Biogen Inc. $BIIB Shares Purchased by Causeway Capital Management LLC

Key Points

• Causeway Capital Management LLC increased its stake in Biogen by 53.9%, now owning 433,517 shares worth approximately $59.3 million.
• Several hedge funds also raised their positions in Biogen, with Integrated Wealth Concepts LLC reporting a 185.1% increase in its stake during the last quarter.
• Biogen's recent earnings report shows an EPS of $5.47, significantly exceeding analysts' expectations, with revenue of $2.65 billion compared to an estimated $2.32 billion.

Causeway Capital Management LLC boosted its position in Biogen Inc. (NASDAQ:BIIB - Free Report) by 53.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 433,517 shares of the biotechnology company's stock after purchasing an additional 151,815 shares during the quarter. Biogen makes up 1.2% of Causeway Capital Management LLC's portfolio, making the stock its 20th biggest position. Causeway Capital Management LLC owned approximately 0.30% of Biogen worth $59,322,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Israel Discount Bank of New York increased its stake in Biogen by 6.2% in the fourth quarter. Israel Discount Bank of New York now owns 1,405 shares of the biotechnology company's stock worth $215,000 after purchasing an additional 82 shares during the period. B. Riley Wealth Advisors Inc. increased its stake in Biogen by 4.1% in the fourth quarter. B. Riley Wealth Advisors Inc. now owns 2,343 shares of the biotechnology company's stock worth $358,000 after purchasing an additional 92 shares during the period. Quent Capital LLC increased its stake in Biogen by 31.2% in the first quarter. Quent Capital LLC now owns 391 shares of the biotechnology company's stock worth $54,000 after purchasing an additional 93 shares during the period. CVA Family Office LLC grew its stake in Biogen by 71.1% in the first quarter. CVA Family Office LLC now owns 231 shares of the biotechnology company's stock valued at $32,000 after purchasing an additional 96 shares during the last quarter. Finally, Private Trust Co. NA grew its stake in Biogen by 74.8% in the first quarter. Private Trust Co. NA now owns 229 shares of the biotechnology company's stock valued at $31,000 after purchasing an additional 98 shares during the last quarter. Institutional investors own 87.93% of the company's stock.

Biogen Price Performance

BIIB stock traded down $0.43 during midday trading on Friday, reaching $132.22. The stock had a trading volume of 1,081,750 shares, compared to its average volume of 1,473,140. Biogen Inc. has a 52-week low of $110.04 and a 52-week high of $206.70. 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 company's fifty day simple moving average is $131.40 and its 200 day simple moving average is $130.60. The company has a market cap of $19.39 billion, a price-to-earnings ratio of 12.64, a price-to-earnings-growth ratio of 1.04 and a beta of 0.13.

Biogen (NASDAQ:BIIB - Get Free Report) last issued its earnings results on Thursday, July 31st. The biotechnology company reported $5.47 EPS for the quarter, beating analysts' consensus estimates of $3.93 by $1.54. The business had revenue of $2.65 billion during the quarter, compared to analysts' expectations of $2.32 billion. Biogen had a net margin of 15.31% and a return on equity of 13.85%. The company's quarterly revenue was up 7.3% compared to the same quarter last year. During the same period in the prior year, the business earned $5.28 earnings per share. Biogen has set its FY 2025 guidance at 15.500-16.000 EPS. As a group, sell-side analysts predict that Biogen Inc. will post 15.83 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

BIIB has been the topic of several analyst reports. JPMorgan Chase & Co. cut their target price on Biogen from $185.00 to $175.00 and set a "neutral" rating on the stock in a research note on Monday, May 5th. HC Wainwright raised their price target on Biogen from $187.00 to $194.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Truist Financial started coverage on Biogen in a report on Monday, July 21st. They issued a "hold" rating and a $142.00 price target for the company. Piper Sandler raised their price target on Biogen from $115.00 to $118.00 and gave the stock a "neutral" rating in a report on Thursday, August 14th. Finally, Wedbush reissued a "neutral" rating and issued a $121.00 price target on shares of Biogen in a report on Thursday, June 12th. Eleven equities research analysts have rated the stock with a Buy rating and twenty-one have given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $185.74.

Insider Activity

In other Biogen news, insider Rachid Izzar sold 2,223 shares of the firm's stock in a transaction on Tuesday, July 8th. The stock was sold at an average price of $135.00, for a total value of $300,105.00. Following the completion of the sale, the insider directly owned 6,330 shares of the company's stock, valued at $854,550. This trade represents a 25.99% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.18% of the stock is owned by company insiders.

Biogen Company 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.