Biogen Inc. $BIIB Stock Position Increased by Eurizon Capital SGR S.p.A.

Key Points

• Eurizon Capital increased its Biogen stake by 179.3% in the third quarter, adding 183,973 shares to hold 286,567 shares valued at about $64.7 million. Institutional investors collectively owned 87.93% of the stock.
• Analysts’ consensus rating was “Moderate Buy,” with an average price target of $254.41; ratings included 21 Buys, 10 Holds, one Strong Buy, and one Sell.
• Biogen reported quarterly EPS of $2.62, above the $1.99 consensus, and revenue of $2.80 billion, also ahead of expectations; revenue rose 10.6% year over year.

Eurizon Capital SGR S.p.A. lifted its position in Biogen Inc. (NASDAQ:BIIB - Free Report) by 179.3% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 286,567 shares of the biotechnology company's stock after buying an additional 183,973 shares during the quarter. Eurizon Capital SGR S.p.A. owned about 0.19% of Biogen worth $64,730,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. BlackRock Inc. bought a new position in Biogen in the 2nd quarter worth $3,453,878,000. Primecap Management Co. CA acquired a new position in Biogen during the 2nd quarter worth $3,274,304,000. Wellington Management Group LLP lifted its position in Biogen by 5.3% during the 2nd quarter. Wellington Management Group LLP now owns 3,117,469 shares of the biotechnology company's stock worth $673,560,000 after acquiring an additional 155,828 shares during the last quarter. Pictet Asset Management Holding SA boosted its holdings in Biogen by 139.4% during the third quarter. Pictet Asset Management Holding SA now owns 2,039,056 shares of the biotechnology company's stock valued at $460,582,000 after acquiring an additional 1,187,237 shares during the period. Finally, Amundi boosted its holdings in Biogen by 91.8% during the second quarter. Amundi now owns 1,516,831 shares of the biotechnology company's stock valued at $327,727,000 after acquiring an additional 726,004 shares during the period. 87.93% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Mizuho raised their price target on Biogen from $221.00 to $241.00 and gave the company an "outperform" rating in a research report on Tuesday, August 4th. Truist Financial reissued a "buy" rating and set a $260.00 price objective (up from $235.00) on shares of Biogen in a research report on Thursday, October 29th. Oppenheimer restated an "outperform" rating and set a $300.00 target price on shares of Biogen in a research note on Wednesday, July 29th. Citigroup reaffirmed a "neutral" rating on shares of Biogen in a report on Wednesday, October 28th. Finally, Wells Fargo & Company raised their target price on Biogen from $250.00 to $310.00 and gave the company an "overweight" rating in a report on Tuesday, October 20th. One analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $254.41.

Biogen Stock Performance

Shares of NASDAQ BIIB opened at $250.48 on Friday. The business has a fifty day simple moving average of $232.77 and a 200 day simple moving average of $204.64. The company has a current ratio of 1.95, a quick ratio of 1.37 and a debt-to-equity ratio of 0.39. 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. Biogen Inc. has a one year low of $160.36 and a one year high of $261.00.

Biogen (NASDAQ:BIIB - Get Free Report) last issued its earnings results on Wednesday, October 28th. The biotechnology company reported $2.62 EPS for the quarter, topping the consensus estimate of $1.99 by $0.63. Biogen had a return on equity of 9.38% and a net margin of 3.37%. The firm had revenue of $2.80 billion during the quarter, compared to analysts' expectations of $2.63 billion. During the same period last year, the business earned $4.81 earnings per share. Biogen's quarterly revenue was up 10.6% compared to the same quarter last year. Sell-side analysts expect that Biogen Inc. will post 12.46 EPS for the current 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.

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