Parallel Advisors LLC Raises Stake in Biogen Inc. (NASDAQ:BIIB)

Parallel Advisors LLC boosted its position in Biogen Inc. (NASDAQ:BIIB) by 22.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,610 shares of the biotechnology company’s stock after buying an additional 290 shares during the quarter. Parallel Advisors LLC’s holdings in Biogen were worth $220,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of the company. First County Bank CT purchased a new stake in shares of Biogen during the first quarter valued at approximately $653,000. GAMMA Investing LLC boosted its stake in shares of Biogen by 63,919.1% during the first quarter. GAMMA Investing LLC now owns 254,796 shares of the biotechnology company’s stock valued at $34,866,000 after purchasing an additional 254,398 shares during the period. Nexus Investment Management ULC purchased a new stake in shares of Biogen during the first quarter valued at approximately $126,000. Quent Capital LLC boosted its stake in shares of Biogen by 31.2% during the first quarter. Quent Capital LLC now owns 391 shares of the biotechnology company’s stock valued at $54,000 after purchasing an additional 93 shares during the period. Finally, Farmers Trust Co. boosted its stake in shares of Biogen by 15.7% during the first quarter. Farmers Trust Co. now owns 14,861 shares of the biotechnology company’s stock valued at $2,034,000 after purchasing an additional 2,012 shares during the period. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on BIIB shares. Citigroup dropped their price objective on Biogen from $160.00 to $145.00 and set a “neutral” rating for the company in a research note on Thursday, February 13th. Argus lowered Biogen from a “buy” rating to a “hold” rating in a research note on Friday, April 4th. Robert W. Baird cut their price target on shares of Biogen from $300.00 to $255.00 and set an “outperform” rating on the stock in a report on Friday, May 2nd. Scotiabank cut their price target on shares of Biogen from $244.00 to $224.00 and set a “sector outperform” rating on the stock in a report on Thursday, February 13th. Finally, Piper Sandler cut their price target on shares of Biogen from $135.00 to $115.00 and set a “neutral” rating on the stock in a report on Tuesday, April 29th. Twenty equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $191.30.

Insider Transactions at Biogen

In related news, Director Stephen A. Sherwin sold 8,760 shares of the firm’s stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $150.02, for a total value of $1,314,175.20. Following the sale, the director now owns 11,318 shares of the company’s stock, valued at $1,697,926.36. This trade represents a 43.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.16% of the company’s stock.

Biogen Trading Up 0.0%

NASDAQ BIIB opened at $131.86 on Thursday. The firm’s 50-day moving average is $122.91 and its two-hundred day moving average is $138.77. Biogen Inc. has a 12 month low of $110.04 and a 12 month high of $238.00. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.35 and a quick ratio of 0.90. The stock has a market capitalization of $19.32 billion, a P/E ratio of 11.78, a PEG ratio of 1.51 and a beta of 0.12.

Biogen (NASDAQ:BIIB) last posted its earnings results on Thursday, May 1st. The biotechnology company reported $3.02 EPS for the quarter, missing analysts’ consensus estimates of $3.26 by ($0.24). Biogen had a net margin of 16.87% and a return on equity of 14.98%. The company had revenue of $2.43 billion during the quarter, compared to analyst estimates of $2.25 billion. During the same period in the previous year, the company earned $3.67 EPS. The company’s quarterly revenue was up 6.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Biogen Inc. will post 15.83 earnings per share for the current 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.