Root Financial Partners LLC purchased a new stake in Biogen Inc. (NASDAQ:BIIB – Free Report) during the third quarter, HoldingsChannel reports. The institutional investor purchased 3,963 shares of the biotechnology company’s stock, valued at approximately $895,000.
Several other institutional investors and hedge funds also recently modified their holdings of the company. BlackRock Inc. bought a new position in shares of Biogen during the second quarter worth about $3,453,878,000. Primecap Management Co. CA acquired a new stake in Biogen in the 2nd quarter valued at approximately $3,274,304,000. Legal & General Group Plc bought a new stake in Biogen in the 2nd quarter valued at approximately $322,640,000. Bank of America Corp DE bought a new stake in Biogen in the 2nd quarter valued at approximately $241,172,000. Finally, Deutsche Bank AG bought a new stake in Biogen in the 2nd quarter valued at approximately $193,165,000. 87.93% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of equities analysts have weighed in on BIIB shares. JPMorgan Chase & Co. raised Biogen from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $210.00 to $300.00 in a research report on Monday, October 12th. Truist Financial upgraded shares of Biogen from a “hold” rating to a “buy” rating and lifted their price objective for the company from $190.00 to $235.00 in a report on Monday, July 13th. UBS Group boosted their price objective on shares of Biogen from $240.00 to $270.00 and gave the stock a “buy” rating in a research report on Friday, October 9th. Wells Fargo & Company increased their target price on shares of Biogen from $250.00 to $310.00 and gave the stock an “overweight” rating in a report on Tuesday. Finally, Morgan Stanley increased their target price on shares of Biogen from $222.00 to $231.00 and gave the stock an “equal weight” rating in a report on Thursday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Biogen currently has a consensus rating of “Moderate Buy” and an average price target of $241.89.
Read Our Latest Research Report on BIIB
Biogen Price Performance
NASDAQ:BIIB opened at $250.69 on Friday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.26 and a current ratio of 1.87. The stock’s 50-day simple moving average is $223.60 and its 200 day simple moving average is $206.04. The company has a market cap of $37.04 billion, a P/E ratio of 44.37, a P/E/G ratio of 2.83 and a beta of 0.09. Biogen Inc. has a 52-week low of $138.00 and a 52-week high of $254.41.
Biogen (NASDAQ:BIIB – Get Free Report) last released its earnings results on Wednesday, July 29th. The biotechnology company reported $3.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.94 by $0.66. Biogen had a return on equity of 11.18% and a net margin of 8.32%. The business had revenue of $2.74 billion for the quarter, compared to analyst estimates of $2.46 billion. During the same quarter in the prior year, the company posted $5.47 earnings per share. Biogen’s revenue was up 3.4% on a year-over-year basis. Biogen has set its FY 2026 guidance at 12.000-13.000 EPS. As a group, sell-side 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.
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