Provident Investment Management Inc. raised its holdings in Biogen Inc (NASDAQ:BIIB) by 5.2% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 87,166 shares of the biotechnology company’s stock after purchasing an additional 4,336 shares during the period. Biogen accounts for approximately 3.6% of Provident Investment Management Inc.’s portfolio, making the stock its 17th largest holding. Provident Investment Management Inc.’s holdings in Biogen were worth $25,299,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Rainier Group Investment Advisory LLC acquired a new position in shares of Biogen in the first quarter valued at approximately $100,000. Point72 Asia Hong Kong Ltd acquired a new position in Biogen during the first quarter worth approximately $105,000. Adviser Investments LLC increased its position in Biogen by 745.7% during the second quarter. Adviser Investments LLC now owns 389 shares of the biotechnology company’s stock worth $113,000 after purchasing an additional 343 shares during the last quarter. Certified Advisory Corp increased its position in Biogen by 445.2% during the first quarter. Certified Advisory Corp now owns 398 shares of the biotechnology company’s stock worth $108,000 after purchasing an additional 325 shares during the last quarter. Finally, McKinley Carter Wealth Services Inc. acquired a new position in Biogen during the first quarter worth approximately $110,000. 91.34% of the stock is currently owned by institutional investors.

Several equities analysts recently commented on the stock. Oppenheimer set a $375.00 price target on shares of Biogen and gave the stock a “buy” rating in a research report on Tuesday, April 24th. ValuEngine raised shares of Biogen from a “sell” rating to a “hold” rating in a research report on Saturday, May 12th. BidaskClub lowered shares of Biogen from a “buy” rating to a “hold” rating in a research report on Tuesday, June 19th. Canaccord Genuity set a $335.00 price target on shares of Biogen and gave the stock a “buy” rating in a research report on Friday, July 6th. Finally, HC Wainwright reaffirmed a “buy” rating on shares of Biogen in a research report on Monday, July 9th. Nine research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $374.50.

Biogen stock opened at $345.22 on Monday. Biogen Inc has a 52-week low of $249.17 and a 52-week high of $388.67. The firm has a market capitalization of $69.09 billion, a PE ratio of 15.83, a price-to-earnings-growth ratio of 1.46 and a beta of 0.89. The company has a quick ratio of 2.06, a current ratio of 2.36 and a debt-to-equity ratio of 0.48.

Biogen (NASDAQ:BIIB) last released its quarterly earnings data on Tuesday, July 24th. The biotechnology company reported $5.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.22 by $0.58. Biogen had a net margin of 23.06% and a return on equity of 38.17%. The company had revenue of $3.36 billion during the quarter, compared to analyst estimates of $3.25 billion. During the same quarter in the prior year, the business earned $5.04 earnings per share. The business’s quarterly revenue was up 9.1% compared to the same quarter last year. research analysts anticipate that Biogen Inc will post 25.35 EPS for the current fiscal year.

Biogen Company Profile

Biogen Inc discovers, develops, manufactures, and delivers therapies for the treatment of neurological and neurodegenerative diseases worldwide. The company offers TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, ZINBRYTA, and FAMPYRA for the treatment of multiple sclerosis (MS); FUMADERM for the treatment of plaque psoriasis; and SPINRAZA to treat spinal muscular atrophy.

Further Reading: Book Value Of Equity Per Share – BVPS Explained

Institutional Ownership by Quarter for Biogen (NASDAQ:BIIB)

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