Peregrine Asset Advisers Inc. Acquires New Shares in Biogen Inc (NASDAQ:BIIB)

Peregrine Asset Advisers Inc. purchased a new position in Biogen Inc (NASDAQ:BIIB) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 20,670 shares of the biotechnology company’s stock, valued at approximately $4,834,000. Biogen comprises about 2.5% of Peregrine Asset Advisers Inc.’s holdings, making the stock its 11th largest holding.

Other large investors also recently made changes to their positions in the company. Trustcore Financial Services LLC increased its stake in shares of Biogen by 152.3% in the second quarter. Trustcore Financial Services LLC now owns 111 shares of the biotechnology company’s stock worth $26,000 after purchasing an additional 67 shares during the period. Resources Investment Advisors Inc. increased its stake in shares of Biogen by 500.0% in the first quarter. Resources Investment Advisors Inc. now owns 120 shares of the biotechnology company’s stock worth $28,000 after purchasing an additional 100 shares during the period. Weaver Consulting Group bought a new position in shares of Biogen in the first quarter worth about $28,000. Private Ocean LLC bought a new position in shares of Biogen in the first quarter worth about $31,000. Finally, Ruggie Capital Group bought a new position in shares of Biogen in the second quarter worth about $33,000. 90.77% of the stock is owned by institutional investors.

BIIB has been the topic of a number of recent analyst reports. Wedbush initiated coverage on Biogen in a research note on Wednesday, May 22nd. They issued a “neutral” rating and a $231.00 price objective on the stock. Oppenheimer set a $290.00 price objective on Biogen and gave the stock a “buy” rating in a research note on Sunday, May 5th. Barclays dropped their price objective on Biogen from $250.00 to $245.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 9th. Canaccord Genuity lifted their price objective on Biogen from $275.00 to $285.00 and gave the stock a “hold” rating in a research note on Wednesday, July 24th. Finally, Piper Jaffray Companies reiterated a “hold” rating on shares of Biogen in a research note on Friday, July 26th. Four equities research analysts have rated the stock with a sell rating, twenty-three have assigned a hold rating and five have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $269.74.

Shares of BIIB stock traded down $6.21 during trading hours on Friday, hitting $225.85. The company had a trading volume of 930,284 shares, compared to its average volume of 1,186,906. Biogen Inc has a 12 month low of $216.12 and a 12 month high of $358.41. The firm has a market capitalization of $43.01 billion, a price-to-earnings ratio of 8.62, a PEG ratio of 0.85 and a beta of 0.99. The firm’s fifty day moving average is $234.57 and its 200 day moving average is $252.72. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.22 and a current ratio of 2.46.

Biogen (NASDAQ:BIIB) last released its quarterly earnings data on Tuesday, July 23rd. The biotechnology company reported $9.15 earnings per share for the quarter, beating the consensus estimate of $7.58 by $1.57. Biogen had a return on equity of 44.89% and a net margin of 37.62%. The company had revenue of $3.62 billion for the quarter, compared to analyst estimates of $3.48 billion. During the same period in the prior year, the company posted $5.80 EPS. The company’s revenue was up 7.8% compared to the same quarter last year. On average, sell-side analysts expect that Biogen Inc will post 32.41 EPS for the current fiscal year.

Biogen Company Profile

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.

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Institutional Ownership by Quarter for Biogen (NASDAQ:BIIB)

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