Biogen Inc. $BIIB Stock: Allspring Global Investments Holdings LLC Boosts Holdings

Key Points

• Allspring Global Investments increased its Biogen stake by 1,753.2% in the third quarter, to 138,456 shares valued at about $31.3 million; institutional investors and hedge funds own 87.93% of the stock.
• Biogen reported quarterly EPS of $2.62, beating the $1.99 consensus, while revenue of $2.80 billion exceeded estimates and rose 10.6% year over year.
• Analysts have a consensus “Moderate Buy” rating and an average price target of $254.41, with recent targets ranging up to $300.

Allspring Global Investments Holdings LLC lifted its holdings in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 1,753.2% in the third quarter, according to its most recent filing with the SEC. The firm owned 138,456 shares of the biotechnology company's stock after acquiring an additional 130,985 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.09% of Biogen worth $31,274,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. BlackRock Inc. acquired a new position in Biogen in the second quarter worth $3,453,878,000. Orbimed Advisors LLC acquired a new position in shares of Biogen during the first quarter worth approximately $11,293,000. Tidal Investments LLC lifted its position in shares of Biogen by 9.0% during the second quarter. Tidal Investments LLC now owns 63,842 shares of the biotechnology company's stock worth $13,794,000 after purchasing an additional 5,256 shares in the last quarter. Saudi Central Bank lifted its position in shares of Biogen by 89.7% during the second quarter. Saudi Central Bank now owns 10,273 shares of the biotechnology company's stock worth $2,220,000 after purchasing an additional 4,858 shares in the last quarter. Finally, Nippon Life Global Investors Americas Inc. bought a new stake in shares of Biogen during the second quarter valued at approximately $29,648,000. 87.93% of the stock is currently owned by institutional investors and hedge funds.

Biogen Stock Down 1.2%

Shares of NASDAQ BIIB opened at $250.48 on Friday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.37 and a current ratio of 1.95. Biogen Inc. has a 52-week low of $160.36 and a 52-week high of $261.00. The firm has a 50 day moving average price of $232.77 and a 200 day moving average price of $204.64. The stock has a market cap of $37.03 billion, a P/E ratio of 107.04, a P/E/G ratio of 2.87 and a beta of 0.10.

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, topping the consensus estimate of $1.99 by $0.63. The company had revenue of $2.80 billion during 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 company's revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period in the prior year, the company earned $4.81 earnings per share. Analysts expect that Biogen Inc. will post 12.46 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Argus raised Biogen from a "hold" rating to a "buy" rating and set a $280.00 target price for the company in a research note on Thursday, October 29th. Wedbush boosted their target price on Biogen from $212.00 to $225.00 and gave the stock a "neutral" rating in a research report on Thursday, October 29th. Oppenheimer reaffirmed an "outperform" rating and set a $300.00 price target on shares of Biogen in a research note on Wednesday, July 29th. Wolfe Research upgraded Biogen from a "peer perform" rating to an "outperform" rating and set a $300.00 price target on the stock in a report on Thursday, August 13th. Finally, Needham & Company LLC lifted their price objective on Biogen from $256.00 to $290.00 and gave the stock a "buy" rating in a research report on Thursday, October 29th. One analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $254.41.

Biogen 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.

Want to see what other hedge funds are holding BIIB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Biogen Inc. (NASDAQ:BIIB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.