Biogen Inc. $BIIB Stock: Keybank National Association OH Grows Position

Keybank National Association OH lifted its position in Biogen Inc. (NASDAQ:BIIB) by 515.1% during the third quarter, HoldingsChannel.com reports. The fund owned 47,821 shares of the biotechnology company’s stock after acquiring an additional 40,046 shares during the period. Keybank National Association OH’s holdings in Biogen were worth $10,802,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in shares of Biogen during the second quarter worth approximately $3,453,878,000. Primecap Management Co. CA purchased a new position in Biogen in the 2nd quarter valued at $3,274,304,000. Legal & General Group Plc purchased a new position in Biogen in the 2nd quarter valued at $322,640,000. Pictet Asset Management Holding SA lifted its holdings in Biogen by 139.4% in the 3rd quarter. Pictet Asset Management Holding SA now owns 2,039,056 shares of the biotechnology company’s stock valued at $460,582,000 after purchasing an additional 1,187,237 shares in the last quarter. Finally, Bank of America Corp DE acquired a new stake in Biogen during the 2nd quarter worth $241,172,000. 87.93% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on BIIB shares. Royal Bank Of Canada upped their target price on shares of Biogen from $256.00 to $272.00 and gave the stock an “outperform” rating in a report on Thursday, October 29th. HC Wainwright increased their target price on shares of Biogen from $251.00 to $270.00 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. Truist Financial reissued a “buy” rating and issued a $260.00 price target (up from $235.00) on shares of Biogen in a research note on Thursday, October 29th. Finally, Citigroup restated a “neutral” rating on shares of Biogen in a research report on Wednesday, October 28th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Biogen currently has a consensus rating of “Moderate Buy” and an average target price of $254.41.

Biogen Price Performance

BIIB stock opened at $250.48 on Friday. Biogen Inc. has a 1 year low of $160.36 and a 1 year high of $261.00. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.95 and a quick ratio of 1.37. The firm has a market capitalization of $37.03 billion, a PE ratio of 107.04, a price-to-earnings-growth ratio of 2.87 and a beta of 0.10. The business has a 50 day simple moving average of $232.77 and a 200-day simple moving average of $204.64.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings data on Wednesday, October 28th. The biotechnology company reported $2.62 EPS for the quarter, topping analysts’ consensus estimates of $1.99 by $0.63. Biogen had a return on equity of 9.38% and a net margin of 3.37%. The firm had revenue of $2.80 billion for the quarter, compared to the consensus estimate of $2.63 billion. During the same quarter last year, the business posted $4.81 earnings per share. The firm’s revenue was up 10.6% compared to the same quarter last year. Equities research analysts anticipate that Biogen Inc. will post 12.46 earnings per share for the current fiscal year.

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.