Commonwealth Equity Services LLC grew its position in Biogen Inc. (NASDAQ:BIIB – Free Report) by 1,622.8% during the third quarter, HoldingsChannel reports. The firm owned 288,724 shares of the biotechnology company’s stock after buying an additional 271,965 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Biogen were worth $65,217,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds have also modified their holdings of the company. BlackRock Inc. bought a new stake in shares of Biogen during the 2nd quarter worth $3,453,878,000. Primecap Management Co. CA acquired a new position in Biogen in the 2nd quarter valued at $3,274,304,000. Wellington Management Group LLP grew its stake in Biogen by 5.3% in the 2nd quarter. Wellington Management Group LLP now owns 3,117,469 shares of the biotechnology company’s stock valued at $673,560,000 after buying an additional 155,828 shares during the last quarter. Amundi raised its holdings in Biogen by 91.8% in the 2nd quarter. Amundi now owns 1,516,831 shares of the biotechnology company’s stock worth $327,727,000 after acquiring an additional 726,004 shares during the period. Finally, Legal & General Group Plc bought a new position in Biogen in the 2nd quarter worth $322,640,000. 87.93% of the stock is currently owned by institutional investors and hedge funds.
Biogen Stock Up 1.8%
BIIB opened at $248.35 on Friday. Biogen Inc. has a 1-year low of $151.83 and a 1-year high of $258.78. The company has a current ratio of 1.95, a quick ratio of 1.37 and a debt-to-equity ratio of 0.39. The stock has a market capitalization of $36.71 billion, a price-to-earnings ratio of 106.13, a P/E/G ratio of 2.82 and a beta of 0.10. The business has a 50 day moving average of $230.01 and a 200-day moving average of $203.04.
Biogen (NASDAQ:BIIB – Get Free Report) last announced its quarterly earnings data on Wednesday, October 28th. The biotechnology company reported $2.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.99 by $0.63. Biogen had a net margin of 3.37% and a return on equity of 9.38%. The business had revenue of $2.80 billion for the quarter, compared to the consensus estimate of $2.63 billion. During the same quarter last year, the company posted $4.81 earnings per share. Biogen’s quarterly revenue was up 10.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Biogen Inc. will post 12.45 earnings per share for the current year.
Analyst Ratings Changes
A number of research analysts have weighed in on BIIB shares. Wall Street Zen raised shares of Biogen from a “hold” rating to a “strong-buy” rating in a research report on Saturday, October 31st. Guggenheim upped their price target on shares of Biogen from $280.00 to $300.00 and gave the company a “buy” rating in a report on Monday, November 2nd. Royal Bank Of Canada raised their price target on Biogen from $256.00 to $272.00 and gave the company an “outperform” rating in a research report on Thursday, October 29th. TD Cowen lifted their price objective on Biogen from $250.00 to $260.00 and gave the stock a “buy” rating in a research note on Thursday, October 29th. Finally, Bank of America lifted their price objective on Biogen from $219.00 to $244.00 and gave the stock a “neutral” rating in a research note on Thursday, October 22nd. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $252.34.
View Our Latest Stock Analysis on BIIB
Biogen Profile
Biogen is a biotechnology company focused on developing and commercializing medicines for neurological and rare diseases. Its areas of focus include multiple sclerosis, Alzheimer’s disease, spinal muscular atrophy and Friedreich’s ataxia.
Its products include multiple sclerosis treatments such as Tysabri, Tecfidera and Vumerity, and Skyclarys for Friedreich’s ataxia. Biogen shares rights to several medicines with other companies, including Leqembi for Alzheimer’s disease with Eisai and Spinraza for spinal muscular atrophy with Ionis Pharmaceuticals.
Founded in 1978, Biogen is headquartered in Cambridge, Massachusetts, and serves patients and healthcare providers in the United States and international markets.
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