Wealthfront Advisers LLC Increases Stock Holdings in Biogen Inc (NASDAQ:BIIB)

Wealthfront Advisers LLC increased its holdings in shares of Biogen Inc (NASDAQ:BIIB) by 85.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,642 shares of the biotechnology company’s stock after buying an additional 3,986 shares during the period. Wealthfront Advisers LLC’s holdings in Biogen were worth $2,564,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also made changes to their positions in the company. Nuveen Asset Management LLC lifted its holdings in Biogen by 506.4% in the 2nd quarter. Nuveen Asset Management LLC now owns 1,319,080 shares of the biotechnology company’s stock valued at $308,493,000 after purchasing an additional 1,101,563 shares in the last quarter. Assenagon Asset Management S.A. lifted its holdings in Biogen by 1,345.3% in the 3rd quarter. Assenagon Asset Management S.A. now owns 674,932 shares of the biotechnology company’s stock valued at $157,138,000 after purchasing an additional 628,233 shares in the last quarter. Banco Santander S.A. lifted its holdings in Biogen by 10,997.3% in the 3rd quarter. Banco Santander S.A. now owns 342,795 shares of the biotechnology company’s stock valued at $79,809,000 after purchasing an additional 339,706 shares in the last quarter. Man Group plc lifted its holdings in Biogen by 47.0% in the 3rd quarter. Man Group plc now owns 694,842 shares of the biotechnology company’s stock valued at $161,773,000 after purchasing an additional 222,250 shares in the last quarter. Finally, Nomura Holdings Inc. lifted its holdings in Biogen by 276.3% in the 3rd quarter. Nomura Holdings Inc. now owns 215,987 shares of the biotechnology company’s stock valued at $49,532,000 after purchasing an additional 158,593 shares in the last quarter. Hedge funds and other institutional investors own 87.37% of the company’s stock.

Shares of NASDAQ:BIIB opened at $287.19 on Wednesday. The business has a 50-day moving average price of $295.50 and a 200 day moving average price of $259.66. The company has a current ratio of 1.91, a quick ratio of 1.74 and a debt-to-equity ratio of 0.35. The company has a market capitalization of $51.52 billion, a price-to-earnings ratio of 10.21, a PEG ratio of 0.94 and a beta of 1.09. Biogen Inc has a 12-month low of $215.77 and a 12-month high of $344.00.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings data on Tuesday, October 22nd. The biotechnology company reported $9.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $8.27 by $0.90. The firm had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.53 billion. Biogen had a return on equity of 46.14% and a net margin of 37.91%. The company’s quarterly revenue was up 4.7% on a year-over-year basis. During the same period last year, the company earned $7.40 EPS. As a group, equities research analysts predict that Biogen Inc will post 33.14 earnings per share for the current fiscal year.

Biogen announced that its Board of Directors has initiated a share repurchase program on Saturday, December 21st that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the biotechnology company to purchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

A number of research analysts have weighed in on the company. Standpoint Research lowered Biogen from a “buy” rating to a “hold” rating in a report on Friday, November 1st. SunTrust Banks assumed coverage on Biogen in a report on Tuesday, November 12th. They issued a “buy” rating and a $337.00 price objective on the stock. ValuEngine upgraded Biogen from a “sell” rating to a “hold” rating in a report on Friday, January 3rd. Morgan Stanley raised their price objective on Biogen from $262.00 to $270.00 and gave the company an “underweight” rating in a report on Friday, January 17th. Finally, Jefferies Financial Group raised their price objective on Biogen from $255.00 to $310.00 and gave the company a “hold” rating in a report on Tuesday, October 22nd. Four investment analysts have rated the stock with a sell rating, twenty-two have given a hold rating and ten have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $288.72.

In related news, Director Brian S. Posner sold 1,055 shares of the firm’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $292.35, for a total transaction of $308,429.25. Following the completion of the sale, the director now directly owns 6,995 shares of the company’s stock, valued at approximately $2,044,988.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.39% of the stock is currently owned by company insiders.

About Biogen

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.

Further Reading: S&P/TSX Index

Institutional Ownership by Quarter for Biogen (NASDAQ:BIIB)

Receive News & Ratings for Biogen Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Biogen and related companies with MarketBeat.com's FREE daily email newsletter.