment, Stocks, Biotechnology