LPL Financial LLC Grows Position in Biogen Inc. (NASDAQ:BIIB)

LPL Financial LLC boosted its holdings in Biogen Inc. (NASDAQ:BIIB) by 69.6% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 44,321 shares of the biotechnology company’s stock after acquiring an additional 18,183 shares during the quarter. LPL Financial LLC’s holdings in Biogen were worth $6,065,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the business. Israel Discount Bank of New York increased its position in shares of Biogen by 6.2% in the fourth quarter. Israel Discount Bank of New York now owns 1,405 shares of the biotechnology company’s stock valued at $215,000 after buying an additional 82 shares in the last quarter. B. Riley Wealth Advisors Inc. increased its position in shares of Biogen by 4.1% in the fourth quarter. B. Riley Wealth Advisors Inc. now owns 2,343 shares of the biotechnology company’s stock valued at $358,000 after buying an additional 92 shares in the last quarter. Quent Capital LLC increased its position in shares of Biogen by 31.2% in the first quarter. Quent Capital LLC now owns 391 shares of the biotechnology company’s stock valued at $54,000 after buying an additional 93 shares in the last quarter. CVA Family Office LLC increased its position in shares of Biogen by 71.1% in the first quarter. CVA Family Office LLC now owns 231 shares of the biotechnology company’s stock valued at $32,000 after buying an additional 96 shares in the last quarter. Finally, Private Trust Co. NA increased its position in shares of Biogen by 74.8% in the first quarter. Private Trust Co. NA now owns 229 shares of the biotechnology company’s stock valued at $31,000 after buying an additional 98 shares in the last quarter. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Biogen Stock Performance

Biogen stock opened at $128.00 on Tuesday. The stock’s 50 day moving average price is $129.92 and its 200 day moving average price is $131.17. The firm has a market capitalization of $18.77 billion, a PE ratio of 12.24, a price-to-earnings-growth ratio of 1.03 and a beta of 0.13. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.79 and a current ratio of 2.50. Biogen Inc. has a one year low of $110.04 and a one year high of $207.59.

Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Thursday, July 31st. The biotechnology company reported $5.47 EPS for the quarter, topping the consensus estimate of $3.93 by $1.54. The firm had revenue of $2.65 billion for the quarter, compared to analyst estimates of $2.32 billion. Biogen had a return on equity of 13.85% and a net margin of 15.31%. Biogen’s revenue for the quarter was up 7.3% on a year-over-year basis. During the same period in the previous year, the company posted $5.28 EPS. As a group, sell-side analysts expect that Biogen Inc. will post 15.83 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Rachid Izzar sold 2,223 shares of the business’s stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $135.00, for a total transaction of $300,105.00. Following the transaction, the insider directly owned 6,330 shares of the company’s stock, valued at approximately $854,550. The trade was a 25.99% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 0.18% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. HSBC cut Biogen from a “buy” rating to a “hold” rating and set a $118.00 price target for the company. in a research report on Monday, April 28th. JPMorgan Chase & Co. dropped their price objective on Biogen from $185.00 to $175.00 and set a “neutral” rating for the company in a research report on Monday, May 5th. HC Wainwright lifted their price objective on Biogen from $187.00 to $194.00 and gave the stock a “buy” rating in a research report on Friday, August 1st. Wall Street Zen upgraded Biogen from a “hold” rating to a “buy” rating in a research report on Saturday, August 2nd. Finally, Mizuho dropped their price objective on Biogen from $207.00 to $169.00 and set an “outperform” rating for the company in a research report on Wednesday, May 7th. Twenty-one equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, Biogen currently has an average rating of “Hold” and a consensus price target of $185.63.

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.