Freestone Grove Partners LP Takes $18.12 Million Position in Biogen Inc. $BIIB

Key Points

• Freestone Grove Partners LP acquired 83,853 Biogen shares during the second quarter, building an approximately $18.12 million position representing 0.06% of the company. Institutional investors collectively own 87.93% of Biogen.
• Biogen reported quarterly EPS of $3.60, exceeding the $2.94 analyst consensus, while revenue rose 3.4% year over year to $2.74 billion. Shares opened at $221.50, near the company’s 12-month high.
• Analyst sentiment is broadly positive, with a “Moderate Buy” consensus and an average price target of $227.79; recent targets range from $215 to $300.

Freestone Grove Partners LP acquired a new stake in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 83,853 shares of the biotechnology company's stock, valued at approximately $18,117,000. Freestone Grove Partners LP owned about 0.06% of Biogen as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of BIIB. Empowered Funds LLC lifted its position in Biogen by 64.9% in the 1st quarter. Empowered Funds LLC now owns 7,054 shares of the biotechnology company's stock valued at $965,000 after acquiring an additional 2,777 shares in the last quarter. Focus Partners Wealth lifted its holdings in shares of Biogen by 172.2% during the first quarter. Focus Partners Wealth now owns 10,173 shares of the biotechnology company's stock valued at $1,392,000 after purchasing an additional 6,436 shares in the last quarter. Sivia Capital Partners LLC purchased a new stake in shares of Biogen during the second quarter valued at $216,000. Cerity Partners LLC boosted its position in shares of Biogen by 15.3% during the second quarter. Cerity Partners LLC now owns 46,552 shares of the biotechnology company's stock valued at $5,847,000 after buying an additional 6,184 shares during the last quarter. Finally, NewEdge Advisors LLC increased its holdings in Biogen by 13.4% in the 2nd quarter. NewEdge Advisors LLC now owns 2,673 shares of the biotechnology company's stock worth $336,000 after buying an additional 316 shares in the last quarter. 87.93% of the stock is currently owned by institutional investors.

Biogen Stock Up 0.2%

Shares of BIIB stock opened at $221.50 on Friday. The company has a current ratio of 1.87, a quick ratio of 1.26 and a debt-to-equity ratio of 0.39. Biogen Inc. has a 12 month low of $131.52 and a 12 month high of $222.85. The stock has a market cap of $32.73 billion, a P/E ratio of 39.20, a P/E/G ratio of 6.89 and a beta of 0.17. The company has a 50 day simple moving average of $207.37 and a two-hundred day simple moving average of $195.52.

Biogen (NASDAQ:BIIB - Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The biotechnology company reported $3.60 earnings per share for the quarter, topping the consensus estimate of $2.94 by $0.66. Biogen had a net margin of 8.32% and a return on equity of 11.18%. The business had revenue of $2.74 billion for the quarter, compared to analysts' expectations of $2.46 billion. During the same quarter last year, the company posted $5.47 EPS. The company's revenue was up 3.4% compared to the same quarter last year. Biogen has set its FY 2026 guidance at 12.000-13.000 EPS. On average, research analysts expect that Biogen Inc. will post 12.39 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Wolfe Research upgraded shares of Biogen from a "peer perform" rating to an "outperform" rating and set a $300.00 target price on the stock in a research note on Thursday, August 13th. Citigroup boosted their price objective on shares of Biogen from $200.00 to $215.00 and gave the company a "neutral" rating in a report on Monday, August 3rd. Piper Sandler restated an "overweight" rating on shares of Biogen in a research report on Tuesday, July 14th. Guggenheim raised their target price on shares of Biogen from $260.00 to $280.00 and gave the stock a "buy" rating in a report on Tuesday, July 21st. Finally, Truist Financial raised shares of Biogen from a "hold" rating to a "buy" rating and lifted their target price for the stock from $190.00 to $235.00 in a research report on Monday, July 13th. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, thirteen have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $227.79.

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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