Cardinal Capital Management Acquires 2,845 Shares of Biogen Inc. (NASDAQ:BIIB)

Cardinal Capital Management raised its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 10.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 30,467 shares of the biotechnology company’s stock after purchasing an additional 2,845 shares during the quarter. Cardinal Capital Management’s holdings in Biogen were worth $6,570,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of BIIB. Cairn Investment Group Inc. lifted its holdings in Biogen by 1.9% during the 1st quarter. Cairn Investment Group Inc. now owns 11,333 shares of the biotechnology company’s stock valued at $2,444,000 after purchasing an additional 207 shares during the last quarter. Sunbelt Securities Inc. increased its holdings in shares of Biogen by 106.9% during the first quarter. Sunbelt Securities Inc. now owns 627 shares of the biotechnology company’s stock worth $135,000 after buying an additional 324 shares in the last quarter. Kingswood Wealth Advisors LLC bought a new position in shares of Biogen in the first quarter valued at approximately $336,000. Gulf International Bank UK Ltd boosted its holdings in shares of Biogen by 0.5% in the 1st quarter. Gulf International Bank UK Ltd now owns 12,429 shares of the biotechnology company’s stock worth $2,680,000 after acquiring an additional 63 shares in the last quarter. Finally, Wedmont Private Capital grew its position in Biogen by 22.7% during the 1st quarter. Wedmont Private Capital now owns 2,413 shares of the biotechnology company’s stock worth $498,000 after acquiring an additional 446 shares during the last quarter. 87.93% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have commented on BIIB shares. Royal Bank of Canada reissued an “outperform” rating and issued a $317.00 price objective on shares of Biogen in a research note on Wednesday. Barclays dropped their target price on shares of Biogen from $215.00 to $200.00 and set an “equal weight” rating for the company in a research note on Thursday, April 25th. JPMorgan Chase & Co. decreased their price target on shares of Biogen from $270.00 to $240.00 and set a “neutral” rating on the stock in a research note on Thursday, April 11th. Oppenheimer restated an “outperform” rating and issued a $270.00 price objective on shares of Biogen in a research report on Monday, April 29th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $294.00 price objective on shares of Biogen in a research report on Wednesday, May 22nd. Ten analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $286.50.

Biogen Stock Up 1.9 %

NASDAQ BIIB traded up $4.26 during trading hours on Thursday, reaching $228.72. 1,003,349 shares of the company’s stock were exchanged, compared to its average volume of 1,156,681. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.32 and a current ratio of 2.10. The company has a market capitalization of $33.30 billion, a price-to-earnings ratio of 28.62, a price-to-earnings-growth ratio of 2.25 and a beta of -0.02. The company’s 50-day moving average is $220.71 and its two-hundred day moving average is $228.79. Biogen Inc. has a one year low of $189.44 and a one year high of $287.60.

Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 earnings per share for the quarter, topping analysts’ consensus estimates of $3.45 by $0.22. Biogen had a return on equity of 14.83% and a net margin of 12.07%. The firm had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.31 billion. During the same quarter in the prior year, the firm posted $3.40 EPS. The business’s revenue was down 7.0% on a year-over-year basis. On average, analysts forecast that Biogen Inc. will post 15.63 EPS for the current fiscal year.

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.