Proficio Capital Partners LLC Buys New Stake in Biogen Inc. (NASDAQ:BIIB)

Proficio Capital Partners LLC purchased a new stake in Biogen Inc. (NASDAQ:BIIB) in the 4th quarter, HoldingsChannel reports. The fund purchased 32,878 shares of the biotechnology company’s stock, valued at approximately $5,028,000.

Several other hedge funds also recently added to or reduced their stakes in BIIB. Ashton Thomas Securities LLC purchased a new stake in shares of Biogen in the third quarter worth about $33,000. Golden State Wealth Management LLC purchased a new position in Biogen in the 4th quarter worth approximately $41,000. Venturi Wealth Management LLC grew its position in Biogen by 73.8% in the third quarter. Venturi Wealth Management LLC now owns 219 shares of the biotechnology company’s stock valued at $42,000 after acquiring an additional 93 shares in the last quarter. Itau Unibanco Holding S.A. raised its stake in shares of Biogen by 63.8% during the third quarter. Itau Unibanco Holding S.A. now owns 231 shares of the biotechnology company’s stock valued at $45,000 after purchasing an additional 90 shares during the period. Finally, Quent Capital LLC lifted its position in shares of Biogen by 31.9% during the fourth quarter. Quent Capital LLC now owns 298 shares of the biotechnology company’s stock worth $46,000 after purchasing an additional 72 shares in the last quarter. 87.93% of the stock is owned by hedge funds and other institutional investors.

Biogen Stock Up 0.9 %

BIIB stock opened at $141.71 on Tuesday. The stock has a market cap of $20.74 billion, a PE ratio of 12.66, a price-to-earnings-growth ratio of 1.51 and a beta of -0.08. The firm’s 50-day simple moving average is $144.28 and its 200 day simple moving average is $167.83. Biogen Inc. has a fifty-two week low of $128.51 and a fifty-two week high of $238.00. The company has a quick ratio of 0.90, a current ratio of 1.35 and a debt-to-equity ratio of 0.27.

Biogen (NASDAQ:BIIB) last posted its earnings results on Wednesday, February 12th. The biotechnology company reported $3.44 EPS for the quarter, topping the consensus estimate of $3.43 by $0.01. Biogen had a net margin of 16.87% and a return on equity of 14.98%. As a group, sell-side analysts predict that Biogen Inc. will post 15.83 EPS for the current year.

Analyst Ratings Changes

BIIB has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. lowered their price target on shares of Biogen from $220.00 to $210.00 and set a “neutral” rating for the company in a report on Monday, November 4th. Jefferies Financial Group downgraded Biogen from a “buy” rating to a “hold” rating and lowered their target price for the company from $250.00 to $180.00 in a research note on Monday, December 9th. Canaccord Genuity Group cut their price target on Biogen from $298.00 to $265.00 and set a “buy” rating on the stock in a research note on Thursday, February 13th. Sanford C. Bernstein initiated coverage on Biogen in a research note on Tuesday, February 11th. They set a “market perform” rating and a $160.00 price objective for the company. Finally, Stifel Nicolaus lowered Biogen from a “buy” rating to a “hold” rating and set a $175.00 target price on the stock. in a research report on Monday, December 16th. Seventeen equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $213.33.

Biogen Profile

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.