Fred Alger Management LLC Takes $1.66 Million Position in Biogen Inc. $BIIB

Key Points

• Fred Alger Management LLC made a new investment of approximately $1.66 million in Biogen Inc., acquiring 12,159 shares in the first quarter.
• Biogen reported $5.47 earnings per share (EPS) for the last quarter, significantly above analysts' estimates, and its revenue was $2.65 billion, exceeding expectations as well.
• The stock has an average rating of "Hold" from analysts, with a consensus price target of $181.65.

Fred Alger Management LLC bought a new position in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 12,159 shares of the biotechnology company's stock, valued at approximately $1,664,000.

Several other hedge funds have also recently made changes to their positions in the company. AQR Capital Management LLC grew its position in Biogen by 153.6% during the 1st quarter. AQR Capital Management LLC now owns 1,368,842 shares of the biotechnology company's stock worth $187,258,000 after purchasing an additional 829,150 shares during the period. OVERSEA CHINESE BANKING Corp Ltd increased its position in shares of Biogen by 1,663.4% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 780,567 shares of the biotechnology company's stock worth $106,813,000 after acquiring an additional 736,301 shares during the period. AustralianSuper Pty Ltd purchased a new position in Biogen in the first quarter valued at $54,421,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Biogen by 33.1% in the fourth 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 valued at $234,551,000 after acquiring an additional 381,122 shares in the last quarter. Finally, Worldquant Millennium Advisors LLC grew its holdings in shares of Biogen by 214.9% during the fourth quarter. Worldquant Millennium Advisors LLC now owns 461,120 shares of the biotechnology company's stock worth $70,514,000 after buying an additional 314,669 shares during the last quarter. 87.93% of the stock is owned by institutional investors and hedge funds.

Biogen Stock Down 2.7%

Shares of BIIB stock traded down $3.98 during trading hours on Friday, hitting $144.86. 1,810,678 shares of the company were exchanged, compared to its average volume of 1,444,912. Biogen Inc. has a 52 week low of $110.04 and a 52 week high of $204.18. The business has a 50 day moving average of $133.99 and a two-hundred day moving average of $130.83. The company has a market capitalization of $21.24 billion, a PE ratio of 13.85, a PEG ratio of 1.17 and a beta of 0.11. The company has a current ratio of 2.50, a quick ratio of 1.79 and a debt-to-equity ratio of 0.36.

Biogen (NASDAQ:BIIB - Get Free Report) last announced its quarterly 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. Biogen had a net margin of 15.31% and a return on equity of 13.85%. The firm had revenue of $2.65 billion during the quarter, compared to analysts' expectations of $2.32 billion. During the same quarter last year, the company posted $5.28 earnings per share. The company's revenue for the quarter was up 7.3% compared to the same quarter last year. Biogen has set its FY 2025 guidance at 15.500-16.000 EPS. Analysts anticipate that Biogen Inc. will post 15.83 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have recently issued reports on BIIB. Needham & Company LLC reiterated a "hold" rating on shares of Biogen in a research report on Thursday, September 4th. Citigroup upped their price objective on shares of Biogen from $125.00 to $135.00 and gave the company a "neutral" rating in a research report on Friday, August 1st. HC Wainwright increased their price objective on shares of Biogen from $187.00 to $194.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Morgan Stanley cut their price target on Biogen from $146.00 to $144.00 and set an "equal weight" rating on the stock in a report on Friday, August 1st. Finally, Wall Street Zen upgraded shares of Biogen from a "buy" rating to a "strong-buy" rating in a research report on Friday, September 5th. Ten investment analysts have rated the stock with a Buy rating and twenty-one have given a Hold rating to the company's stock. According to data from MarketBeat, Biogen currently has an average rating of "Hold" and a consensus target price of $181.65.

Insider Activity at Biogen

In other Biogen news, insider Priya Singhal sold 517 shares of the company's stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $133.55, for a total transaction of $69,045.35. Following the sale, the insider directly owned 5,772 shares of the company's stock, valued at $770,850.60. This represents a 8.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Rachid Izzar sold 2,223 shares of the stock in a transaction dated Tuesday, July 8th. The stock was sold at an average price of $135.00, for a total transaction of $300,105.00. Following the completion of the sale, the insider directly owned 6,330 shares in the company, valued at approximately $854,550. The trade was a 25.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. 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.