First Trust Advisors LP Purchases 108,111 Shares of Biogen Inc. $BIIB

Key Points

• First Trust Advisors LP increased its Biogen stake by 19.1% in the first quarter, buying 108,111 shares and bringing its total holding to 673,958 shares worth about $123.6 million.
• Biogen reported better-than-expected quarterly results, posting EPS of $3.57 versus the $2.95 consensus and revenue of $2.48 billion versus $2.29 billion expected.
• Analysts remain broadly constructive on the stock, with a Moderate Buy consensus and an average price target of $220.57, even as individual ratings remain mixed.

First Trust Advisors LP lifted its position in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 19.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 673,958 shares of the biotechnology company's stock after buying an additional 108,111 shares during the period. First Trust Advisors LP owned about 0.46% of Biogen worth $123,557,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of Biogen by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 17,447,092 shares of the biotechnology company's stock valued at $3,070,514,000 after purchasing an additional 157,857 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Biogen by 3.2% in the fourth quarter. Geode Capital Management LLC now owns 4,199,399 shares of the biotechnology company's stock worth $736,435,000 after purchasing an additional 130,618 shares in the last quarter. Norges Bank acquired a new position in Biogen during the fourth quarter worth $464,408,000. Invesco Ltd. boosted its holdings in Biogen by 4.2% during the third quarter. Invesco Ltd. now owns 2,418,127 shares of the biotechnology company's stock worth $338,731,000 after purchasing an additional 98,001 shares during the last quarter. Finally, Morgan Stanley grew its position in Biogen by 3.3% in the fourth quarter. Morgan Stanley now owns 2,325,013 shares of the biotechnology company's stock valued at $409,180,000 after purchasing an additional 73,478 shares in the last quarter. 87.93% of the stock is currently owned by institutional investors.

Biogen Stock Performance

Shares of BIIB opened at $200.62 on Friday. The company has a market cap of $29.62 billion, a PE ratio of 21.53 and a beta of 0.16. The firm has a 50-day moving average of $199.60 and a 200-day moving average of $189.76. Biogen Inc. has a one year low of $124.56 and a one year high of $219.72. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.06 and a quick ratio of 2.41.

Biogen (NASDAQ:BIIB - Get Free Report) last issued its earnings results on Wednesday, April 29th. The biotechnology company reported $3.57 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.95 by $0.62. Biogen had a net margin of 13.81% and a return on equity of 12.83%. The company had revenue of $2.48 billion for the quarter, compared to analysts' expectations of $2.29 billion. During the same period in the prior year, the firm earned $3.02 EPS. Biogen's quarterly revenue was up 1.9% compared to the same quarter last year. Biogen has set its FY 2026 guidance at 14.250-15.250 EPS. As a group, equities analysts forecast that Biogen Inc. will post 13.47 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on BIIB shares. Argus raised shares of Biogen to a "hold" rating in a research report on Thursday, April 9th. Needham & Company LLC raised their price objective on Biogen from $255.00 to $256.00 and gave the company a "buy" rating in a report on Monday, June 29th. The Goldman Sachs Group lifted their target price on Biogen from $231.00 to $238.00 and gave the company a "buy" rating in a research report on Friday, April 24th. Rothschild & Co Redburn upped their target price on Biogen from $180.00 to $190.00 in a report on Thursday, April 30th. Finally, Wedbush reissued a "neutral" rating and set a $201.00 price target on shares of Biogen in a research report on Monday, July 13th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, twelve have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Biogen has a consensus rating of "Moderate Buy" and an average target price of $220.57.

About Biogen

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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