Norges Bank Acquires Shares of 2,638,834 Biogen Inc. $BIIB

Norges Bank acquired a new stake in shares of Biogen Inc. (NASDAQ:BIIB) in the fourth quarter, HoldingsChannel.com reports. The firm acquired 2,638,834 shares of the biotechnology company’s stock, valued at approximately $464,408,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in BIIB. Empowered Funds LLC raised its holdings in shares of Biogen by 64.9% in the first quarter. Empowered Funds LLC now owns 7,054 shares of the biotechnology company’s stock valued at $965,000 after buying an additional 2,777 shares during the last quarter. Focus Partners Wealth raised its holdings in shares of Biogen by 172.2% in the first quarter. Focus Partners Wealth now owns 10,173 shares of the biotechnology company’s stock valued at $1,392,000 after buying an additional 6,436 shares during the last quarter. Sivia Capital Partners LLC bought a new position in shares of Biogen in the second quarter valued at about $216,000. Cerity Partners LLC raised its holdings in shares of Biogen by 15.3% in the second quarter. Cerity Partners LLC now owns 46,552 shares of the biotechnology company’s stock valued at $5,847,000 after buying an additional 6,184 shares during the last quarter. Finally, NewEdge Advisors LLC raised its holdings in shares of Biogen by 13.4% in the second quarter. NewEdge Advisors LLC now owns 2,673 shares of the biotechnology company’s stock valued at $336,000 after buying an additional 316 shares during the last quarter. 87.93% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on BIIB. Citigroup lifted their price target on Biogen from $190.00 to $200.00 and gave the company a “neutral” rating in a report on Friday, May 1st. Mizuho lifted their price target on Biogen from $207.00 to $236.00 and gave the company an “outperform” rating in a report on Tuesday, February 10th. JPMorgan Chase & Co. lifted their price target on Biogen from $175.00 to $185.00 and gave the company a “neutral” rating in a report on Thursday, April 23rd. HC Wainwright reaffirmed a “buy” rating on shares of Biogen in a report on Thursday, May 14th. Finally, The Goldman Sachs Group lifted their price target on Biogen from $231.00 to $238.00 and gave the company a “buy” rating in a report on Friday, April 24th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, thirteen have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Biogen has a consensus rating of “Moderate Buy” and a consensus target price of $215.81.

Biogen Price Performance

Shares of BIIB stock opened at $192.23 on Tuesday. The stock has a 50-day moving average price of $186.83 and a 200 day moving average price of $182.63. The company has a quick ratio of 2.41, a current ratio of 3.06 and a debt-to-equity ratio of 0.34. The firm has a market cap of $28.38 billion, a price-to-earnings ratio of 20.63, a PEG ratio of 1.73 and a beta of 0.20. Biogen Inc. has a 12 month low of $121.05 and a 12 month high of $205.97.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings data on Wednesday, April 29th. The biotechnology company reported $3.57 EPS for the quarter, topping analysts’ consensus estimates of $2.95 by $0.62. The firm had revenue of $2.48 billion during the quarter, compared to analyst estimates of $2.29 billion. Biogen had a return on equity of 12.83% and a net margin of 13.81%.The company’s revenue was up 1.9% on a year-over-year basis. During the same period last year, the company earned $3.02 earnings per share. Biogen has set its FY 2026 guidance at 14.250-15.250 EPS. Research analysts expect that Biogen Inc. will post 14.18 EPS for the current year.

Biogen 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.