Profund Advisors LLC Grows Stake in Biogen Inc. (NASDAQ:BIIB)

Profund Advisors LLC boosted its position in shares of Biogen Inc. (NASDAQ:BIIB) by 41.2% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 26,921 shares of the biotechnology company’s stock after purchasing an additional 7,850 shares during the quarter. Profund Advisors LLC’s holdings in Biogen were worth $6,241,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of BIIB. Vanguard Group Inc. boosted its position 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 acquiring an additional 2,218,744 shares in the last quarter. FIL Ltd boosted its position 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 acquiring an additional 593,158 shares in the last quarter. First Trust Advisors LP boosted its position 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 acquiring an additional 571,795 shares in the last quarter. Van ECK Associates Corp boosted its position 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 acquiring an additional 316,144 shares in the last quarter. Finally, RA Capital Management L.P. boosted its position in Biogen by 39.0% during the 1st quarter. RA Capital Management L.P. now owns 740,727 shares of the biotechnology company’s stock valued at $159,723,000 after acquiring an additional 207,835 shares in the last quarter. Institutional investors own 87.93% of the company’s stock.

Biogen Stock Performance

NASDAQ BIIB opened at $199.36 on Friday. The stock has a 50-day simple moving average of $207.31 and a two-hundred day simple moving average of $215.00. The firm has a market capitalization of $29.03 billion, a P/E ratio of 24.89, a PEG ratio of 2.01 and a beta of -0.06. Biogen Inc. has a fifty-two week low of $189.44 and a fifty-two week high of $269.43. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.48 and a current ratio of 2.29.

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

Insider Buying and Selling at Biogen

In other Biogen news, insider Priya Singhal sold 431 shares of Biogen stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total transaction of $88,018.82. Following the completion of the transaction, the insider now owns 5,316 shares in the company, valued at approximately $1,085,633.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.16% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on BIIB. Truist Financial reaffirmed a “buy” rating and set a $302.00 target price (down previously from $340.00) on shares of Biogen in a research report on Monday, August 5th. StockNews.com raised Biogen from a “buy” rating to a “strong-buy” rating in a research report on Monday, September 2nd. Needham & Company LLC reissued a “buy” rating and issued a $285.00 price objective on shares of Biogen in a research report on Wednesday, September 4th. Piper Sandler lowered their price objective on Biogen from $335.00 to $313.00 and set an “overweight” rating for the company in a research report on Friday, July 12th. Finally, Wedbush lowered their price objective on Biogen from $215.00 to $210.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. Eight equities research 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. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $275.52.

Biogen Company 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.