ProShare Advisors LLC Raises Stake in Biogen Inc. (NASDAQ:BIIB)

ProShare Advisors LLC raised its stake in Biogen Inc. (NASDAQ:BIIB - Free Report) by 17.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 198,326 shares of the biotechnology company's stock after purchasing an additional 29,294 shares during the quarter. ProShare Advisors LLC owned 0.14% of Biogen worth $30,328,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Signaturefd LLC raised its position in shares of Biogen by 3.5% in the fourth quarter. Signaturefd LLC now owns 2,092 shares of the biotechnology company's stock valued at $320,000 after purchasing an additional 71 shares during the period. Quent Capital LLC lifted its position in shares of Biogen by 31.9% during the fourth quarter. Quent Capital LLC now owns 298 shares of the biotechnology company's stock worth $46,000 after acquiring an additional 72 shares in the last quarter. Principal Securities Inc. boosted its holdings in shares of Biogen by 30.1% in the fourth quarter. Principal Securities Inc. now owns 337 shares of the biotechnology company's stock worth $52,000 after acquiring an additional 78 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in shares of Biogen by 1.6% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 5,018 shares of the biotechnology company's stock valued at $767,000 after purchasing an additional 79 shares in the last quarter. Finally, Israel Discount Bank of New York raised its stake in shares of Biogen by 6.2% during the 4th quarter. Israel Discount Bank of New York now owns 1,405 shares of the biotechnology company's stock valued at $215,000 after purchasing an additional 82 shares during the period. 87.93% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Biogen

In related news, Director Stephen A. Sherwin sold 8,760 shares of the business's stock in a transaction on Friday, March 7th. The shares were sold at an average price of $150.02, for a total value of $1,314,175.20. Following the sale, the director now owns 11,318 shares in the company, valued at approximately $1,697,926.36. The trade was a 43.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.16% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. HC Wainwright reduced their price objective on shares of Biogen from $241.00 to $187.00 and set a "buy" rating for the company in a research note on Friday, May 2nd. Canaccord Genuity Group dropped their price objective on Biogen from $265.00 to $220.00 and set a "buy" rating for the company in a research note on Friday, May 2nd. Oppenheimer set a $205.00 price objective on Biogen in a research note on Friday, May 2nd. Wells Fargo & Company dropped their price objective on Biogen from $165.00 to $140.00 and set an "equal weight" rating for the company in a research note on Thursday, February 13th. Finally, 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 note on Monday, May 5th. Twenty investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, Biogen currently has an average rating of "Hold" and an average target price of $191.30.

Biogen Stock Performance

Shares of BIIB stock traded up $1.11 on Tuesday, reaching $130.55. The stock had a trading volume of 1,684,739 shares, compared to its average volume of 1,390,521. The stock has a market cap of $19.13 billion, a P/E ratio of 11.67, a price-to-earnings-growth ratio of 1.51 and a beta of 0.12. Biogen Inc. has a 1 year low of $110.04 and a 1 year high of $238.00. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.90 and a current ratio of 1.35. The company has a 50 day simple moving average of $125.74 and a 200 day simple moving average of $141.78.

Biogen (NASDAQ:BIIB - Get Free Report) last announced its earnings results on Thursday, May 1st. The biotechnology company reported $3.02 EPS for the quarter, missing analysts' consensus estimates of $3.26 by ($0.24). The company had revenue of $2.43 billion during the quarter, compared to the consensus estimate of $2.25 billion. Biogen had a return on equity of 14.98% and a net margin of 16.87%. Biogen's revenue for the quarter was up 6.2% compared to the same quarter last year. During the same period in the prior year, the business posted $3.67 earnings per share. Equities research analysts expect that Biogen Inc. will post 15.83 EPS for the current year.

Biogen 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.