Commonwealth Equity Services LLC Increases Position in Biogen Inc. (NASDAQ:BIIB)

Commonwealth Equity Services LLC increased its position in Biogen Inc. (NASDAQ:BIIB) by 28.2% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 28,446 shares of the biotechnology company’s stock after acquiring an additional 6,259 shares during the period. Commonwealth Equity Services LLC’s holdings in Biogen were worth $6,595,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Plato Investment Management Ltd increased its holdings in shares of Biogen by 82.8% in the first quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock valued at $25,000 after purchasing an additional 53 shares during the period. Livelsberger Financial Advisory acquired a new position in Biogen in the 4th quarter worth approximately $26,000. Rise Advisors LLC purchased a new position in Biogen during the 1st quarter worth approximately $27,000. EntryPoint Capital LLC acquired a new stake in Biogen during the 1st quarter valued at approximately $36,000. Finally, Versant Capital Management Inc boosted its holdings in shares of Biogen by 123.2% in the 2nd quarter. Versant Capital Management Inc now owns 154 shares of the biotechnology company’s stock valued at $36,000 after acquiring an additional 85 shares during the last quarter. Institutional investors and hedge funds own 87.93% of the company’s stock.

Insiders Place Their Bets

In other news, insider Priya Singhal sold 431 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total value of $88,018.82. Following the completion of the sale, the insider now directly owns 5,316 shares in the company, valued at $1,085,633.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.16% of the stock is currently owned by corporate insiders.

Biogen Price Performance

NASDAQ:BIIB opened at $200.81 on Friday. The stock has a 50 day moving average of $213.38 and a two-hundred day moving average of $216.58. Biogen Inc. has a 12 month low of $189.44 and a 12 month high of $269.43. The firm has a market cap of $29.24 billion, a P/E ratio of 25.07, a price-to-earnings-growth ratio of 2.06 and a beta of -0.04. The company has a current ratio of 2.29, a quick ratio of 1.48 and a debt-to-equity ratio of 0.40.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings results on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.00 by $1.28. Biogen had a return on equity of 15.71% and a net margin of 11.98%. The firm had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.39 billion. During the same period in the previous year, the company posted $4.02 earnings per share. The business’s revenue was up .4% on a year-over-year basis. On average, analysts expect that Biogen Inc. will post 16.12 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on BIIB. Robert W. Baird reduced their target price on shares of Biogen from $316.00 to $294.00 and set an “outperform” rating for the company in a report on Monday, July 29th. Royal Bank of Canada lifted their price objective on Biogen from $282.00 to $292.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Wells Fargo & Company decreased their price objective on Biogen from $240.00 to $225.00 and set an “equal weight” rating for the company in a report on Friday, August 2nd. Wedbush dropped their target price on Biogen from $215.00 to $210.00 and set a “neutral” rating on the stock in a report on Friday, August 2nd. Finally, Barclays reduced their price target on Biogen from $200.00 to $190.00 and set an “equal weight” rating for the company in a research report on Friday, August 2nd. Eight analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $276.35.

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.