Moors & Cabot Inc. Buys 115 Shares of Biogen Inc. (NASDAQ:BIIB)

Moors & Cabot Inc. increased its position in shares of Biogen Inc. (NASDAQ:BIIB) by 11.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,130 shares of the biotechnology company’s stock after purchasing an additional 115 shares during the period. Moors & Cabot Inc.’s holdings in Biogen were worth $262,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Citizens Financial Group Inc. RI bought a new position in shares of Biogen during the second quarter valued at approximately $239,000. Oppenheimer Asset Management Inc. grew its holdings in shares of Biogen by 8.2% in the second quarter. Oppenheimer Asset Management Inc. now owns 36,767 shares of the biotechnology company’s stock worth $8,523,000 after purchasing an additional 2,787 shares during the last quarter. Parallel Advisors LLC lifted its holdings in Biogen by 8.5% during the 2nd quarter. Parallel Advisors LLC now owns 1,982 shares of the biotechnology company’s stock valued at $459,000 after buying an additional 156 shares in the last quarter. Stoneridge Investment Partners LLC boosted its position in Biogen by 2.3% in the 2nd quarter. Stoneridge Investment Partners LLC now owns 30,555 shares of the biotechnology company’s stock valued at $7,083,000 after buying an additional 681 shares during the period. Finally, Meeder Advisory Services Inc. grew its stake in Biogen by 27.6% in the 2nd quarter. Meeder Advisory Services Inc. now owns 1,951 shares of the biotechnology company’s stock worth $452,000 after acquiring an additional 422 shares in the last quarter. 87.93% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

BIIB has been the subject of several research analyst reports. Scotiabank decreased their price target on shares of Biogen from $275.00 to $244.00 and set a “sector outperform” rating for the company in a research note on Friday, August 2nd. Needham & Company LLC reissued a “buy” rating and set a $285.00 target price on shares of Biogen in a research report on Wednesday, September 4th. Barclays lowered their price target on shares of Biogen from $200.00 to $190.00 and set an “equal weight” rating for the company in a research report on Friday, August 2nd. Royal Bank of Canada reissued an “outperform” rating and set a $292.00 price objective on shares of Biogen in a report on Thursday. Finally, Wells Fargo & Company reduced their price target on Biogen from $240.00 to $225.00 and set an “equal weight” rating for the company in a research report on Friday, August 2nd. Eight analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $275.52.

Insider Activity

In related news, insider Priya Singhal sold 431 shares of Biogen stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total transaction of $88,018.82. Following the completion of the transaction, the insider now directly owns 5,316 shares in the company, valued at $1,085,633.52. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.16% of the company’s stock.

Biogen Trading Down 1.0 %

Shares of NASDAQ:BIIB opened at $199.36 on Friday. The company has a quick ratio of 1.48, a current ratio of 2.29 and a debt-to-equity ratio of 0.40. Biogen Inc. has a 52-week low of $189.44 and a 52-week high of $269.43. The stock has a market cap of $29.03 billion, a price-to-earnings ratio of 24.89, a PEG ratio of 2.01 and a beta of -0.06. The business has a 50-day moving average price of $207.31 and a 200-day moving average price of $215.02.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings results on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.00 by $1.28. The company had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.39 billion. Biogen had a net margin of 11.98% and a return on equity of 15.71%. Biogen’s revenue for the quarter was up .4% compared to the same quarter last year. During the same period last year, the firm posted $4.02 EPS. Equities analysts predict that Biogen Inc. will post 16.12 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.