Allstate Corp Buys Shares of 4,700 Biogen Inc. $BIIB

Allstate Corp purchased a new position in Biogen Inc. (NASDAQ:BIIB) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 4,700 shares of the biotechnology company’s stock, valued at approximately $658,000.

Other hedge funds also recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC lifted its position in Biogen by 18.1% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 32,907 shares of the biotechnology company’s stock worth $5,009,000 after buying an additional 5,040 shares during the last quarter. Massachusetts Financial Services Co. MA grew its position in Biogen by 1.6% during the third quarter. Massachusetts Financial Services Co. MA now owns 729,316 shares of the biotechnology company’s stock valued at $102,163,000 after acquiring an additional 11,685 shares during the last quarter. Resonant Capital Advisors LLC bought a new stake in shares of Biogen in the 3rd quarter worth approximately $221,000. Maryland State Retirement & Pension System boosted its stake in shares of Biogen by 8.4% in the 3rd quarter. Maryland State Retirement & Pension System now owns 7,381 shares of the biotechnology company’s stock valued at $1,034,000 after purchasing an additional 572 shares in the last quarter. Finally, Sequoia Financial Advisors LLC grew its holdings in shares of Biogen by 100.9% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 9,096 shares of the biotechnology company’s stock valued at $1,274,000 after purchasing an additional 4,569 shares during the last quarter. 87.93% of the stock is owned by institutional investors.

Biogen Price Performance

BIIB opened at $173.80 on Friday. The company has a current ratio of 2.72, a quick ratio of 2.04 and a debt-to-equity ratio of 0.35. The company has a market cap of $25.50 billion, a price-to-earnings ratio of 15.84, a price-to-earnings-growth ratio of 1.43 and a beta of 0.13. The stock has a fifty day simple moving average of $175.72 and a two-hundred day simple moving average of $152.88. Biogen Inc. has a 12-month low of $110.04 and a 12-month high of $190.20.

Biogen (NASDAQ:BIIB) last released its earnings results on Thursday, October 30th. The biotechnology company reported $4.81 earnings per share 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 firm had revenue of $2.53 billion for the quarter, compared to the consensus estimate of $2.34 billion. During the same period in the prior year, the firm earned $4.08 EPS. The company’s 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. Research analysts predict that Biogen Inc. will post 15.83 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. HSBC reissued a “reduce” rating and issued a $143.00 price target (down from $144.00) on shares of Biogen in a research note on Wednesday, December 10th. Citigroup boosted their target price on Biogen from $153.00 to $180.00 and gave the company a “neutral” rating in a research note on Wednesday, January 7th. Truist Financial increased their target price on Biogen from $142.00 to $190.00 and gave the company a “hold” rating in a report on Thursday, January 8th. Guggenheim lifted their price target on Biogen from $165.00 to $185.00 in a research note on Friday, October 31st. Finally, Sanford C. Bernstein boosted their price objective on Biogen from $157.00 to $197.00 and gave the company a “market perform” rating in a research report on Friday, January 9th. Ten research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Biogen currently has a consensus rating of “Hold” and an average target price of $190.50.

Biogen Company Profile

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.