Rakuten Investment Management Inc. lifted its holdings in shares of Biogen Inc. (NASDAQ:BIIB – Free Report) by 10.0% in the third quarter, Holdings Channel.com reports. The institutional investor owned 26,512 shares of the biotechnology company’s stock after acquiring an additional 2,415 shares during the period. Rakuten Investment Management Inc.’s holdings in Biogen were worth $6,020,000 at the end of the most recent reporting period.
A number of other institutional investors have also added to or reduced their stakes in BIIB. BlackRock Inc. acquired a new position in shares of Biogen during the second quarter worth $3,453,878,000. Orbimed Advisors LLC bought a new position in shares of Biogen in the 1st quarter valued at $11,293,000. Saudi Central Bank lifted its stake in shares of Biogen by 89.7% in the 2nd quarter. Saudi Central Bank now owns 10,273 shares of the biotechnology company’s stock valued at $2,220,000 after acquiring an additional 4,858 shares during the last quarter. Tidal Investments LLC boosted its holdings in shares of Biogen by 9.0% during the 2nd quarter. Tidal Investments LLC now owns 63,842 shares of the biotechnology company’s stock valued at $13,794,000 after acquiring an additional 5,256 shares in the last quarter. Finally, Nippon Life Global Investors Americas Inc. bought a new stake in Biogen during the 2nd quarter worth $29,648,000. 87.93% of the stock is currently owned by institutional investors and hedge funds.
Biogen Stock Performance
NASDAQ BIIB opened at $243.93 on Friday. The company has a market capitalization of $36.06 billion, a price-to-earnings ratio of 104.24, a PEG ratio of 2.89 and a beta of 0.10. Biogen Inc. has a twelve month low of $151.83 and a twelve month high of $258.78. The stock has a fifty day simple moving average of $229.47 and a 200 day simple moving average of $202.62. The company has a quick ratio of 1.37, a current ratio of 1.95 and a debt-to-equity ratio of 0.39.
Biogen (NASDAQ:BIIB – Get Free Report) last announced its earnings results on Wednesday, October 28th. The biotechnology company reported $2.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.99 by $0.63. The business had revenue of $2.80 billion during the quarter, compared to analyst estimates of $2.63 billion. Biogen had a return on equity of 9.38% and a net margin of 3.37%. Biogen’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period last year, the company earned $4.81 EPS. Sell-side analysts expect that Biogen Inc. will post 12.45 EPS for the current year.
Analysts Set New Price Targets
A number of equities analysts have issued reports on the company. Wells Fargo & Company upped their target price on Biogen from $250.00 to $310.00 and gave the stock an “overweight” rating in a report on Tuesday, October 20th. Wolfe Research raised Biogen from a “peer perform” rating to an “outperform” rating and set a $300.00 price target on the stock in a research note on Thursday, August 13th. Piper Sandler restated an “overweight” rating and set a $245.00 price target (up from $225.00) on shares of Biogen in a report on Thursday, September 3rd. Wedbush upped their price objective on Biogen from $212.00 to $225.00 and gave the company a “neutral” rating in a research note on Thursday, October 29th. Finally, Robert W. Baird upped their price objective on Biogen from $250.00 to $290.00 and gave the company an “outperform” rating in a research note on Thursday, October 29th. One analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $252.34.
Read Our Latest Report on Biogen
Biogen Company 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.
Read More
- Five stocks we like better than Biogen
- Google’s Credit Backstop May Be TeraWulf’s Biggest Advantage
- Could the Midterms Revive Medicare for All? 3 Healthcare Stocks to Watch
- Qualcomm Beat Earnings, But Its Fastest-Growing Businesses Have a Catch
- Oil, Uranium, or Renewables? 3 Energy Plays for a Changing Market
Want to see what other hedge funds are holding BIIB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Biogen Inc. (NASDAQ:BIIB – Free Report).
Receive News & Ratings for Biogen Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Biogen and related companies with MarketBeat.com's FREE daily email newsletter.
