Biogen Inc. $BIIB Stock: Crossmark Global Holdings Inc. Boosts Holdings

Key Points

• Crossmark Global Holdings increased its Biogen position by 1,162.1% in the third quarter, bringing its holdings to 125,959 shares worth approximately $28.5 million. Institutional investors collectively own 87.93% of Biogen.
• Analysts remain broadly positive, with Guggenheim, UBS, TD Cowen and Wells Fargo raising price targets; Wells Fargo increased its target to $310. Biogen has a consensus “Moderate Buy” rating and an average price target of $240.86.
• Biogen reported quarterly EPS of $3.60, beating estimates of $2.94, while revenue of $2.74 billion exceeded expectations. Investors are also watching the company’s renal-disease data, pipeline milestones and upcoming earnings report.

Crossmark Global Holdings Inc. boosted its holdings in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 1,162.1% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 125,959 shares of the biotechnology company's stock after purchasing an additional 115,979 shares during the period. Crossmark Global Holdings Inc. owned about 0.09% of Biogen worth $28,452,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new position in shares of Biogen during the 2nd quarter valued at about $3,453,878,000. Primecap Management Co. CA acquired a new position in shares of Biogen in the 2nd quarter valued at about $3,274,304,000. Wellington Management Group LLP boosted its stake in shares of Biogen by 5.3% in the second quarter. Wellington Management Group LLP now owns 3,117,469 shares of the biotechnology company's stock worth $673,560,000 after buying an additional 155,828 shares during the last quarter. Amundi boosted its stake in shares of Biogen by 91.8% in the second quarter. Amundi now owns 1,516,831 shares of the biotechnology company's stock worth $327,727,000 after buying an additional 726,004 shares during the last quarter. Finally, Legal & General Group Plc purchased a new stake in shares of Biogen in the second quarter worth about $322,640,000. 87.93% of the stock is owned by hedge funds and other institutional investors.

More Biogen News

Here are the key news stories impacting Biogen this week:

• Positive Sentiment: Positive kidney-disease data: Biogen highlighted 76-week EMPAVELI data showing sustained proteinuria reduction, stable kidney function and a consistent safety profile in C3G and primary IC-MPGN. Additional felzartamab and nephrology programs strengthened investor confidence in the company’s expanding renal franchise. Biogen nephrology data announcement
• Positive Sentiment: Higher analyst price target: Wells Fargo raised its BIIB target from $250 to $310 and maintained an “overweight” rating, signaling significant potential upside based on the company’s pipeline and growth prospects.
• Positive Sentiment: Earnings optimism: Zacks expects Biogen to beat consensus estimates in its upcoming third-quarter report, citing favorable earnings and revenue trends. The company is scheduled to report on October 28, making the release a near-term catalyst. Biogen earnings preview
• Positive Sentiment: Pipeline and strategic-growth expectations: Biogen is being featured among biotechnology companies with promising late-stage drug programs and upcoming regulatory or clinical milestones. The Apellis transaction is also expected to become increasingly accretive to adjusted earnings beginning in 2027. Zacks biotech pipeline commentary

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Wall Street Zen cut Biogen from a "buy" rating to a "hold" rating in a research report on Saturday, August 1st. Guggenheim boosted their price target on Biogen from $260.00 to $280.00 and gave the company a "buy" rating in a report on Tuesday, July 21st. UBS Group upped their price objective on Biogen from $240.00 to $270.00 and gave the stock a "buy" rating in a research report on Friday, October 9th. TD Cowen upped their price objective on Biogen from $225.00 to $250.00 and gave the stock a "buy" rating in a research report on Wednesday. Finally, Wells Fargo & Company raised their price objective on shares of Biogen from $250.00 to $310.00 and gave the stock an "overweight" rating in a research note on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $240.86.

Biogen Trading Down 0.9%

Shares of BIIB stock opened at $240.98 on Thursday. Biogen Inc. has a 1-year low of $138.00 and a 1-year high of $244.65. The company has a market cap of $35.60 billion, a price-to-earnings ratio of 17.40, a PEG ratio of 2.71 and a beta of 0.09. 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 stock has a 50 day simple moving average of $221.92 and a 200-day simple moving average of $205.19.

Biogen (NASDAQ:BIIB - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The biotechnology company reported $3.60 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.94 by $0.66. The firm had revenue of $2.74 billion for the quarter, compared to analysts' expectations of $2.46 billion. Biogen had a net margin of 8.32% and a return on equity of 11.18%. The firm's revenue for the quarter was up 3.4% compared to the same quarter last year. During the same quarter last year, the company earned $5.47 EPS. Biogen has set its FY 2026 guidance at 12.000-13.000 EPS. On average, equities research analysts expect that Biogen Inc. will post 12.31 EPS for the current fiscal year.

About Biogen

Biogen Inc is a biotechnology company that discovers, develops and commercializes therapies for neurological and neurodegenerative diseases. Its areas of focus include multiple sclerosis, Alzheimer's disease, spinal muscular atrophy, amyotrophic lateral sclerosis and other serious medical conditions.

The company's portfolio includes multiple sclerosis treatments such as Tecfidera, Vumerity, Tysabri, Plegridy and Avonex, as well as Spinraza for spinal muscular atrophy. Biogen also markets Leqembi, an Alzheimer's disease treatment developed in collaboration with Eisai, and works with partners to advance additional therapies and biosimilars.

Biogen was founded in 1978 and is headquartered in Cambridge, Massachusetts.

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.