Biogen Inc. $BIIB Shares Bought by Alps Advisors Inc.

Key Points

• Alps Advisors increased its Biogen stake by 1,469% in the third quarter, adding 24,856 shares to own 26,548 shares valued at about $6.0 million.
• Other institutional investors also added to or opened positions in Biogen; hedge funds and other institutions collectively own 87.93% of the stock.
• Biogen beat quarterly earnings and revenue estimates, while analysts gave it a “Moderate Buy” consensus rating with an average price target of $252.34.

Alps Advisors Inc. raised its holdings in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 1,469.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 26,548 shares of the biotechnology company's stock after acquiring an additional 24,856 shares during the period. Alps Advisors Inc.'s holdings in Biogen were worth $5,997,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. Providence First Trust Co lifted its position in Biogen by 12.5% during the third quarter. Providence First Trust Co now owns 4,697 shares of the biotechnology company's stock valued at $1,061,000 after purchasing an additional 522 shares during the period. Heritage Family Offices LLP purchased a new stake in Biogen in the third quarter valued at $953,000. Calamos Advisors LLC boosted its holdings in Biogen by 2.1% in the third quarter. Calamos Advisors LLC now owns 35,599 shares of the biotechnology company's stock valued at $8,041,000 after purchasing an additional 720 shares during the last quarter. Westside Investment Management Inc. boosted its holdings in Biogen by 15.0% in the third quarter. Westside Investment Management Inc. now owns 3,029 shares of the biotechnology company's stock valued at $684,000 after purchasing an additional 395 shares during the last quarter. Finally, Kestra Advisory Services LLC grew its position in Biogen by 1,516.0% during the 3rd quarter. Kestra Advisory Services LLC now owns 99,446 shares of the biotechnology company's stock worth $22,463,000 after purchasing an additional 93,292 shares during the period. 87.93% of the stock is owned by hedge funds and other institutional investors.

Biogen Price Performance

Shares of BIIB opened at $248.35 on Monday. The company has a current ratio of 1.95, a quick ratio of 1.37 and a debt-to-equity ratio of 0.39. Biogen Inc. has a 12 month low of $151.83 and a 12 month high of $258.78. The stock's 50 day moving average is $230.01 and its two-hundred day moving average is $203.04. The firm has a market cap of $36.71 billion, a P/E ratio of 106.13, a PEG ratio of 2.82 and a beta of 0.10.

Biogen (NASDAQ:BIIB - Get Free Report) last posted its quarterly earnings data on Wednesday, October 28th. The biotechnology company reported $2.62 EPS for the quarter, beating analysts' consensus estimates of $1.99 by $0.63. The business had revenue of $2.80 billion during the quarter, compared to analysts' expectations of $2.63 billion. Biogen had a return on equity of 9.38% and a net margin of 3.37%. The business's revenue was up 10.6% compared to the same quarter last year. During the same period in the previous year, the business earned $4.81 earnings per share. Analysts predict that Biogen Inc. will post 12.45 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on BIIB shares. BMO Capital Markets reiterated a "market perform" rating and set a $220.00 price objective on shares of Biogen in a research note on Monday, October 12th. Guggenheim upped their target price on Biogen from $280.00 to $300.00 and gave the stock a "buy" rating in a research note on Monday, November 2nd. Jefferies Financial Group reaffirmed a "buy" rating on shares of Biogen in a report on Monday, July 13th. JPMorgan Chase & Co. raised Biogen from a "neutral" rating to an "overweight" rating and raised their target price for the stock from $210.00 to $300.00 in a report on Monday, October 12th. Finally, Oppenheimer reiterated an "outperform" rating and set a $300.00 price target on shares of Biogen in a research report on Wednesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Biogen presently has an average rating of "Moderate Buy" and an average target price of $252.34.

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.

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