Biogen Inc. $BIIB Stock: Ethic Inc. Grows Holdings

Key Points

• Ethic Inc. increased its Biogen stake by 599.4% in the third quarter, adding 299,927 shares to hold 349,961 shares worth about $79 million. Institutional investors collectively own 87.93% of Biogen.
• Analysts maintain a Moderate Buy consensus, with an average price target of $252.34; ratings include 21 Buys, 10 Holds, one Strong Buy, and one Sell.
• Biogen’s latest quarterly results beat expectations: adjusted earnings were $2.62 per share versus $1.99 expected, while revenue of $2.80 billion rose 10.6% year over year.

Ethic Inc. lifted its stake in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 599.4% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 349,961 shares of the biotechnology company's stock after acquiring an additional 299,927 shares during the period. Biogen accounts for about 0.9% of Ethic Inc.'s portfolio, making the stock its 14th largest position. Ethic Inc. owned approximately 0.24% of Biogen worth $79,049,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of BIIB. BlackRock Inc. acquired a new position in shares of Biogen during the second quarter valued at about $3,453,878,000. Orbimed Advisors LLC acquired a new stake in shares of Biogen in the 1st quarter worth about $11,293,000. Saudi Central Bank raised its holdings in shares of Biogen by 89.7% in the 2nd quarter. Saudi Central Bank now owns 10,273 shares of the biotechnology company's stock worth $2,220,000 after acquiring an additional 4,858 shares during the last quarter. Tidal Investments LLC raised its holdings in shares of Biogen by 9.0% in the 2nd quarter. Tidal Investments LLC now owns 63,842 shares of the biotechnology company's stock worth $13,794,000 after acquiring an additional 5,256 shares during the last quarter. Finally, Nippon Life Global Investors Americas Inc. acquired a new stake in shares of Biogen in the 2nd quarter worth about $29,648,000. 87.93% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on BIIB shares. Zacks Research raised shares of Biogen from a "strong sell" rating to a "hold" rating in a research report on Tuesday, July 28th. Wedbush boosted their price objective on Biogen from $212.00 to $225.00 and gave the stock a "neutral" rating in a report on Thursday, October 29th. Weiss Ratings downgraded Biogen from a "hold (c)" rating to a "hold (c-)" rating in a research note on Thursday, October 29th. Piper Sandler restated an "overweight" rating and issued a $245.00 target price (up from $225.00) on shares of Biogen in a report on Thursday, September 3rd. Finally, HSBC raised their target price on Biogen from $165.00 to $175.00 and gave the company a "reduce" rating in a report on Thursday, September 10th. One research analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $252.34.

Biogen Stock Performance

Shares of BIIB stock opened at $248.35 on Friday. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.95 and a quick ratio of 1.37. The firm has a 50-day moving average of $230.01 and a 200-day moving average of $203.04. Biogen Inc. has a one year low of $151.83 and a one year high of $258.78. The company has a market cap of $36.71 billion, a P/E ratio of 106.13, a P/E/G ratio of 2.82 and a beta of 0.10.

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

About Biogen

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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