Versant Capital Management Inc Increases Stake in Biogen Inc.

Versant Capital Management Inc has significantly increased its investment in Biogen Inc. (NASDAQ:BIIB), according to a recent 13F filing with the SEC. This filing reveals that the firm raised its ownership in the biotechnology company by a remarkable 228.7% during the fourth quarter. As a result, Versant Capital now holds a total of 401 shares, having acquired an additional 279 shares during this period. The total value of Versant Capital Management's holdings in Biogen stood at approximately $61,000 based on the most current filing.

In addition to Versant Capital, other investment funds are also adjusting their positions in Biogen. For example, Itau Unibanco Holding S.A. initiated a new investment in Biogen shares during the second quarter, valued at $33,000. Similarly, Ashton Thomas Securities LLC purchased a new stake in the third quarter, which is also around $33,000. Venturi Wealth Management LLC increased its stake in Biogen by 73.8% in the same quarter, now owning 219 shares valued at around $42,000 after purchasing 93 additional shares. FSA Wealth Management LLC invested about $74,000 in Biogen in the third quarter, while TD Private Client Wealth LLC boosted its stake by 25.0%, bringing its ownership to 385 shares worth about $75,000 after adding 77 shares in the last quarter. Collectively, institutional investors own about 87.93% of Biogen’s stock.

Performance of Biogen Shares

The shares of Biogen (NASDAQ:BIIB) opened at $152.21 on the latest trading day. The stock has a 50-day moving average of $160.20 and a two-hundred day moving average of $190.11. Over the past year, Biogen's stock price has fluctuated between a low of $145.07 and a high of $264.58. In terms of financial stability, the company has a debt-to-equity ratio of 0.28, a current ratio of 1.26, and a quick ratio of 0.80. With a market capitalization of $22.18 billion, Biogen has a price-to-earnings (PE) ratio of 13.75 and a price-to-earnings growth (PEG) ratio of 1.74. The stock has a negative beta of -0.07, indicating that it tends to move in the opposite direction of the market.

On October 30th, Biogen released its quarterly earnings results. The biotechnology firm reported an earnings per share (EPS) of $4.08 for the quarter, exceeding analysts' expectations of $3.77 by $0.31. The company's quarterly revenue was $2.47 billion, surpassing the forecast of $2.43 billion. Despite this positive performance, the company's revenue declined by 2.5% compared to the previous year, when it reported an EPS of $4.36. Analysts predict that Biogen will achieve an annual EPS of 16.43 for the current fiscal year.

Analysts' Price Targets for Biogen

Numerous financial analysts have recently provided updates on Biogen's stock price targets. JPMorgan Chase & Co. has lowered its price target from $220.00 to $210.00, giving the stock a “neutral” rating. Similarly, UBS Group adjusted its price target from $234.00 to $202.00, maintaining a “neutral” stance. Royal Bank of Canada revised its price objective for Biogen from $292.00 down to $269.00, where it rates the company as “outperform.” Additionally, HC Wainwright continues to hold a “buy” rating with an ambitious target price of $300.00. Conversely, Morgan Stanley has changed its rating from “overweight” to “equal weight” and has set a new target price of $204.00, down from $285.00. Overall, there are 17 analysts who have rated Biogen as a hold, while 13 have given it a buy rating. According to data from MarketBeat.com, the consensus rating stands at “Hold” with an average target price of $235.68.

About Biogen Inc.

Biogen Inc. is a prominent biotechnology company that focuses on the discovery, development, manufacturing, and distribution of therapies aimed at combating neurological and neurodegenerative diseases in various regions, including the U.S., Europe, Asia, and beyond. Their product lineup includes treatments for multiple sclerosis, spinal muscular atrophy, and Alzheimer's disease, among others.

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