On September 19, 2023, it was reported that Brookstone Capital Management had increased its position in Biogen Inc. (NASDAQ: BIIB) during the second quarter of the year. According to their Form 13F filing with the Securities and Exchange Commission (SEC), the fund now owns 14,994 shares of Biogen’s stock after buying an additional 3,411 shares during this period. The value of Brookstone Capital Management’s holdings in Biogen is estimated to be $4,124,000 at the end of the reporting period.
Biogen, a biotechnology company listed on NASDAQ under the symbol BIIB, recently released its quarterly earnings results on July 25th. For the quarter, Biogen reported earnings per share (EPS) of $4.02, surpassing analysts’ consensus estimates by $0.25 as they had predicted EPS of $3.77. The company generated a total revenue of $2.46 billion during this quarter, which exceeded the consensus estimate of $2.36 billion.
However, it is worth noting that Biogen experienced a 5.1% decrease in revenue compared to the same quarter last year. In the corresponding quarter last year, the company had earned $5.25 per share in comparison to this year’s fourth-quarter earnings result of $4.02 per share.
Despite this decline in revenue, Biogen still achieved a return on equity (ROE) of 17.33% and maintained a net margin of 26.72%. These figures demonstrate that the company remains profitable and efficiently manages its resources.
Looking ahead to future performance expectations, sell-side analysts anticipate that Biogen Inc.’s EPS for the current fiscal year will be approximately 15.25.
In other news concerning Biogen Inc., insider Priya Singhal sold 431 shares of the company’s stock on Tuesday, September 5th at an average price of $269.43. The total value of this transaction amounted to $116,124.33. Following the sale, Singhal now directly owns 3,354 shares in the company, which are valued at approximately $903,668.22.
As required by law, this transaction was fully disclosed in a document filed with the Securities and Exchange Commission (SEC). Those interested can access further details about the sale through the SEC website.
It is important to note that insiders currently own 0.60% of Biogen Inc.’s stock.
In conclusion, Brookstone Capital Management has increased its stake in Biogen Inc., demonstrating confidence in the biotechnology company’s performance potential. Despite a decrease in revenue compared to the same quarter last year, Biogen remains profitable and efficient in managing its resources. The recent insider trading activity further highlights investor activity surrounding Biogen and provides insights into market sentiment towards the company. Interested parties are encouraged to consult official documents on file with regulatory agencies for more detailed information regarding these recent developments involving Biogen Inc.
PagerDuty, Inc.
PD
Buy
Updated on: 19/09/2023
Financial Health
Healthy
Debt to equity ratio: Strong Buy
Price to earnings ratio: Strong Sell
Price to book ratio: Strong Buy
DCF: Strong Buy
ROE: Sell
Institutional Investors and Hedge Funds Show Interest in Biogen as Analysts Remain Optimistic
Biogen, a leading biotechnology company, has recently garnered attention from several hedge funds and institutional investors. Altshuler Shaham Ltd, for instance, has acquired a new stake in Biogen valued at approximately $25,000 during the fourth quarter. Similarly, Delta Asset Management LLC TN purchased shares worth $28,000.
Global Retirement Partners LLC also increased its position in Biogen by 82.9% during the first quarter. The company now owns 128 shares of Biogen’s stock valued at $40,000 after purchasing an additional 58 shares in the last quarter. Heritage Wealth Management LLC also acquired a new stake in the company during the same period, investing around $43,000.
First Manhattan Co., on the other hand, increased its holdings in Biogen by 33.3% during the fourth quarter and now owns 160 shares valued at $44,000 after purchasing an additional 40 shares.
These figures demonstrate that institutional investors and hedge funds own a significant portion of Biogen’s stock with an ownership percentage of 85.99%.
On September 19th, Biogen began trading on NASDAQ under the ticker symbol “BIIB” at an opening price of $253.30. The market capitalization of the company stands at $36.68 billion with a relatively low P/E ratio of 13.79 and a PEG ratio of 2.76. Additionally, Biogen has a beta value of 0.13.
The stock’s performance over certain timeframes is also noteworthy; it has a 50-day simple moving average of $268.28 and a 200-day simple moving average of $281.99.
In terms of financial health indicators, Biogen maintains a debt-to-equity ratio of 0.43 and displays favorable liquidity with quick and current ratios measuring at 2.86 and 3.27 respectively.
Despite recent fluctuations in the stock’s price, Biogen has reached a 52-week low of $194.45 and a 52-week high of $319.76.
Various brokerages have commented on Biogen’s performance and outlook. Scotiabank, for example, gave the company a “sector outperform” rating with a target price of $327.00 per share.
Barclays also released research notes on the stock, lowering their target price from $311.00 to $294.00 while maintaining an “equal weight” rating.
Morgan Stanley, meanwhile, expressed positivity by increasing their price objective from $363.00 to $381.00 and giving Biogen an “overweight” rating.
On the other hand, Piper Sandler decreased its target price for shares of Biogen from $380.00 to $350.00.
Mizuho echoed a positive sentiment by providing a “buy” rating for the company and setting a target price of $335.00, slightly lower than its previous estimate of $340.00.
Overall, analysts seem to hold an optimistic view on Biogen, with five analysts giving it a hold rating and twenty-three indicating a buy recommendation.
Considering Bloomberg.com’s data on the consensus rating for the company as “Moderate Buy,” along with an average target price of $325.36, it is clear that many stakeholders expect favorable growth potential for Biogen in the near future.
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