Wedge Capital Management L L P NC Makes New Investment in Biogen Inc. $BIIB

by · The Cerbat Gem

Wedge Capital Management L L P NC purchased a new stake in Biogen Inc. (NASDAQ:BIIB – Free Report) in the 3rd quarter, HoldingsChannel.com reports. The institutional investor purchased 192,872 shares of the biotechnology company’s stock, valued at approximately $27,018,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. HighTower Advisors LLC grew its stake in Biogen by 39.5% during the first quarter. HighTower Advisors LLC now owns 11,697 shares of the biotechnology company’s stock worth $1,601,000 after purchasing an additional 3,312 shares during the period. Korea Investment CORP grew its holdings in Biogen by 10.5% in the first quarter. Korea Investment CORP now owns 66,408 shares of the biotechnology company’s stock worth $9,087,000 after purchasing an additional 6,300 shares during the period. Credit Agricole S A raised its holdings in shares of Biogen by 10.6% during the first quarter. Credit Agricole S A now owns 40,323 shares of the biotechnology company’s stock valued at $5,518,000 after purchasing an additional 3,859 shares during the period. CW Advisors LLC acquired a new stake in shares of Biogen in the 1st quarter valued at about $416,000. Finally, Norinchukin Bank The boosted its holdings in Biogen by 44.1% in the first quarter. Norinchukin Bank The now owns 11,574 shares of the biotechnology company’s stock worth $1,584,000 after acquiring an additional 3,542 shares in the last quarter. Institutional investors own 87.93% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on BIIB. Citigroup reiterated a “neutral” rating on shares of Biogen in a report on Wednesday, September 24th. Piper Sandler reaffirmed a “neutral” rating and issued a $157.00 price objective (up from $118.00) on shares of Biogen in a research note on Friday, November 21st. William Blair reiterated an “outperform” rating on shares of Biogen in a report on Wednesday, September 24th. Stifel Nicolaus upgraded shares of Biogen from a “hold” rating to a “buy” rating and upped their target price for the stock from $144.00 to $202.00 in a report on Thursday, November 6th. Finally, Jefferies Financial Group raised their price target on shares of Biogen from $190.00 to $210.00 and gave the company a “buy” rating in a research report on Friday, November 28th. Ten investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $183.08.

Read Our Latest Stock Analysis on Biogen

Biogen Stock Performance

Shares of Biogen stock opened at $174.80 on Friday. Biogen Inc. has a 12 month low of $110.04 and a 12 month high of $185.17. The firm has a market capitalization of $25.64 billion, a P/E ratio of 15.93, a price-to-earnings-growth ratio of 1.47 and a beta of 0.13. The business’s fifty day simple moving average is $163.65 and its 200 day simple moving average is $145.29. The company has a current ratio of 2.72, a quick ratio of 2.04 and a debt-to-equity ratio of 0.35.

Biogen (NASDAQ:BIIB – Get Free Report) last posted its quarterly earnings data on Thursday, October 30th. The biotechnology company reported $4.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.89 by $0.92. Biogen had a net margin of 15.98% and a return on equity of 14.13%. The business had revenue of $2.53 billion during the quarter, compared to the consensus estimate of $2.34 billion. During the same quarter last year, the company posted $4.08 earnings per share. The firm’s quarterly revenue was up 2.8% compared to the same quarter last year. Biogen has set its FY 2025 guidance at 14.500-15.00 EPS. As a group, analysts anticipate that Biogen Inc. will post 15.83 EPS for the current year.

Biogen Profile

(Free Report)

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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