Biogen Inc. $BIIB Stock: Parallel Advisors LLC Increases Stake

Parallel Advisors LLC raised its stake in Biogen Inc. (NASDAQ:BIIB) by 542.7% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 26,640 shares of the biotechnology company’s stock after acquiring an additional 22,495 shares during the period. Parallel Advisors LLC’s holdings in Biogen were worth $6,017,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. bought a new position in shares of Biogen in the second quarter worth approximately $3,453,878,000. Primecap Management Co. CA purchased a new position in shares of Biogen in the second quarter worth $3,274,304,000. Wellington Management Group LLP raised its holdings in Biogen by 5.3% during 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% during the 2nd quarter. Amundi now owns 1,516,831 shares of the biotechnology company’s stock valued at $327,727,000 after buying an additional 726,004 shares during the last quarter. Finally, Legal & General Group Plc bought a new stake in Biogen during the 2nd quarter valued at $322,640,000. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Wall Street Analysts Forecast Growth

BIIB has been the subject of several analyst reports. Morgan Stanley increased their price target on shares of Biogen from $231.00 to $238.00 and gave the company an “equal weight” rating in a research report on Thursday, October 29th. Bank of America boosted their price objective on shares of Biogen from $219.00 to $244.00 and gave the company a “neutral” rating in a research report on Thursday, October 22nd. Stifel Nicolaus set a $242.00 price objective on shares of Biogen in a research note on Thursday, September 10th. Needham & Company LLC increased their target price on shares of Biogen from $256.00 to $290.00 and gave the stock a “buy” rating in a report on Thursday, October 29th. Finally, Weiss Ratings cut Biogen from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday, October 29th. One 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 assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Biogen presently has an average rating of “Moderate Buy” and a consensus price target of $252.34.

Biogen Price Performance

Shares of Biogen stock opened at $248.35 on Friday. The business has a 50 day moving average of $230.01 and a 200 day moving average of $203.04. Biogen Inc. has a 52 week low of $151.83 and a 52 week high of $258.78. The company has a market cap of $36.71 billion, a PE ratio of 106.13, a P/E/G ratio of 2.82 and a beta of 0.10. The company has a quick ratio of 1.37, a current ratio of 1.95 and a debt-to-equity ratio of 0.39.

Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Wednesday, October 28th. The biotechnology company reported $2.62 earnings per share for the quarter, beating the consensus estimate of $1.99 by $0.63. The business had revenue of $2.80 billion for the quarter, compared to analysts’ expectations of $2.63 billion. Biogen had a net margin of 3.37% and a return on equity of 9.38%. The firm’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $4.81 earnings per share. As a group, equities research analysts forecast that Biogen Inc. will post 12.45 earnings per share for the current year.

About Biogen

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.