Biogen Inc. $BIIB Shares Acquired by Pictet Asset Management Holding SA

Key Points

• Pictet Asset Management increased its Biogen stake by 139.4% in the third quarter, adding 1,187,237 shares to reach 2,039,056 shares valued at about $460.6 million.
• Analysts have a consensus “Moderate Buy” rating and an average price target of $252.34; 21 analysts rate the stock Buy, while 10 rate it Hold.
• Biogen reported quarterly EPS of $2.62, beating the $1.99 consensus, and revenue of $2.80 billion, up 10.6% year over year.

Pictet Asset Management Holding SA lifted its stake in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 139.4% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,039,056 shares of the biotechnology company's stock after acquiring an additional 1,187,237 shares during the quarter. Pictet Asset Management Holding SA owned approximately 1.38% of Biogen worth $460,582,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Align Financial LLC increased its holdings in Biogen by 339.3% during the 3rd quarter. Align Financial LLC now owns 123 shares of the biotechnology company's stock worth $28,000 after purchasing an additional 95 shares during the period. Bell Investment Advisors Inc bought a new stake in Biogen during the 2nd quarter valued at $27,000. Provenance Wealth Advisors LLC bought a new stake in Biogen during the 3rd quarter valued at $29,000. Canton Hathaway LLC purchased a new stake in shares of Biogen in the 3rd quarter worth $31,000. Finally, Ashurst Perkins Coie Trust Co lifted its holdings in shares of Biogen by 92.2% in the 3rd quarter. Ashurst Perkins Coie Trust Co now owns 173 shares of the biotechnology company's stock worth $39,000 after buying an additional 83 shares during the period. Institutional investors own 87.93% of the company's stock.

Wall Street Analyst Weigh In

BIIB has been the topic of a number of recent research reports. Barclays increased their price target on Biogen from $200.00 to $230.00 and gave the stock an "equal weight" rating in a research report on Wednesday, October 28th. Wolfe Research upgraded Biogen from a "peer perform" rating to an "outperform" rating and set a $300.00 price objective for the company in a report on Thursday, August 13th. Piper Sandler reaffirmed an "overweight" rating and issued a $245.00 price objective (up from $225.00) on shares of Biogen in a research note on Thursday, September 3rd. Needham & Company LLC increased their target price on shares of Biogen from $256.00 to $290.00 and gave the stock a "buy" rating in a report on Thursday, October 29th. Finally, Truist Financial reissued a "buy" rating and set a $260.00 target price (up from $235.00) on shares of Biogen in a research report on Thursday, October 29th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $252.34.

Biogen Stock Up 1.8%

Shares of NASDAQ BIIB opened at $248.35 on Friday. The company has a current ratio of 1.95, a quick ratio of 1.37 and a debt-to-equity ratio of 0.39. The stock has a market capitalization of $36.71 billion, a PE ratio of 106.13, a price-to-earnings-growth ratio of 2.82 and a beta of 0.10. The stock's fifty day simple moving average is $230.01 and its two-hundred day simple moving average is $203.04. Biogen Inc. has a 12-month low of $151.83 and a 12-month high of $258.78.

Biogen (NASDAQ:BIIB - Get Free Report) last announced its quarterly earnings results on Wednesday, October 28th. The biotechnology company reported $2.62 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.99 by $0.63. The business had revenue of $2.80 billion for the quarter, compared to the consensus estimate of $2.63 billion. Biogen had a return on equity of 9.38% and a net margin of 3.37%. The business's revenue was up 10.6% compared to the same quarter last year. During the same period last year, the business posted $4.81 EPS. As a group, analysts expect that Biogen Inc. will post 12.45 EPS for the current fiscal year.

Biogen Company Profile

Biogen is a biotechnology company focused on developing and commercializing medicines for neurological and rare diseases. Its areas of focus include multiple sclerosis, Alzheimer's disease, spinal muscular atrophy and Friedreich's ataxia.

Its products include multiple sclerosis treatments such as Tysabri, Tecfidera and Vumerity, and Skyclarys for Friedreich's ataxia. Biogen shares rights to several medicines with other companies, including Leqembi for Alzheimer's disease with Eisai and Spinraza for spinal muscular atrophy with Ionis Pharmaceuticals.

Founded in 1978, Biogen is headquartered in Cambridge, Massachusetts, and serves patients and healthcare providers in the United States and international markets.

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