Invesco Ltd. Buys 136,200 Shares of Biogen Inc. (NASDAQ:BIIB)

Key Points

• Invesco Ltd. increased its stake in Biogen Inc. by 6.4%, owning approximately 1.55% of the company with a total value of $309.9 million.
• Several analysts have set new price targets for Biogen, with HC Wainwright raising their target to $194 and maintaining a "buy" rating, while Citigroup increased theirs to $135 with a "neutral" rating.
• Biogen's recent quarterly earnings exceeded expectations, reporting an EPS of $5.47 and revenues of $2.65 billion, up 7.3% year-over-year.

Invesco Ltd. lifted its holdings in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 6.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,265,007 shares of the biotechnology company's stock after purchasing an additional 136,200 shares during the quarter. Invesco Ltd. owned about 1.55% of Biogen worth $309,944,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in BIIB. OVERSEA CHINESE BANKING Corp Ltd raised its stake in shares of Biogen by 1,663.4% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 780,567 shares of the biotechnology company's stock valued at $106,813,000 after acquiring an additional 736,301 shares during the last quarter. AQR Capital Management LLC grew its holdings in shares of Biogen by 982.0% during the 4th quarter. AQR Capital Management LLC now owns 539,692 shares of the biotechnology company's stock valued at $81,914,000 after purchasing an additional 489,811 shares during the last quarter. Deutsche Bank AG lifted its position in Biogen by 63.7% during the 4th quarter. Deutsche Bank AG now owns 1,169,570 shares of the biotechnology company's stock valued at $178,851,000 after acquiring an additional 455,285 shares during the period. AustralianSuper Pty Ltd bought a new position in shares of Biogen in the first quarter worth approximately $54,421,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Biogen by 33.1% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,533,813 shares of the biotechnology company's stock worth $234,551,000 after acquiring an additional 381,122 shares during the last quarter. Hedge funds and other institutional investors own 87.93% of the company's stock.

Insider Transactions at Biogen

In related news, insider Rachid Izzar sold 2,223 shares of the company's stock in a transaction that occurred on Tuesday, July 8th. The shares were sold at an average price of $135.00, for a total transaction of $300,105.00. Following the transaction, the insider owned 6,330 shares of the company's stock, valued at approximately $854,550. This represents a 25.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.18% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently commented on BIIB. Truist Financial started coverage on shares of Biogen in a research note on Monday, July 21st. They set a "hold" rating and a $142.00 price objective for the company. Canaccord Genuity Group decreased their price objective on Biogen from $265.00 to $220.00 and set a "buy" rating for the company in a research note on Friday, May 2nd. Mizuho decreased their target price on Biogen from $207.00 to $169.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 7th. Morgan Stanley reduced their price objective on Biogen from $146.00 to $144.00 and set an "equal weight" rating for the company in a research note on Friday, August 1st. Finally, Citigroup boosted their target price on Biogen from $125.00 to $135.00 and gave the company a "neutral" rating in a research note on Friday, August 1st. Twenty-one research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $185.74.

Biogen Stock Performance

Biogen stock traded up $3.60 during mid-day trading on Friday, reaching $138.54. The company's stock had a trading volume of 921,257 shares, compared to its average volume of 1,558,945. Biogen Inc. has a twelve month low of $110.04 and a twelve month high of $207.59. The business has a 50 day moving average price of $130.02 and a 200-day moving average price of $131.09. The company has a current ratio of 2.50, a quick ratio of 1.79 and a debt-to-equity ratio of 0.36. The firm has a market cap of $20.31 billion, a price-to-earnings ratio of 13.23, a PEG ratio of 1.06 and a beta of 0.13.

Biogen (NASDAQ:BIIB - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The biotechnology company reported $5.47 EPS for the quarter, topping analysts' consensus estimates of $3.93 by $1.54. The firm had revenue of $2.65 billion for the quarter, compared to analyst estimates of $2.32 billion. Biogen had a return on equity of 13.85% and a net margin of 15.31%. The company's revenue was up 7.3% on a year-over-year basis. During the same quarter last year, the company earned $5.28 EPS. Sell-side analysts predict that Biogen Inc. will post 15.83 EPS for the current fiscal year.

Biogen Profile

Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases in the United States, Europe, Germany, Asia, and internationally. The company provides TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; ADUHELM to treat Alzheimer's disease; FUMADERM to treat plaque psoriasis; BENEPALI, an etanercept biosimilar referencing ENBREL; IMRALDI, an adalimumab biosimilar referencing HUMIRA; FLIXABI, an infliximab biosimilar referencing REMICADE; and BYOOVIZ, a ranibizumab biosimilar referencing LUCENTIS.