Commonwealth Equity Services LLC Purchases 271,965 Shares of Biogen Inc. $BIIB

Key Points

• Commonwealth Equity Services sharply increased its Biogen position by 1,622.8% in the third quarter, adding 271,965 shares and bringing its holdings to 288,724 shares, valued at about $65.2 million.
• Biogen reported quarterly earnings of $2.62 per share and revenue of $2.80 billion, beating analyst expectations; revenue rose 10.6% year over year.
• Analysts’ consensus rating was Moderate Buy, with an average price target of $252.34. Biogen shares opened at $248.35, near their one-year high of $258.78.

Commonwealth Equity Services LLC increased its position in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 1,622.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 288,724 shares of the biotechnology company's stock after acquiring an additional 271,965 shares during the period. Commonwealth Equity Services LLC owned about 0.20% of Biogen worth $65,217,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Probity Advisors Inc. grew its stake in Biogen by 3.6% in the third quarter. Probity Advisors Inc. now owns 1,183 shares of the biotechnology company's stock valued at $267,000 after purchasing an additional 41 shares in the last quarter. Forum Financial Management LP raised its stake in shares of Biogen by 2.4% during the 3rd quarter. Forum Financial Management LP now owns 1,936 shares of the biotechnology company's stock worth $437,000 after purchasing an additional 46 shares in the last quarter. Integrated Advisors Network LLC raised its stake in shares of Biogen by 3.5% during the 3rd quarter. Integrated Advisors Network LLC now owns 1,403 shares of the biotechnology company's stock worth $317,000 after purchasing an additional 48 shares in the last quarter. Wedbush Securities Inc. lifted its holdings in shares of Biogen by 5.1% during the 2nd quarter. Wedbush Securities Inc. now owns 1,164 shares of the biotechnology company's stock valued at $251,000 after buying an additional 56 shares during the last quarter. Finally, Meeder Advisory Services Inc. lifted its holdings in shares of Biogen by 1.2% during the 1st quarter. Meeder Advisory Services Inc. now owns 4,721 shares of the biotechnology company's stock valued at $866,000 after buying an additional 57 shares during the last quarter. Institutional investors and hedge funds own 87.93% of the company's stock.

Biogen Trading Up 1.8%

Biogen stock opened at $248.35 on Friday. Biogen Inc. has a one year low of $151.83 and a one year high of $258.78. The company's fifty day moving average price is $230.01 and its two-hundred day moving average price is $203.04. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.95 and a quick ratio of 1.37. The company has a market capitalization of $36.71 billion, a price-to-earnings ratio of 106.13, a PEG ratio of 2.82 and a beta of 0.10.

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

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on BIIB shares. Wells Fargo & Company boosted their price target on Biogen from $250.00 to $310.00 and gave the company an "overweight" rating in a research note on Tuesday, October 20th. Seaport Research Partners raised shares of Biogen to an "outperform" rating in a research report on Monday, October 12th. Canaccord Genuity Group raised their price objective on shares of Biogen from $248.00 to $272.00 and gave the company a "buy" rating in a research report on Thursday, October 29th. Zacks Research upgraded shares of Biogen from a "strong sell" rating to a "hold" rating in a research note on Tuesday, July 28th. Finally, Truist Financial reissued a "buy" rating and issued a $260.00 target price (up from $235.00) on shares of Biogen in a research report on Thursday, October 29th. One research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $252.34.

Biogen 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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