Biogen Inc. $BIIB Stock: Wedbush Securities Inc. Grows Stake

Key Points

• Wedbush Securities increased its Biogen stake by 1,391.8% in the third quarter, purchasing 16,200 additional shares for a total holding of 17,364 shares worth approximately $3.92 million.
• Institutional investors own 87.93% of Biogen, with BlackRock, Primecap Management, Legal & General, Bank of America, and Deutsche Bank among firms that recently established or expanded positions.
• Biogen reported quarterly EPS of $3.60, beating estimates of $2.94, while revenue rose 3.4% year over year to $2.74 billion. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $241.89.

Wedbush Securities Inc. increased its holdings in Biogen Inc. (NASDAQ:BIIB - Free Report) by 1,391.8% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 17,364 shares of the biotechnology company's stock after purchasing an additional 16,200 shares during the period. Wedbush Securities Inc.'s holdings in Biogen were worth $3,922,000 as of its most recent SEC filing.

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

Biogen Trading Down 1.2%

NASDAQ:BIIB traded down $3.15 during mid-day trading on Friday, reaching $250.69. 1,157,351 shares of the company's stock traded hands, compared to its average volume of 1,296,961. Biogen Inc. has a 12-month low of $138.00 and a 12-month high of $254.41. The firm has a market capitalization of $37.04 billion, a price-to-earnings ratio of 44.37, a PEG ratio of 2.83 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 company has a 50 day moving average price of $223.60 and a 200-day moving average price of $206.04.

Biogen (NASDAQ:BIIB - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The biotechnology company reported $3.60 EPS for the quarter, beating analysts' consensus estimates of $2.94 by $0.66. Biogen had a return on equity of 11.18% and a net margin of 8.32%. The business had revenue of $2.74 billion during the quarter, compared to analyst estimates of $2.46 billion. During the same quarter in the prior year, the company posted $5.47 EPS. Biogen's quarterly revenue was up 3.4% compared to the same quarter last year. Biogen has set its FY 2026 guidance at 12.000-13.000 EPS. On average, sell-side analysts predict that Biogen Inc. will post 12.29 earnings per share for the current year.

Wall Street Analysts Forecast Growth

BIIB has been the topic of several analyst reports. Mizuho lifted their price objective on Biogen from $221.00 to $241.00 and gave the stock an "outperform" rating in a report on Tuesday, August 4th. Guggenheim raised their price target on Biogen from $260.00 to $280.00 and gave the stock a "buy" rating in a research report on Tuesday, July 21st. Canaccord Genuity Group lifted their price target on Biogen from $245.00 to $248.00 and gave the stock a "buy" rating in a research note on Thursday, July 30th. HC Wainwright boosted their price objective on Biogen from $237.00 to $251.00 and gave the company a "buy" rating in a research report on Thursday, July 30th. Finally, Wedbush increased their price objective on Biogen from $201.00 to $215.00 and gave the company a "neutral" rating in a research note on Thursday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $241.89.

Biogen Profile

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.

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.