Suvretta Capital Management LLC Makes New $5.81 Million Investment in Biogen Inc. (NASDAQ:BIIB)

Suvretta Capital Management LLC purchased a new position in shares of Biogen Inc. (NASDAQ:BIIB) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 29,946 shares of the biotechnology company’s stock, valued at approximately $5,805,000.

A number of other institutional investors have also recently made changes to their positions in BIIB. Plato Investment Management Ltd raised its stake in Biogen by 82.8% in the first quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock valued at $25,000 after buying an additional 53 shares during the last quarter. Itau Unibanco Holding S.A. purchased a new position in shares of Biogen in the 2nd quarter valued at approximately $33,000. Ashton Thomas Securities LLC acquired a new stake in Biogen in the 3rd quarter worth approximately $33,000. Versant Capital Management Inc grew its position in Biogen by 123.2% during the 2nd quarter. Versant Capital Management Inc now owns 154 shares of the biotechnology company’s stock worth $36,000 after purchasing an additional 85 shares during the last quarter. Finally, Blue Trust Inc. raised its holdings in shares of Biogen by 249.0% in the second quarter. Blue Trust Inc. now owns 178 shares of the biotechnology company’s stock worth $38,000 after buying an additional 127 shares during the last quarter. Institutional investors and hedge funds own 87.93% of the company’s stock.

Biogen Stock Up 1.4 %

Shares of BIIB opened at $159.83 on Friday. The stock has a 50 day moving average price of $178.63 and a 200 day moving average price of $203.60. Biogen Inc. has a one year low of $153.62 and a one year high of $268.30. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.80 and a current ratio of 1.26. The stock has a market capitalization of $23.29 billion, a price-to-earnings ratio of 14.44, a PEG ratio of 1.51 and a beta of -0.06.

Biogen (NASDAQ:BIIB) last released its earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.77 by $0.31. The business had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.43 billion. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The company’s revenue for the quarter was down 2.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $4.36 earnings per share. Equities research analysts forecast that Biogen Inc. will post 16.44 earnings per share for the current fiscal year.

Insider Buying and Selling at Biogen

In other Biogen news, insider Priya Singhal sold 431 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total value of $88,018.82. Following the completion of the sale, the insider now directly owns 5,316 shares in the company, valued at $1,085,633.52. This represents a 7.50 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.16% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Wolfe Research initiated coverage on shares of Biogen in a report on Friday, November 15th. They set a “peer perform” rating on the stock. Wedbush cut their price objective on Biogen from $210.00 to $205.00 and set a “neutral” rating on the stock in a report on Monday, September 23rd. TD Cowen decreased their target price on Biogen from $300.00 to $275.00 and set a “buy” rating for the company in a report on Thursday, October 31st. Cantor Fitzgerald reiterated an “overweight” rating and issued a $292.00 price target on shares of Biogen in a report on Monday, September 9th. Finally, Raymond James restated a “market perform” rating on shares of Biogen in a research note on Thursday, October 10th. Thirteen research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Biogen has an average rating of “Moderate Buy” and an average target price of $257.20.

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.