Canal Insurance CO Makes New Investment in Biogen Inc. $BIIB

Key Points

• Canal Insurance disclosed a new stake in Biogen during the first quarter, buying 20,000 shares valued at about $3.67 million.
• Biogen reported stronger-than-expected quarterly results, with $3.57 EPS versus $2.95 expected and revenue of $2.48 billion versus $2.29 billion forecast.
• Sentiment around the stock remains constructive: Biogen has a Moderate Buy consensus rating, and recent developments on its Alzheimer’s franchise, including FDA approval for LEQEMBI IQLIK, have bolstered optimism.

Canal Insurance CO acquired a new stake in Biogen Inc. (NASDAQ:BIIB - Free Report) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 20,000 shares of the biotechnology company's stock, valued at approximately $3,667,000.

Several other large investors also recently modified their holdings of the stock. Emerald Mutual Fund Advisers Trust grew its stake in Biogen by 26.5% in the 1st quarter. Emerald Mutual Fund Advisers Trust now owns 3,117 shares of the biotechnology company's stock valued at $571,000 after buying an additional 652 shares during the last quarter. Legacy Capital Group California Inc. bought a new position in Biogen in the 1st quarter valued at about $532,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its position in Biogen by 24.0% during the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 2,751 shares of the biotechnology company's stock worth $504,000 after acquiring an additional 533 shares during the last quarter. Principal Financial Group Inc. lifted its position in Biogen by 1.6% during the first quarter. Principal Financial Group Inc. now owns 187,059 shares of the biotechnology company's stock worth $34,294,000 after acquiring an additional 2,870 shares during the last quarter. Finally, Chicago Partners Investment Group LLC boosted its holdings in shares of Biogen by 63.3% during the first quarter. Chicago Partners Investment Group LLC now owns 4,598 shares of the biotechnology company's stock worth $874,000 after acquiring an additional 1,782 shares during the period. 87.93% of the stock is owned by institutional investors.

Biogen Stock Up 5.0%

Shares of BIIB opened at $209.03 on Tuesday. The company has a current ratio of 3.06, a quick ratio of 2.41 and a debt-to-equity ratio of 0.34. Biogen Inc. has a 12 month low of $121.05 and a 12 month high of $219.72. The firm's 50 day moving average is $198.64 and its 200-day moving average is $188.40. The stock has a market capitalization of $30.86 billion, a PE ratio of 22.43 and a beta of 0.16.

Biogen (NASDAQ:BIIB - Get Free Report) last issued its quarterly earnings results on Wednesday, April 29th. The biotechnology company reported $3.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.95 by $0.62. The business had revenue of $2.48 billion during the quarter, compared to analysts' expectations of $2.29 billion. Biogen had a return on equity of 12.83% and a net margin of 13.81%.The firm's revenue for the quarter was up 1.9% compared to the same quarter last year. During the same period in the previous year, the company posted $3.02 earnings per share. Biogen has set its FY 2026 guidance at 14.250-15.250 EPS. Equities research analysts forecast that Biogen Inc. will post 13.77 EPS for the current year.

Analysts Set New Price Targets

BIIB has been the topic of several research reports. Wedbush reaffirmed a "neutral" rating and issued a $201.00 target price on shares of Biogen in a research report on Monday. Needham & Company LLC lifted their price target on Biogen from $255.00 to $256.00 and gave the stock a "buy" rating in a report on Monday, June 29th. Piper Sandler restated an "overweight" rating and issued a $225.00 price target (up from $214.00) on shares of Biogen in a research note on Friday, May 15th. Weiss Ratings raised Biogen from a "hold (c-)" rating to a "hold (c)" rating in a report on Friday, May 1st. Finally, Truist Financial upgraded Biogen from a "hold" rating to a "buy" rating and increased their price objective for the stock from $190.00 to $235.00 in a research report on Monday. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $220.04.

Biogen News Summary

Here are the key news stories impacting Biogen this week:

• Positive Sentiment: The FDA approved LEQEMBI IQLIK, a subcutaneous at-home initiation dose for early Alzheimer’s disease. The move could expand patient access, reduce clinic visits, and make Biogen’s co-marketed Alzheimer’s franchise more commercially attractive. FDA Approves LEQEMBI IQLIK (lecanemab-irmb) Subcutaneous Injection as an Initiation Dose for Early Alzheimer’s Disease
• Positive Sentiment: Clinical and conference data presented over the past day support that the subcutaneous LEQEMBI autoinjector has efficacy and safety similar to the IV version, while offering at-home convenience and flexible switching between dosing methods. LEQEMBI Subcutaneous Autoinjector Clinical Data Supports Similar Efficacy and Safety to IV Formulation in Early Alzheimer's Disease Presented at the Alzheimer's Association International Conference 2026
• Positive Sentiment: Truist upgraded Biogen to Buy and lifted its price target to $235 from $190, citing growing confidence in the company’s Alzheimer’s and immunology pipeline ahead of upcoming data readouts. Truist upgrades Biogen to Buy on Alzheimer’s, pipeline optimism ahead of key data

Biogen Company Profile

Biogen Inc is a multinational biotechnology company focused on discovering, developing and delivering therapies for neurological and neurodegenerative diseases. Headquartered in Cambridge, Massachusetts, the company has a longstanding emphasis on neuroscience, with research and commercial activities spanning multiple therapeutic areas including multiple sclerosis, spinal muscular atrophy and Alzheimer's disease. Biogen was founded in 1978 and has grown into a global biopharmaceutical firm with operations and commercial presence across North America, Europe, Japan and other international markets.

The company's marketed portfolio has historically included several well-known therapies for multiple sclerosis such as Avonex, Tysabri and Tecfidera, and it has pursued treatments for rare neurological conditions and genetic neuromuscular disorders.

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