ProShare Advisors LLC Has $29.96 Million Stock Position in Biogen Inc. $BIIB

ProShare Advisors LLC grew its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 6.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 238,558 shares of the biotechnology company’s stock after acquiring an additional 13,903 shares during the period. ProShare Advisors LLC owned 0.16% of Biogen worth $29,960,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in BIIB. Wedmont Private Capital lifted its holdings in Biogen by 3.8% during the 2nd quarter. Wedmont Private Capital now owns 2,190 shares of the biotechnology company’s stock worth $291,000 after purchasing an additional 81 shares during the last quarter. Legacy Wealth Asset Management LLC increased its position in Biogen by 3.8% during the 2nd quarter. Legacy Wealth Asset Management LLC now owns 2,511 shares of the biotechnology company’s stock worth $315,000 after buying an additional 91 shares during the period. TIAA Trust National Association lifted its holdings in shares of Biogen by 2.3% during the second quarter. TIAA Trust National Association now owns 4,443 shares of the biotechnology company’s stock worth $558,000 after buying an additional 100 shares in the last quarter. MassMutual Private Wealth & Trust FSB boosted its position in shares of Biogen by 21.0% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 617 shares of the biotechnology company’s stock valued at $77,000 after acquiring an additional 107 shares during the period. Finally, Capital Investment Advisors LLC boosted its position in shares of Biogen by 5.4% in the second quarter. Capital Investment Advisors LLC now owns 2,164 shares of the biotechnology company’s stock valued at $272,000 after acquiring an additional 111 shares during the period. Institutional investors and hedge funds own 87.93% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Wells Fargo & Company raised their price target on shares of Biogen from $140.00 to $155.00 in a research report on Friday, October 31st. Wall Street Zen cut shares of Biogen from a “buy” rating to a “hold” rating in a report on Sunday. Jefferies Financial Group assumed coverage on Biogen in a research note on Thursday, September 25th. They issued a “buy” rating and a $190.00 price target for the company. HC Wainwright increased their price target on Biogen from $187.00 to $194.00 and gave the stock a “buy” rating in a research report on Friday, August 1st. Finally, Weiss Ratings cut Biogen from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday. Ten research analysts have rated the stock with a Buy rating, seventeen have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Biogen has a consensus rating of “Hold” and a consensus target price of $177.46.

Biogen Stock Up 2.1%

Shares of BIIB opened at $159.56 on Wednesday. The firm has a 50 day simple moving average of $146.93 and a two-hundred day simple moving average of $135.56. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.50 and a quick ratio of 1.79. Biogen Inc. has a one year low of $110.04 and a one year high of $175.86. The company has a market cap of $23.41 billion, a P/E ratio of 15.25, a P/E/G ratio of 1.17 and a beta of 0.10.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings results on Thursday, October 30th. The biotechnology company reported $4.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.89 by $0.92. Biogen had a return on equity of 13.85% and a net margin of 15.31%.The company had revenue of $2.53 billion for the quarter, compared to analyst estimates of $2.34 billion. During the same quarter last year, the company posted $4.08 EPS. The company’s revenue for the quarter was up 2.8% compared to the same quarter last year. Biogen has set its FY 2025 guidance at 14.500-15.00 EPS. Research analysts forecast that Biogen Inc. will post 15.83 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Priya Singhal sold 517 shares of the stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $133.55, for a total value of $69,045.35. Following the completion of the transaction, the insider owned 5,772 shares of the company’s stock, valued at approximately $770,850.60. This represents a 8.22% 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. Insiders own 0.18% of the company’s stock.

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.