QRG Capital Management Inc. Grows Stock Holdings in Biogen Inc. $BIIB

Key Points

• QRG Capital Management increased its Biogen stake by 47.9% in the second quarter, holding 48,819 shares valued at approximately $10.5 million. Institutional investors collectively own 87.93% of Biogen.
• Biogen reported quarterly EPS of $3.60, exceeding estimates of $2.94, while revenue reached $2.74 billion and rose 3.4% year over year.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $230.14, although targets range from $175 to $300.

QRG Capital Management Inc. lifted its stake in Biogen Inc. (NASDAQ:BIIB - Free Report) by 47.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 48,819 shares of the biotechnology company's stock after buying an additional 15,817 shares during the period. QRG Capital Management Inc.'s holdings in Biogen were worth $10,548,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. BlackRock Inc. bought a new stake in shares of Biogen in the 2nd quarter worth about $3,453,878,000. Orbimed Advisors LLC acquired a new stake in shares of Biogen during the 1st quarter worth about $11,293,000. Contrarius Group Holdings Ltd acquired a new stake in shares of Biogen during the 4th quarter worth about $11,431,000. Nippon Life Global Investors Americas Inc. bought a new position in Biogen during the 2nd quarter valued at about $29,648,000. Finally, Sector Gamma AS lifted its holdings in Biogen by 13.2% during the 4th quarter. Sector Gamma AS now owns 85,475 shares of the biotechnology company's stock valued at $15,043,000 after purchasing an additional 10,000 shares during the last quarter. Institutional investors own 87.93% of the company's stock.

Biogen Trading Down 0.5%

Shares of BIIB opened at $226.36 on Friday. The company has a quick ratio of 1.26, a current ratio of 1.87 and a debt-to-equity ratio of 0.39. Biogen Inc. has a 12-month low of $135.39 and a 12-month high of $229.19. The firm has a market capitalization of $33.44 billion, a PE ratio of 40.06, a price-to-earnings-growth ratio of 2.49 and a beta of 0.17. The stock's fifty day simple moving average is $212.83 and its 200-day simple moving average is $199.36.

Biogen (NASDAQ:BIIB - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The biotechnology company reported $3.60 EPS for the quarter, topping analysts' consensus estimates of $2.94 by $0.66. The firm had revenue of $2.74 billion during the quarter, compared to analyst estimates of $2.46 billion. Biogen had a return on equity of 11.18% and a net margin of 8.32%.The company's revenue was up 3.4% on a year-over-year basis. During the same period last year, the company earned $5.47 earnings per share. Biogen has set its FY 2026 guidance at 12.000-13.000 EPS. As a group, research analysts predict that Biogen Inc. will post 12.41 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Piper Sandler reaffirmed an "overweight" rating and set a $245.00 price objective (up from $225.00) on shares of Biogen in a research note on Thursday, September 3rd. HC Wainwright raised their price objective on shares of Biogen from $237.00 to $251.00 and gave the stock a "buy" rating in a report on Thursday, July 30th. Oppenheimer reiterated an "outperform" rating and issued a $300.00 target price on shares of Biogen in a research note on Wednesday, July 29th. Wedbush boosted their target price on Biogen from $201.00 to $215.00 and gave the stock a "neutral" rating in a report on Thursday, July 30th. Finally, HSBC increased their price target on Biogen from $165.00 to $175.00 and gave the stock a "reduce" rating in a research report on Thursday, September 10th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, thirteen have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $230.14.

Biogen Company Profile

Biogen Inc is a biotechnology company focused on discovering, developing and commercializing therapies for neurological and neurodegenerative diseases. Founded in 1978, the company is headquartered in Cambridge, Massachusetts, and serves patients and healthcare providers in markets around the world.

Biogen's portfolio includes treatments for multiple sclerosis, including Tecfidera, Vumerity, Tysabri, Avonex and Plegridy, as well as Spinraza for spinal muscular atrophy, developed in collaboration with Ionis Pharmaceuticals.

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