70,767 Shares in Biogen Inc. $BIIB Acquired by Adage Capital Partners GP L.L.C.

Key Points

• Adage Capital Partners GP L.L.C. acquired a $9.68 million stake in Biogen Inc., purchasing 70,767 shares during the first quarter.
• Analysts have recently upgraded Biogen's rating, with Wall Street Zen moving it to a "strong-buy" and several firms increasing their price targets.
• Biogen reported earnings of $5.47 per share for the last quarter, exceeding analysts' expectations and indicating a 7.3% revenue growth year-over-year.

Adage Capital Partners GP L.L.C. acquired a new stake in Biogen Inc. (NASDAQ:BIIB - Free Report) in the 1st quarter, according to its most recent filing with the SEC. The fund acquired 70,767 shares of the biotechnology company's stock, valued at approximately $9,684,000.

A number of other institutional investors also recently modified their holdings of the company. ADAR1 Capital Management LLC lifted its holdings in shares of Biogen by 47.8% in the first quarter. ADAR1 Capital Management LLC now owns 4,500 shares of the biotechnology company's stock valued at $616,000 after purchasing an additional 1,455 shares in the last quarter. Palo Alto Investors LP boosted its position in Biogen by 7.8% during the 1st quarter. Palo Alto Investors LP now owns 204,923 shares of the biotechnology company's stock worth $28,042,000 after acquiring an additional 14,775 shares during the last quarter. Focus Partners Advisor Solutions LLC acquired a new position in Biogen during the 1st quarter worth approximately $725,000. Flputnam Investment Management Co. boosted its position in Biogen by 10.0% during the 1st quarter. Flputnam Investment Management Co. now owns 2,080 shares of the biotechnology company's stock worth $285,000 after acquiring an additional 189 shares during the last quarter. Finally, Point72 Europe London LLP acquired a new position in Biogen during the 1st quarter worth approximately $11,286,000. 87.93% of the stock is currently owned by institutional investors.

Biogen Stock Performance

NASDAQ BIIB traded down $0.99 during trading on Wednesday, reaching $142.61. 1,277,165 shares of the company's stock were exchanged, compared to its average volume of 1,557,969. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.50 and a quick ratio of 1.79. Biogen Inc. has a fifty-two week low of $110.04 and a fifty-two week high of $204.18. The business has a 50 day moving average price of $133.24 and a 200-day moving average price of $130.69. The stock has a market capitalization of $20.91 billion, a P/E ratio of 13.63, a PEG ratio of 1.11 and a beta of 0.11.

Biogen (NASDAQ:BIIB - Get Free Report) last issued its earnings results on Thursday, July 31st. The biotechnology company reported $5.47 EPS for the quarter, topping the consensus estimate of $3.93 by $1.54. Biogen had a return on equity of 13.85% and a net margin of 15.31%.The company had revenue of $2.65 billion during the quarter, compared to the consensus estimate of $2.32 billion. During the same period in the previous year, the company posted $5.28 EPS. The firm's revenue for the quarter was up 7.3% compared to the same quarter last year. Biogen has set its FY 2025 guidance at 15.500-16.000 EPS. Sell-side analysts forecast that Biogen Inc. will post 15.83 earnings per share for the current fiscal year.

Insider Activity at Biogen

In other news, insider Priya Singhal sold 517 shares of Biogen stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $133.55, for a total transaction of $69,045.35. Following the completion of the transaction, the insider directly owned 5,772 shares in the company, valued at approximately $770,850.60. The trade was a 8.22% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Rachid Izzar sold 2,223 shares of Biogen stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $135.00, for a total value of $300,105.00. Following the transaction, the insider owned 6,330 shares of the company's stock, valued at $854,550. This represents a 25.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.18% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on BIIB. Morgan Stanley reduced their price target on Biogen from $146.00 to $144.00 and set an "equal weight" rating for the company in a research report on Friday, August 1st. Truist Financial began coverage on Biogen in a research report on Monday, July 21st. They set a "hold" rating and a $142.00 price target for the company. Wall Street Zen raised Biogen from a "buy" rating to a "strong-buy" rating in a research report on Friday, September 5th. Citigroup upped their price target on Biogen from $125.00 to $135.00 and gave the stock a "neutral" rating in a research report on Friday, August 1st. Finally, Piper Sandler boosted their price target on Biogen from $115.00 to $118.00 and gave the stock a "neutral" rating in a research report on Thursday, August 14th. Ten research analysts have rated the stock with a Buy rating and twenty-one have given a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $181.65.

Biogen Profile

Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases in the United States, Europe, Germany, Asia, and internationally. The company provides TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; ADUHELM to treat Alzheimer's disease; FUMADERM to treat plaque psoriasis; BENEPALI, an etanercept biosimilar referencing ENBREL; IMRALDI, an adalimumab biosimilar referencing HUMIRA; FLIXABI, an infliximab biosimilar referencing REMICADE; and BYOOVIZ, a ranibizumab biosimilar referencing LUCENTIS.