Biogen Inc. $BIIB Stock Holdings Boosted by Leuthold Group LLC

Leuthold Group LLC increased its stake in Biogen Inc. (NASDAQ:BIIB) by 9.6% during the third quarter, HoldingsChannel.com reports. The fund owned 34,509 shares of the biotechnology company’s stock after buying an additional 3,020 shares during the period. Leuthold Group LLC’s holdings in Biogen were worth $7,795,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Retirement Systems of Alabama increased its stake in Biogen by 1,697.5% in the 3rd quarter. Retirement Systems of Alabama now owns 557,499 shares of the biotechnology company’s stock worth $125,928,000 after purchasing an additional 526,484 shares in the last quarter. Clear Wave Wealth Management LLC raised its holdings in Biogen by 32.1% during the 3rd quarter. Clear Wave Wealth Management LLC now owns 1,722 shares of the biotechnology company’s stock worth $389,000 after buying an additional 418 shares during the period. Fulcrum Asset Management LLP lifted its stake in Biogen by 964.8% during the third quarter. Fulcrum Asset Management LLP now owns 16,462 shares of the biotechnology company’s stock valued at $3,738,000 after buying an additional 14,916 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its stake in Biogen by 1,753.2% during the third quarter. Allspring Global Investments Holdings LLC now owns 138,456 shares of the biotechnology company’s stock valued at $31,274,000 after buying an additional 130,985 shares in the last quarter. Finally, StoneRidge PMG Advisors LLC purchased a new stake in Biogen during the third quarter valued at about $701,000. 87.93% of the stock is owned by institutional investors and hedge funds.

Biogen Stock Up 2.6%

Shares of Biogen stock opened at $254.87 on Tuesday. The stock has a 50-day moving average price of $230.73 and a 200 day moving average price of $203.45. The company has a market cap of $37.67 billion, a P/E ratio of 108.92, a P/E/G ratio of 2.89 and a beta of 0.10. The company has a current ratio of 1.95, a quick ratio of 1.37 and a debt-to-equity ratio of 0.39. Biogen Inc. has a 1 year low of $153.77 and a 1 year high of $261.00.

Biogen (NASDAQ:BIIB) last released its earnings results on Wednesday, October 28th. The biotechnology company reported $2.62 earnings per share for the quarter, beating the consensus estimate of $1.99 by $0.63. Biogen had a return on equity of 9.38% and a net margin of 3.37%. The company had revenue of $2.80 billion for the quarter, compared to analysts’ expectations of $2.63 billion. During the same quarter in the previous year, the business posted $4.81 EPS. The business’s revenue for the quarter was up 10.6% on a year-over-year basis. As a group, analysts expect that Biogen Inc. will post 12.45 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have commented on BIIB. Needham & Company LLC raised their target price on shares of Biogen from $256.00 to $290.00 and gave the stock a “buy” rating in a report on Thursday, October 29th. UBS Group boosted their price target on shares of Biogen from $270.00 to $300.00 and gave the company a “buy” rating in a report on Thursday, October 29th. Guggenheim upped their price target on shares of Biogen from $280.00 to $300.00 and gave the company a “buy” rating in a research report on Monday, November 2nd. Zacks Research raised shares of Biogen from a “strong sell” rating to a “hold” rating in a research note on Tuesday, July 28th. Finally, JPMorgan Chase & Co. upgraded shares of Biogen from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $210.00 to $300.00 in a research report on Monday, October 12th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Biogen presently has a consensus rating of “Moderate Buy” and an average price target of $254.41.

Biogen Profile

Biogen is a biotechnology company focused on developing and commercializing medicines for neurological and rare diseases. Its areas of focus include multiple sclerosis, Alzheimer’s disease, spinal muscular atrophy and Friedreich’s ataxia.

Its products include multiple sclerosis treatments such as Tysabri, Tecfidera and Vumerity, and Skyclarys for Friedreich’s ataxia. Biogen shares rights to several medicines with other companies, including Leqembi for Alzheimer’s disease with Eisai and Spinraza for spinal muscular atrophy with Ionis Pharmaceuticals.

Founded in 1978, Biogen is headquartered in Cambridge, Massachusetts, and serves patients and healthcare providers in the United States and international markets.