Biogen Inc. (NASDAQ:BIIB) Shares Purchased by LPL Financial LLC

Key Points

• LPL Financial LLC increased its holdings in Biogen Inc. by 69.6%, acquiring an additional 18,183 shares during the first quarter, raising their investment to approximately $6,065,000.
• Biogen reported $5.47 EPS in its latest quarterly earnings, significantly exceeding the consensus estimate of $3.93 and achieving a 7.3% year-over-year revenue increase.
• On Wall Street, analysts hold a mixed outlook on Biogen, with an average rating of "Hold" and a consensus price target of $185.63.

LPL Financial LLC increased its holdings in Biogen Inc. (NASDAQ:BIIB - Free Report) by 69.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 44,321 shares of the biotechnology company's stock after buying an additional 18,183 shares during the quarter. LPL Financial LLC's holdings in Biogen were worth $6,065,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Opal Wealth Advisors LLC purchased a new position in shares of Biogen in the first quarter worth approximately $26,000. Colonial Trust Co SC boosted its holdings in shares of Biogen by 9,300.0% in the fourth quarter. Colonial Trust Co SC now owns 188 shares of the biotechnology company's stock worth $29,000 after buying an additional 186 shares during the last quarter. Private Trust Co. NA boosted its holdings 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 worth $31,000 after buying an additional 98 shares during the last quarter. CVA Family Office LLC boosted its holdings 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 worth $32,000 after buying an additional 96 shares during the last quarter. Finally, NBC Securities Inc. purchased a new position in shares of Biogen in the first quarter worth approximately $35,000. Hedge funds and other institutional investors own 87.93% of the company's stock.

Biogen Stock Performance

NASDAQ:BIIB traded up $2.77 during midday trading on Friday, hitting $137.71. The company's stock had a trading volume of 669,481 shares, compared to its average volume of 1,557,671. Biogen Inc. has a fifty-two week low of $110.04 and a fifty-two week high of $207.59. The firm's 50 day moving average is $130.02 and its 200-day moving average is $131.09. 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 $20.19 billion, a P/E ratio of 13.15, a P/E/G ratio of 1.06 and a beta of 0.13.

Biogen (NASDAQ:BIIB - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The biotechnology company reported $5.47 EPS for the quarter, topping analysts' consensus estimates of $3.93 by $1.54. Biogen had a net margin of 15.31% and a return on equity of 13.85%. The business had revenue of $2.65 billion for the quarter, compared to analysts' expectations of $2.32 billion. During the same quarter last year, the company earned $5.28 EPS. The business's revenue was up 7.3% on a year-over-year basis. Equities analysts anticipate that Biogen Inc. will post 15.83 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms recently issued reports on BIIB. Wall Street Zen raised shares of Biogen from a "hold" rating to a "buy" rating in a report on Saturday, August 2nd. Piper Sandler reaffirmed a "neutral" rating and set a $118.00 price target (up previously from $115.00) on shares of Biogen in a report on Thursday. The Goldman Sachs Group lowered their price target on shares of Biogen from $219.00 to $197.00 and set a "buy" rating on the stock in a report on Wednesday, April 23rd. Wedbush reaffirmed a "neutral" rating and set a $121.00 price target on shares of Biogen in a report on Thursday, June 12th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Biogen in a report on Thursday, June 12th. Twenty-one analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $185.74.

Insiders Place Their Bets

In other Biogen news, insider Rachid Izzar sold 2,223 shares of the firm's stock in a transaction on Tuesday, July 8th. The stock was sold at an average price of $135.00, for a total value of $300,105.00. Following the transaction, the insider owned 6,330 shares in the company, valued at approximately $854,550. This trade represents a 25.99% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.18% of the company's stock.

About Biogen

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.