Biogen Inc. $BIIB Stock: Allworth Financial LP Increases Stake

Key Points

• Allworth Financial LP increased its Biogen stake by 2,155.5% in the third quarter, ending with 181,185 shares valued at about $40.9 million. Institutional investors collectively own 87.93% of the company.
• Biogen reported quarterly EPS of $2.62, beating the $1.99 analyst consensus, while revenue of $2.80 billion topped estimates and rose 10.6% year over year.
• Analysts give Biogen a consensus “Moderate Buy” rating and an average price target of $254.41; shares opened at $250.48 on Friday.

Allworth Financial LP raised its holdings in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 2,155.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 181,185 shares of the biotechnology company's stock after buying an additional 173,152 shares during the quarter. Allworth Financial LP owned about 0.12% of Biogen worth $40,926,000 as of its most recent SEC filing.

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

Biogen Stock Down 1.2%

Shares of BIIB opened at $250.48 on Friday. The firm has a market capitalization of $37.03 billion, a price-to-earnings ratio of 107.04, a PEG ratio of 2.87 and a beta of 0.10. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.37 and a current ratio of 1.95. The business's fifty day moving average price is $232.77 and its two-hundred day moving average price is $204.64. Biogen Inc. has a 52 week low of $160.36 and a 52 week high of $261.00.

Biogen (NASDAQ:BIIB - Get Free Report) last released its 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 company had revenue of $2.80 billion for the quarter, compared to the consensus estimate of $2.63 billion. Biogen had a net margin of 3.37% and a return on equity of 9.38%. The company's revenue was up 10.6% compared to the same quarter last year. During the same period in the prior year, the company posted $4.81 EPS. On average, analysts predict that Biogen Inc. will post 12.46 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on BIIB shares. JPMorgan Chase & Co. upgraded shares of Biogen from a "neutral" rating to an "overweight" rating and boosted their price target for the company from $210.00 to $300.00 in a research report on Monday, October 12th. Morgan Stanley raised their price objective on shares of Biogen from $231.00 to $238.00 and gave the stock an "equal weight" rating in a report on Thursday, October 29th. Wall Street Zen upgraded shares of Biogen from a "hold" rating to a "strong-buy" rating in a research note on Saturday, October 31st. Royal Bank Of Canada lifted their target price on shares of Biogen from $256.00 to $272.00 and gave the company an "outperform" rating in a research note on Thursday, October 29th. Finally, Mizuho boosted their target price on Biogen from $221.00 to $241.00 and gave the stock an "outperform" rating in a report on Tuesday, August 4th. One research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, Biogen has an average rating of "Moderate Buy" and a consensus target price of $254.41.

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.

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