American Assets Inc. Invests $388,000 in Biogen Inc. (NASDAQ:BIIB)

American Assets Inc. bought a new position in shares of Biogen Inc. (NASDAQ:BIIB) during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund bought 2,000 shares of the biotechnology company’s stock, valued at approximately $388,000. Biogen comprises 0.1% of American Assets Inc.’s holdings, making the stock its 17th biggest position.

Several other hedge funds also recently added to or reduced their stakes in BIIB. Vanguard Group Inc. grew its stake in shares of Biogen by 15.0% during the first quarter. Vanguard Group Inc. now owns 16,570,398 shares of the biotechnology company’s stock worth $3,573,075,000 after acquiring an additional 2,163,068 shares during the last quarter. Primecap Management Co. CA boosted its stake in Biogen by 0.7% in the 2nd quarter. Primecap Management Co. CA now owns 16,338,294 shares of the biotechnology company’s stock worth $3,787,543,000 after purchasing an additional 117,578 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in Biogen by 5.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,589,629 shares of the biotechnology company’s stock worth $342,772,000 after purchasing an additional 81,283 shares during the last quarter. RA Capital Management L.P. increased its stake in Biogen by 39.0% during the 1st quarter. RA Capital Management L.P. now owns 740,727 shares of the biotechnology company’s stock valued at $159,723,000 after purchasing an additional 207,835 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its holdings in shares of Biogen by 27.2% in the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 570,533 shares of the biotechnology company’s stock worth $123,024,000 after buying an additional 122,101 shares during the last quarter. 87.93% of the stock is owned by institutional investors and hedge funds.

Biogen Price Performance

Shares of BIIB stock traded down $0.94 on Tuesday, reaching $171.09. 62,709 shares of the company were exchanged, compared to its average volume of 1,149,655. The company has a market cap of $24.93 billion, a price-to-earnings ratio of 15.54, a P/E/G ratio of 1.64 and a beta of -0.06. Biogen Inc. has a 1 year low of $170.50 and a 1 year high of $268.30. The business has a 50-day moving average price of $189.06 and a 200 day moving average price of $208.65. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.80 and a current ratio of 1.26.

Biogen (NASDAQ:BIIB) last released its earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share for the quarter, beating the consensus estimate of $3.77 by $0.31. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The business had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.43 billion. During the same quarter last year, the business posted $4.36 earnings per share. The business’s quarterly revenue was down 2.5% compared to the same quarter last year. Equities research analysts forecast that Biogen Inc. will post 16.4 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently issued reports on BIIB shares. Needham & Company LLC reissued a “buy” rating and issued a $270.00 target price on shares of Biogen in a research report on Wednesday, October 30th. Royal Bank of Canada cut their price objective on Biogen from $292.00 to $269.00 and set an “outperform” rating on the stock in a report on Friday, October 4th. Oppenheimer decreased their target price on Biogen from $270.00 to $255.00 and set an “outperform” rating for the company in a report on Thursday, October 31st. Wedbush cut their price target on shares of Biogen from $210.00 to $205.00 and set a “neutral” rating on the stock in a report on Monday, September 23rd. Finally, TD Cowen decreased their price objective on shares of Biogen from $300.00 to $275.00 and set a “buy” rating for the company in a research note on Thursday, October 31st. Ten investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $261.58.

Insiders Place Their Bets

In other news, insider Priya Singhal sold 431 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total value of $88,018.82. Following the transaction, the insider now directly owns 5,316 shares of the company’s stock, valued at approximately $1,085,633.52. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.16% of the stock is currently owned by corporate insiders.

About Biogen

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.