Biogen Inc. $BIIB Stock: Kestra Advisory Services LLC Raises Position

Key Points

• Kestra Advisory Services increased its Biogen stake by 1,516% in the third quarter, adding 93,292 shares to hold 99,446 shares valued at about $22.5 million.
• Biogen reported quarterly EPS of $2.62, beating the $1.99 consensus, while revenue of $2.80 billion topped estimates and rose 10.6% year over year.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $252.34; recent targets included $300 from Guggenheim and $272 from RBC.

Kestra Advisory Services LLC grew its stake in Biogen Inc. (NASDAQ:BIIB - Free Report) by 1,516.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 99,446 shares of the biotechnology company's stock after buying an additional 93,292 shares during the period. Kestra Advisory Services LLC owned 0.07% of Biogen worth $22,463,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. BlackRock Inc. purchased a new position in shares of Biogen during the second quarter worth about $3,453,878,000. Primecap Management Co. CA purchased a new stake in shares of Biogen in the 2nd quarter valued at about $3,274,304,000. Legal & General Group Plc purchased a new stake in shares of Biogen in the 2nd quarter valued at about $322,640,000. Bank of America Corp DE acquired a new stake in shares of Biogen in the 2nd quarter valued at about $241,172,000. Finally, Deutsche Bank AG acquired a new stake in shares of Biogen in the 2nd quarter valued at about $193,165,000. Institutional investors and hedge funds own 87.93% of the company's stock.

Biogen Price Performance

Shares of BIIB opened at $248.35 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 fifty-two week low of $151.83 and a fifty-two week high of $258.78. The firm has a 50-day simple moving average of $230.01 and a 200-day simple moving average of $203.04. The company has a market capitalization of $36.71 billion, a price-to-earnings ratio of 106.13, a price-to-earnings-growth ratio of 2.82 and a beta of 0.10.

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

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. TD Cowen raised their price target on Biogen from $250.00 to $260.00 and gave the stock a "buy" rating in a research note on Thursday, October 29th. Piper Sandler reiterated an "overweight" rating and issued a $245.00 price objective (up from $225.00) on shares of Biogen in a research note on Thursday, September 3rd. HSBC increased their price objective on Biogen from $165.00 to $175.00 and gave the company a "reduce" rating in a report on Thursday, September 10th. Guggenheim increased their price objective on Biogen from $280.00 to $300.00 and gave the company a "buy" rating in a report on Monday, November 2nd. Finally, Royal Bank Of Canada raised their target price on shares of Biogen from $256.00 to $272.00 and gave the stock an "outperform" rating in a research report on Thursday, October 29th. One analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $252.34.

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.

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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