Fulcrum Asset Management LLP Acquires 14,916 Shares of Biogen Inc. $BIIB

Fulcrum Asset Management LLP increased its holdings in shares of Biogen Inc. (NASDAQ:BIIB) by 964.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,462 shares of the biotechnology company’s stock after purchasing an additional 14,916 shares during the period. Fulcrum Asset Management LLP’s holdings in Biogen were worth $3,738,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in BIIB. BlackRock Inc. purchased a new position in shares of Biogen during the 2nd quarter valued at about $3,453,878,000. Primecap Management Co. CA purchased a new stake in shares of Biogen in the second quarter worth about $3,274,304,000. Legal & General Group Plc purchased a new stake in shares of Biogen in the second quarter worth about $322,640,000. Pictet Asset Management Holding SA boosted its stake in shares of Biogen by 139.4% in the third quarter. Pictet Asset Management Holding SA now owns 2,039,056 shares of the biotechnology company’s stock worth $460,582,000 after buying an additional 1,187,237 shares during the last quarter. Finally, Bank of America Corp DE acquired a new stake in Biogen during the second quarter worth about $241,172,000. 87.93% of the stock is currently owned by institutional investors and hedge funds.

Biogen Stock Performance

NASDAQ BIIB opened at $254.87 on Tuesday. The stock has a market capitalization of $37.67 billion, a price-to-earnings ratio of 108.92, a PEG ratio of 2.89 and a beta of 0.10. Biogen Inc. has a twelve month low of $153.77 and a twelve month high of $261.00. The company has a current ratio of 1.95, a quick ratio of 1.37 and a debt-to-equity ratio of 0.39. The stock has a 50-day moving average of $230.73 and a 200 day moving average of $203.45.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings data on Wednesday, October 28th. The biotechnology company reported $2.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.99 by $0.63. The business had revenue of $2.80 billion for the quarter, compared to the consensus estimate of $2.63 billion. Biogen had a net margin of 3.37% and a return on equity of 9.38%. The company’s revenue was up 10.6% compared to the same quarter last year. During the same period last year, the firm posted $4.81 earnings per share. Sell-side analysts anticipate that Biogen Inc. will post 12.45 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Zacks Research upgraded Biogen from a “strong sell” rating to a “hold” rating in a research report on Tuesday, July 28th. HC Wainwright upped their price objective on Biogen from $251.00 to $270.00 and gave the stock a “buy” rating in a research report on Monday, November 2nd. Argus upgraded Biogen from a “hold” rating to a “buy” rating and set a $280.00 price objective on the stock in a research report on Thursday, October 29th. Robert W. Baird raised their price objective on shares of Biogen from $250.00 to $290.00 and gave the stock an “outperform” rating in a research note on Thursday, October 29th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $305.00 target price (up from $245.00) on shares of Biogen in a report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Biogen currently has a consensus rating of “Moderate Buy” and a consensus target price of $254.41.

About Biogen

Biogen is a biotechnology company focused on developing and commercializing medicines for neurological and rare diseases. Its areas of focus include multiple sclerosis, Alzheimer’s disease, spinal muscular atrophy and Friedreich’s ataxia.

Its products include multiple sclerosis treatments such as Tysabri, Tecfidera and Vumerity, and Skyclarys for Friedreich’s ataxia. Biogen shares rights to several medicines with other companies, including Leqembi for Alzheimer’s disease with Eisai and Spinraza for spinal muscular atrophy with Ionis Pharmaceuticals.

Founded in 1978, Biogen is headquartered in Cambridge, Massachusetts, and serves patients and healthcare providers in the United States and international markets.