Biogen Inc. $BIIB Stock Position Lifted by AQR Capital Management LLC

Key Points

• AQR Capital Management significantly increased its stake in Biogen by 153.6%, holding approximately 1.37 million shares worth $187.3 million as of the end of the first quarter.
• Biogen reported strong earnings of $5.47 per share for the most recent quarter, surpassing analysts' expectations of $3.93, with a revenue increase of 7.3% compared to the previous year.
• Analysts have varied outlooks on Biogen, with some setting price targets ranging from $121.00 to $219.00, reflecting a consensus target price of $185.74.

AQR Capital Management LLC lifted its holdings in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 153.6% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,368,842 shares of the biotechnology company's stock after purchasing an additional 829,150 shares during the quarter. AQR Capital Management LLC owned about 0.93% of Biogen worth $187,258,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Colonial Trust Co SC lifted its position in shares of Biogen by 9,300.0% during the fourth quarter. Colonial Trust Co SC now owns 188 shares of the biotechnology company's stock worth $29,000 after purchasing an additional 186 shares in the last quarter. Opal Wealth Advisors LLC purchased a new stake in shares of Biogen during the first quarter worth approximately $26,000. Greykasell Wealth Strategies Inc. purchased a new stake in shares of Biogen during the first quarter worth approximately $27,000. Vision Financial Markets LLC purchased a new stake in shares of Biogen during the first quarter worth approximately $27,000. Finally, Zions Bancorporation National Association UT purchased a new stake in shares of Biogen during the first quarter worth approximately $29,000. Institutional investors and hedge funds own 87.93% of the company's stock.

Insider Activity at Biogen

In related news, insider Rachid Izzar sold 2,223 shares of the business's stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $135.00, for a total transaction of $300,105.00. Following the transaction, the insider directly owned 6,330 shares of the company's stock, valued at approximately $854,550. The trade was a 25.99% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Priya Singhal sold 517 shares of the business's stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $133.55, for a total value of $69,045.35. Following the transaction, the insider directly owned 5,772 shares in the company, valued at $770,850.60. This trade represents a 8.22% 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.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Citigroup upped their target price on shares of Biogen from $125.00 to $135.00 and gave the stock a "neutral" rating in a research note on Friday, August 1st. Wedbush reiterated a "neutral" rating and issued a $121.00 price target on shares of Biogen in a research note on Thursday, June 12th. Wall Street Zen upgraded shares of Biogen from a "buy" rating to a "strong-buy" rating in a research note on Friday. Morgan Stanley dropped their price target on shares of Biogen from $146.00 to $144.00 and set an "equal weight" rating on the stock in a research note on Friday, August 1st. Finally, HC Wainwright raised their target price on shares of Biogen from $187.00 to $194.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Eleven investment analysts have rated the stock with a Buy rating and twenty-one have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $185.74.

Biogen Price Performance

Biogen stock traded up $0.68 during midday trading on Monday, reaching $141.35. The company's stock had a trading volume of 1,515,880 shares, compared to its average volume of 1,559,383. The firm has a market capitalization of $20.72 billion, a PE ratio of 13.51, a P/E/G ratio of 1.11 and a beta of 0.11. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.79 and a current ratio of 2.50. Biogen Inc. has a fifty-two week low of $110.04 and a fifty-two week high of $204.18. The stock's 50 day simple moving average is $132.65 and its 200 day simple moving average is $130.59.

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

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.