Biogen Inc. $BIIB Stock Purchased by Kingswood Wealth Advisors LLC

Kingswood Wealth Advisors LLC lifted its stake in Biogen Inc. (NASDAQ:BIIB) by 479.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,045 shares of the biotechnology company’s stock after buying an additional 7,483 shares during the period. Kingswood Wealth Advisors LLC’s holdings in Biogen were worth $2,043,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. BlackRock Inc. purchased a new stake in Biogen during the 2nd quarter valued at about $3,453,878,000. Primecap Management Co. CA bought a new position in Biogen during the 2nd quarter worth approximately $3,274,304,000. Wellington Management Group LLP grew its position in Biogen by 5.3% during the 2nd quarter. Wellington Management Group LLP now owns 3,117,469 shares of the biotechnology company’s stock worth $673,560,000 after acquiring an additional 155,828 shares during the last quarter. Amundi grew its position in Biogen by 91.8% during the 2nd quarter. Amundi now owns 1,516,831 shares of the biotechnology company’s stock worth $327,727,000 after acquiring an additional 726,004 shares during the last quarter. Finally, Legal & General Group Plc purchased a new position in Biogen in the 2nd quarter worth approximately $322,640,000. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Analyst Ratings Changes

BIIB has been the subject of several recent research reports. Jefferies Financial Group reiterated a “buy” rating on shares of Biogen in a research report on Monday, July 13th. HC Wainwright increased their price objective on Biogen from $237.00 to $251.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. Piper Sandler restated an “overweight” rating and issued a $245.00 target price (up from $225.00) on shares of Biogen in a report on Thursday, September 3rd. Wells Fargo & Company lifted their target price on shares of Biogen from $250.00 to $310.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 20th. Finally, Morgan Stanley upped their price target on shares of Biogen from $222.00 to $231.00 and gave the company an “equal weight” rating in a report on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $241.89.

Biogen Stock Performance

Shares of NASDAQ:BIIB opened at $252.73 on Wednesday. Biogen Inc. has a 1 year low of $138.00 and a 1 year high of $254.41. The stock’s 50-day moving average is $225.10 and its 200 day moving average is $200.10.

Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Wednesday, July 29th. The biotechnology company reported $3.60 EPS for the quarter, beating analysts’ consensus estimates of $2.94 by $0.66. The business had revenue of $2.74 billion for the quarter, compared to the consensus estimate of $2.46 billion. During the same period in the previous year, the company earned $5.47 EPS. The company’s revenue for the quarter was up 3.4% on a year-over-year basis. As a group, analysts forecast that Biogen Inc. will post 12.29 EPS for the current fiscal year.

About Biogen

Biogen Inc is a biotechnology company that discovers, develops and commercializes therapies for neurological and neurodegenerative diseases. Its areas of focus include multiple sclerosis, Alzheimer’s disease, spinal muscular atrophy, amyotrophic lateral sclerosis and other serious medical conditions.

The company’s portfolio includes multiple sclerosis treatments such as Tecfidera, Vumerity, Tysabri, Plegridy and Avonex, as well as Spinraza for spinal muscular atrophy. Biogen also markets Leqembi, an Alzheimer’s disease treatment developed in collaboration with Eisai, and works with partners to advance additional therapies and biosimilars.

Biogen was founded in 1978 and is headquartered in Cambridge, Massachusetts.