Kingswood Wealth Advisors LLC Buys 7,483 Shares of Biogen Inc. $BIIB

Kingswood Wealth Advisors LLC lifted its stake in Biogen Inc. (NASDAQ:BIIB) by 479.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 9,045 shares of the biotechnology company’s stock after purchasing 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.

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

Biogen Price 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 firm has a 50-day moving average of $225.10 and a 200 day moving average of $200.10.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings data on Wednesday, July 29th. The biotechnology company reported $3.60 EPS for the quarter, topping the consensus estimate 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. The company’s revenue was up 3.4% on a year-over-year basis. During the same period in the previous year, the firm earned $5.47 EPS. On average, equities analysts forecast that Biogen Inc. will post 12.29 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have weighed in on BIIB. Morgan Stanley lifted their price objective on Biogen from $222.00 to $231.00 and gave the company an “equal weight” rating in a research report on Thursday, July 30th. Wall Street Zen lowered Biogen from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Oppenheimer reissued an “outperform” rating and issued a $300.00 target price on shares of Biogen in a research report on Wednesday, July 29th. Stifel Nicolaus set a $242.00 target price on Biogen in a research note on Thursday, September 10th. Finally, Guggenheim lifted their price target on Biogen from $260.00 to $280.00 and gave the company a “buy” rating in a research report on Tuesday, July 21st. One investment analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $241.89.

Biogen Profile

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.