Biogen Inc. (NASDAQ:BIIB) Shares Acquired by Parallel Advisors LLC

Parallel Advisors LLC increased its stake in Biogen Inc. (NASDAQ:BIIB) by 8.5% in the second quarter, Holdings Channel.com reports. The institutional investor owned 1,982 shares of the biotechnology company’s stock after purchasing an additional 156 shares during the quarter. Parallel Advisors LLC’s holdings in Biogen were worth $459,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the stock. Vanguard Group Inc. grew its stake in Biogen by 18.2% during the 4th quarter. Vanguard Group Inc. now owns 14,407,330 shares of the biotechnology company’s stock valued at $3,728,185,000 after purchasing an additional 2,218,744 shares in the last quarter. Norges Bank acquired a new stake in Biogen during the 4th quarter valued at approximately $378,728,000. FIL Ltd grew its stake in Biogen by 936.4% during the 4th quarter. FIL Ltd now owns 656,502 shares of the biotechnology company’s stock valued at $169,883,000 after purchasing an additional 593,158 shares in the last quarter. First Trust Advisors LP grew its stake in Biogen by 141.0% during the 4th quarter. First Trust Advisors LP now owns 977,308 shares of the biotechnology company’s stock valued at $252,898,000 after purchasing an additional 571,795 shares in the last quarter. Finally, Van ECK Associates Corp grew its stake in Biogen by 22.2% during the 1st quarter. Van ECK Associates Corp now owns 1,737,340 shares of the biotechnology company’s stock valued at $374,623,000 after purchasing an additional 316,144 shares in the last quarter. Institutional investors and hedge funds own 87.93% of the company’s stock.

Insider Buying and Selling at Biogen

In other news, insider Priya Singhal sold 431 shares of Biogen stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total transaction of $88,018.82. Following the transaction, the insider now directly owns 5,316 shares in the company, valued at approximately $1,085,633.52. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.16% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have weighed in on BIIB. StockNews.com upgraded Biogen from a “buy” rating to a “strong-buy” rating in a research note on Monday, September 2nd. William Blair restated an “outperform” rating on shares of Biogen in a research note on Wednesday, July 3rd. Royal Bank of Canada raised 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. Wedbush reduced 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, Mizuho reduced their target price on Biogen from $277.00 to $251.00 and set an “outperform” rating on the stock in a report on Tuesday, August 6th. Eight analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $275.52.

Biogen Stock Down 0.7 %

Shares of Biogen stock opened at $198.21 on Wednesday. The business’s fifty day moving average price is $209.33 and its two-hundred day moving average price is $215.39. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.29 and a quick ratio of 1.48. The company has a market capitalization of $28.86 billion, a P/E ratio of 24.75, a PEG ratio of 2.01 and a beta of -0.06. Biogen Inc. has a 1-year low of $189.44 and a 1-year high of $269.43.

Biogen (NASDAQ:BIIB) last announced its earnings results on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share for the quarter, beating the consensus estimate of $4.00 by $1.28. The firm had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.39 billion. Biogen had a return on equity of 15.71% and a net margin of 11.98%. The firm’s revenue for the quarter was up .4% on a year-over-year basis. During the same quarter in the previous year, the business earned $4.02 EPS. As a group, research analysts forecast that Biogen Inc. will post 16.12 EPS for the current year.

About Biogen

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.