Biogen Inc. $BIIB Stock Purchased by Parallel Advisors LLC

Parallel Advisors LLC grew its holdings in shares of Biogen Inc. (NASDAQ:BIIB) by 542.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 26,640 shares of the biotechnology company’s stock after acquiring an additional 22,495 shares during the quarter. Parallel Advisors LLC’s holdings in Biogen were worth $6,017,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. BlackRock Inc. purchased a new stake in Biogen in the second quarter valued at approximately $3,453,878,000. Primecap Management Co. CA bought a new stake in Biogen during the second quarter valued at approximately $3,274,304,000. Wellington Management Group LLP lifted its position in Biogen by 5.3% during the second quarter. Wellington Management Group LLP now owns 3,117,469 shares of the biotechnology company’s stock valued at $673,560,000 after purchasing an additional 155,828 shares during the last quarter. Amundi grew its stake 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 buying an additional 726,004 shares in the last quarter. Finally, Legal & General Group Plc purchased a new position in Biogen in the 2nd quarter worth approximately $322,640,000. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Wall Street Analyst Weigh In

BIIB has been the topic of several research reports. Weiss Ratings cut shares of Biogen from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday, October 29th. Wells Fargo & Company upped their target price on shares of Biogen from $250.00 to $310.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 20th. Bank of America increased their target price on Biogen from $219.00 to $244.00 and gave the company a “neutral” rating in a research note on Thursday, October 22nd. Wolfe Research raised Biogen from a “peer perform” rating to an “outperform” rating and set a $300.00 target price on the stock in a research note on Thursday, August 13th. Finally, Argus raised Biogen from a “hold” rating to a “buy” rating and set a $280.00 price target for the company in a research note on Thursday, October 29th. One research 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 given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus 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. Biogen Inc. has a 52-week low of $151.83 and a 52-week high of $258.78. The stock has a market capitalization of $36.71 billion, a price-to-earnings ratio of 106.13, a price-to-earnings-growth ratio of 2.82 and a beta of 0.10. The company has a fifty day moving average of $230.01 and a 200-day moving average of $203.04. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.37 and a current ratio of 1.95.

Biogen (NASDAQ:BIIB) last issued its earnings results on Wednesday, October 28th. The biotechnology company reported $2.62 EPS for the quarter, topping analysts’ consensus estimates of $1.99 by $0.63. The company 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 was up 10.6% compared to the same quarter last year. During the same quarter last year, the company earned $4.81 EPS. Equities research analysts expect that Biogen Inc. will post 12.45 EPS for the current year.

Biogen Company 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.