Profund Advisors LLC Grows Position in Biogen Inc. (NASDAQ:BIIB)

Profund Advisors LLC boosted its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 41.2% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 26,921 shares of the biotechnology company’s stock after purchasing an additional 7,850 shares during the period. Profund Advisors LLC’s holdings in Biogen were worth $6,241,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of BIIB. Vanguard Group Inc. lifted its position in Biogen by 18.2% during the fourth quarter. Vanguard Group Inc. now owns 14,407,330 shares of the biotechnology company’s stock valued at $3,728,185,000 after purchasing an additional 2,218,744 shares in the last quarter. FIL Ltd lifted its position in Biogen by 936.4% during the fourth quarter. FIL Ltd now owns 656,502 shares of the biotechnology company’s stock valued at $169,883,000 after purchasing an additional 593,158 shares in the last quarter. First Trust Advisors LP lifted its position in Biogen by 141.0% during the fourth quarter. First Trust Advisors LP now owns 977,308 shares of the biotechnology company’s stock valued at $252,898,000 after purchasing an additional 571,795 shares in the last quarter. Van ECK Associates Corp lifted its position in Biogen by 22.2% during the first quarter. Van ECK Associates Corp now owns 1,737,340 shares of the biotechnology company’s stock valued at $374,623,000 after purchasing an additional 316,144 shares in the last quarter. Finally, RA Capital Management L.P. lifted its position in shares of Biogen by 39.0% in the first quarter. RA Capital Management L.P. now owns 740,727 shares of the biotechnology company’s stock valued at $159,723,000 after acquiring an additional 207,835 shares in the last quarter. 87.93% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently commented on BIIB. Wedbush lowered their price objective on Biogen from $215.00 to $210.00 and set a “neutral” rating on the stock in a research report on Friday, August 2nd. Needham & Company LLC restated a “buy” rating and issued a $285.00 price objective on shares of Biogen in a research report on Wednesday, September 4th. Barclays lowered their price objective on Biogen from $200.00 to $190.00 and set an “equal weight” rating on the stock in a research report on Friday, August 2nd. William Blair restated an “outperform” rating on shares of Biogen in a research report on Wednesday, July 3rd. Finally, Scotiabank lowered their price objective on Biogen from $275.00 to $244.00 and set a “sector outperform” rating on the stock in a research report on Friday, August 2nd. Eight analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $275.52.

Insider Transactions at Biogen

In other news, insider Priya Singhal sold 431 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total value of $88,018.82. Following the sale, 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 is available at this link. Company 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 debt-to-equity ratio of 0.40, a quick ratio of 1.48 and a current ratio of 2.29. The business’s 50 day moving average price is $207.31 and its 200-day moving average price is $215.00. Biogen Inc. has a fifty-two week low of $189.44 and a fifty-two week high of $269.43. The company 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.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings results on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share for the quarter, topping the consensus estimate of $4.00 by $1.28. Biogen had a return on equity of 15.71% and a net margin of 11.98%. The firm had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.39 billion. During the same period in the prior year, the business posted $4.02 earnings per share. The company’s revenue for the quarter was up .4% on a year-over-year basis. On average, sell-side analysts expect that Biogen Inc. will post 16.12 earnings per share for the current year.

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.