Parallel Advisors LLC Acquires 2,744 Shares of Biogen Inc. $BIIB

Key Points

• Parallel Advisors LLC increased its holdings in Biogen by 170.4%, owning 4,354 shares valued at approximately $547,000 after acquiring an additional 2,744 shares in the second quarter.
• Insider Priya Singhal sold 517 shares at an average price of $133.55, reducing their stake by 8.22%, while Rachid Izzar also sold shares, decreasing their ownership by 25.99%.
• Biogen reported a 7.3% year-over-year revenue increase to $2.65 billion for the last quarter, exceeding analyst estimates, and the company expects to post 15.83 earnings per share for the current fiscal year.

Parallel Advisors LLC raised its holdings in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 170.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,354 shares of the biotechnology company's stock after acquiring an additional 2,744 shares during the quarter. Parallel Advisors LLC's holdings in Biogen were worth $547,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the company. Opal Wealth Advisors LLC purchased a new stake in shares of Biogen in the first quarter valued at approximately $26,000. Greykasell Wealth Strategies Inc. purchased a new stake in shares of Biogen during the first quarter valued at $27,000. Vision Financial Markets LLC purchased a new stake in shares of Biogen during the first quarter valued at $27,000. Zions Bancorporation National Association UT purchased a new stake in shares of Biogen during the first quarter valued at $29,000. Finally, Private Trust Co. NA boosted its holdings in 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 purchasing an additional 98 shares during the last quarter. 87.93% of the stock is owned by institutional investors.

Insider Transactions at Biogen

In other Biogen news, insider Priya Singhal sold 517 shares of the business's stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $133.55, for a total transaction of $69,045.35. Following the completion of the transaction, the insider directly owned 5,772 shares of the company's stock, valued at $770,850.60. The trade was a 8.22% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, 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 completion of the sale, the insider owned 6,330 shares in the company, valued at $854,550. The trade was a 25.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.18% of the company's stock.

Wall Street Analyst Weigh In

BIIB has been the topic of a number of research analyst reports. Truist Financial initiated coverage on Biogen in a research note on Monday, July 21st. They issued a "hold" rating and a $142.00 price target on the stock. Wedbush reiterated a "neutral" rating and issued a $121.00 target price on shares of Biogen in a report on Thursday, June 12th. HC Wainwright boosted their price target on shares of Biogen from $187.00 to $194.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Piper Sandler lifted their price objective on shares of Biogen from $115.00 to $118.00 and gave the stock a "neutral" rating in a research report on Friday, September 12th. Finally, Morgan Stanley decreased their price objective on shares of Biogen from $146.00 to $144.00 and set an "equal weight" rating for the company in a research report on Friday, August 1st. Ten analysts have rated the stock with a Buy rating and twenty-one have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $181.65.

Biogen Trading Down 1.0%

NASDAQ:BIIB traded down $1.45 during trading hours on Monday, reaching $141.05. 713,761 shares of the company were exchanged, compared to its average volume of 1,568,389. The stock has a 50 day simple moving average of $135.01 and a 200 day simple moving average of $130.71. Biogen Inc. has a 52-week low of $110.04 and a 52-week high of $199.99. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.50 and a quick ratio of 1.79. The firm has a market cap of $20.68 billion, a price-to-earnings ratio of 13.50, a PEG ratio of 1.12 and a beta of 0.11.

Biogen (NASDAQ:BIIB - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The biotechnology company reported $5.47 earnings per share for the quarter, beating analysts' consensus estimates of $3.93 by $1.54. The business had revenue of $2.65 billion during the quarter, compared to analyst estimates of $2.32 billion. Biogen had a net margin of 15.31% and a return on equity of 13.85%. The business's revenue was up 7.3% on a year-over-year basis. During the same period last year, the business earned $5.28 EPS. Biogen has set its FY 2025 guidance at 15.500-16.000 EPS. As a group, analysts predict that Biogen Inc. will post 15.83 EPS for the current year.

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.