Exchange Traded Concepts LLC Buys 1,626 Shares of Biogen Inc. (NASDAQ:BIIB)

Exchange Traded Concepts LLC grew its stake in Biogen Inc. (NASDAQ:BIIB) by 4,516.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,662 shares of the biotechnology company’s stock after acquiring an additional 1,626 shares during the period. Exchange Traded Concepts LLC’s holdings in Biogen were worth $322,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of BIIB. Vanguard Group Inc. raised its position in Biogen by 15.0% in the 1st quarter. Vanguard Group Inc. now owns 16,570,398 shares of the biotechnology company’s stock worth $3,573,075,000 after purchasing an additional 2,163,068 shares during the last quarter. Primecap Management Co. CA raised its position in shares of Biogen by 0.7% during the second quarter. Primecap Management Co. CA now owns 16,338,294 shares of the biotechnology company’s stock worth $3,787,543,000 after acquiring an additional 117,578 shares during the last quarter. Van ECK Associates Corp raised its position in shares of Biogen by 22.2% during the first quarter. Van ECK Associates Corp now owns 1,737,340 shares of the biotechnology company’s stock worth $374,623,000 after acquiring an additional 316,144 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Biogen by 5.4% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,589,629 shares of the biotechnology company’s stock valued at $342,772,000 after acquiring an additional 81,283 shares during the last quarter. Finally, RA Capital Management L.P. increased its position in Biogen by 39.0% in the first quarter. RA Capital Management L.P. now owns 740,727 shares of the biotechnology company’s stock worth $159,723,000 after purchasing an additional 207,835 shares during the period. 87.93% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have issued reports on BIIB shares. Mizuho cut their target price on shares of Biogen from $277.00 to $251.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 6th. Raymond James reaffirmed a “market perform” rating on shares of Biogen in a research note on Thursday, October 10th. Wells Fargo & Company dropped their target price on shares of Biogen from $240.00 to $225.00 and set an “equal weight” rating for the company in a research report on Friday, August 2nd. BMO Capital Markets reduced their price target on Biogen from $260.00 to $230.00 and set an “outperform” rating on the stock in a research report on Thursday. Finally, Royal Bank of Canada dropped their price objective on Biogen from $292.00 to $269.00 and set an “outperform” rating for the company in a report on Friday, October 4th. Nine analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $271.39.

Insider Transactions at Biogen

In related news, insider Priya Singhal sold 431 shares of Biogen stock in a transaction dated 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 owns 5,316 shares of the company’s stock, valued at approximately $1,085,633.52. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.16% of the company’s stock.

Biogen Stock Up 0.3 %

Shares of Biogen stock opened at $190.16 on Friday. The firm has a market cap of $27.69 billion, a PE ratio of 23.74, a P/E/G ratio of 1.87 and a beta of -0.06. The business’s 50 day simple moving average is $197.09 and its 200 day simple moving average is $210.90. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.48 and a current ratio of 2.29. Biogen Inc. has a 52-week low of $181.31 and a 52-week high of $268.30.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings data on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.00 by $1.28. Biogen had a net margin of 11.98% and a return on equity of 15.71%. The company had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.39 billion. During the same period last year, the company earned $4.02 earnings per share. The firm’s revenue was up .4% compared to the same quarter last year. On average, analysts predict that Biogen Inc. will post 16.13 earnings per share for the current fiscal 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.