LSV Asset Management Raises Holdings in Biogen Inc. (NASDAQ:BIIB)

Key Points

• LSV Asset Management has increased its holdings in Biogen Inc. by 3.2% during the first quarter, now owning approximately 0.17% of the company valued at $33.1 million.
• Major institutional investors, including Invesco Ltd. and UBS AM, have significantly increased their stakes in Biogen, indicating strong investor interest in the biotechnology company.
• Biogen reported a quarterly earnings per share (EPS) of $5.47, surpassing analyst estimates and showing a revenue increase of 7.3% year-over-year, with a current market cap of $19.35 billion.

LSV Asset Management lifted its holdings in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 3.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 241,976 shares of the biotechnology company's stock after purchasing an additional 7,528 shares during the quarter. LSV Asset Management owned about 0.17% of Biogen worth $33,112,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. OVERSEA CHINESE BANKING Corp Ltd lifted its stake in 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 purchasing an additional 736,301 shares in the last quarter. Invesco Ltd. lifted its stake in Biogen by 30.6% during the fourth quarter. Invesco Ltd. now owns 2,128,807 shares of the biotechnology company's stock worth $325,537,000 after purchasing an additional 499,074 shares in the last quarter. AQR Capital Management LLC lifted its stake in Biogen by 982.0% during the fourth quarter. AQR Capital Management LLC now owns 539,692 shares of the biotechnology company's stock worth $81,914,000 after purchasing an additional 489,811 shares in the last quarter. Deutsche Bank AG lifted its stake in Biogen by 63.7% during the fourth quarter. Deutsche Bank AG now owns 1,169,570 shares of the biotechnology company's stock worth $178,851,000 after purchasing an additional 455,285 shares in the last quarter. Finally, AustralianSuper Pty Ltd acquired a new position in Biogen during the first quarter worth $54,421,000. 87.93% of the stock is currently owned by hedge funds and other institutional investors.

Biogen Stock Performance

NASDAQ:BIIB traded up $3.22 during mid-day trading on Friday, reaching $130.97. The stock had a trading volume of 607,474 shares, compared to its average volume of 1,566,995. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.79 and a current ratio of 2.50. The firm has a market capitalization of $19.20 billion, a price-to-earnings ratio of 12.52, a PEG ratio of 1.02 and a beta of 0.13. Biogen Inc. has a twelve month low of $110.04 and a twelve month high of $207.59. The business has a 50 day simple moving average of $130.10 and a 200 day simple moving average of $131.62.

Biogen (NASDAQ:BIIB - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The biotechnology company reported $5.47 earnings per share (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 company had revenue of $2.65 billion during the quarter, compared to the consensus estimate of $2.32 billion. During the same period last year, the firm earned $5.28 EPS. The company's revenue for the quarter was up 7.3% on a year-over-year basis. On average, analysts expect that Biogen Inc. will post 15.83 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Rachid Izzar sold 2,223 shares of Biogen stock in a transaction that occurred on Tuesday, July 8th. The shares were 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. This trade represents a 25.99% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.18% of the company's stock.

Wall Street Analysts Forecast Growth

BIIB has been the topic of a number of research reports. Needham & Company LLC restated a "hold" rating on shares of Biogen in a research note on Thursday, June 12th. JPMorgan Chase & Co. decreased their price target on Biogen from $185.00 to $175.00 and set a "neutral" rating on the stock in a research note on Monday, May 5th. Morgan Stanley decreased their price target on Biogen from $146.00 to $144.00 and set an "equal weight" rating on the stock in a research note on Friday, August 1st. Royal Bank Of Canada upped their price objective on Biogen from $208.00 to $219.00 and gave the stock an "outperform" rating in a research report on Friday, August 1st. Finally, Wall Street Zen raised Biogen from a "hold" rating to a "buy" rating in a research report on Saturday, August 2nd. Twenty-one research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, Biogen currently has a consensus rating of "Hold" and a consensus target price of $185.63.

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.