Bank of New York Mellon Corp Makes New Investment in Biogen Inc. $BIIB

Key Points

• Bank of New York Mellon purchased 773,619 Biogen shares worth approximately $167.1 million, giving it a 0.52% stake. Institutional investors collectively own 87.93% of BIIB.
• Analyst sentiment remains positive, with Biogen carrying a “Moderate Buy” consensus rating and an average price target of $227.07; several firms recently raised targets or upgraded the stock.
• Biogen exceeded quarterly expectations, reporting $3.60 in adjusted earnings per share versus a $2.94 estimate and revenue of $2.74 billion. Shares opened at $216.78, near the company’s 52-week high of $222.15.

Bank of New York Mellon Corp purchased a new position in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 773,619 shares of the biotechnology company's stock, valued at approximately $167,148,000. Bank of New York Mellon Corp owned approximately 0.52% of Biogen at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Norges Bank purchased a new stake in shares of Biogen during the fourth quarter valued at about $464,408,000. Boston Partners purchased a new position in shares of Biogen in the 4th quarter worth approximately $302,815,000. Fred Alger Management LLC raised its stake in shares of Biogen by 39,074.8% during the 4th quarter. Fred Alger Management LLC now owns 798,774 shares of the biotechnology company's stock worth $140,576,000 after acquiring an additional 796,735 shares in the last quarter. Employees Provident Fund Board bought a new position in shares of Biogen during the 4th quarter worth approximately $123,931,000. Finally, Orion Porfolio Solutions LLC lifted its position in Biogen by 6,828.4% during the second quarter. Orion Porfolio Solutions LLC now owns 517,275 shares of the biotechnology company's stock valued at $64,965,000 after acquiring an additional 509,809 shares during the last quarter. 87.93% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have issued reports on BIIB. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Biogen in a report on Monday, June 22nd. Rothschild & Co Redburn increased their price objective on Biogen from $180.00 to $190.00 in a report on Thursday, April 30th. Jefferies Financial Group reissued a "buy" rating on shares of Biogen in a research report on Monday, July 13th. Freedom Capital upgraded Biogen from a "hold" rating to a "strong-buy" rating in a research note on Friday, May 1st. Finally, Mizuho upped their target price on Biogen from $221.00 to $241.00 and gave the company an "outperform" rating in a research report on Tuesday, August 4th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, thirteen have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Biogen currently has an average rating of "Moderate Buy" and a consensus price target of $227.07.

Biogen Stock Performance

NASDAQ BIIB opened at $216.78 on Monday. Biogen Inc. has a 1 year low of $131.52 and a 1 year high of $222.15. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.87 and a quick ratio of 1.26. The company has a market capitalization of $32.03 billion, a PE ratio of 38.37, a P/E/G ratio of 6.75 and a beta of 0.17. The company has a fifty day moving average of $205.53 and a 200 day moving average of $194.58.

Biogen (NASDAQ:BIIB - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The biotechnology company reported $3.60 earnings per share for the quarter, topping the consensus estimate of $2.94 by $0.66. The company had revenue of $2.74 billion for the quarter, compared to the consensus estimate of $2.46 billion. Biogen had a return on equity of 11.18% and a net margin of 8.32%.The firm's revenue for the quarter was up 3.4% compared to the same quarter last year. During the same period last year, the firm earned $5.47 EPS. Biogen has set its FY 2026 guidance at 12.000-13.000 EPS. Research analysts forecast that Biogen Inc. will post 12.39 earnings per share for the current year.

Biogen Company Profile

Biogen Inc is a multinational biotechnology company focused on discovering, developing and delivering therapies for neurological and neurodegenerative diseases. Headquartered in Cambridge, Massachusetts, the company has a longstanding emphasis on neuroscience, with research and commercial activities spanning multiple therapeutic areas including multiple sclerosis, spinal muscular atrophy and Alzheimer's disease. Biogen was founded in 1978 and has grown into a global biopharmaceutical firm with operations and commercial presence across North America, Europe, Japan and other international markets.

The company's marketed portfolio has historically included several well-known therapies for multiple sclerosis such as Avonex, Tysabri and Tecfidera, and it has pursued treatments for rare neurological conditions and genetic neuromuscular disorders.

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