Allstate Corp Acquires New Position in Biogen Inc. $BIIB

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

Several other hedge funds and other institutional investors have also recently made changes to their positions in BIIB. Elevation Point Wealth Partners LLC bought a new stake in shares of Biogen during the second quarter valued at approximately $25,000. Rothschild Investment LLC boosted its stake in Biogen by 64.7% during the 2nd quarter. Rothschild Investment LLC now owns 224 shares of the biotechnology company’s stock valued at $28,000 after purchasing an additional 88 shares during the last quarter. Concord Wealth Partners increased its holdings in shares of Biogen by 100.0% in the 2nd quarter. Concord Wealth Partners now owns 228 shares of the biotechnology company’s stock worth $29,000 after purchasing an additional 114 shares in the last quarter. True Wealth Design LLC increased its holdings in shares of Biogen by 62.9% in the 3rd quarter. True Wealth Design LLC now owns 233 shares of the biotechnology company’s stock worth $33,000 after purchasing an additional 90 shares in the last quarter. Finally, NewSquare Capital LLC raised its stake in shares of Biogen by 134.6% in the second quarter. NewSquare Capital LLC now owns 244 shares of the biotechnology company’s stock worth $31,000 after purchasing an additional 140 shares during the last quarter. Institutional investors own 87.93% of the company’s stock.

Biogen Stock Performance

Shares of NASDAQ BIIB opened at $173.80 on Friday. Biogen Inc. has a 12-month low of $110.04 and a 12-month high of $190.20. The firm has a market capitalization 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 company has a current ratio of 2.72, a quick ratio of 2.04 and a debt-to-equity ratio of 0.35. The firm has a 50 day moving average of $175.72 and a 200 day moving average of $152.88.

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

Analysts Set New Price Targets

Several equities research analysts recently commented on BIIB shares. Guggenheim increased their price objective on Biogen from $165.00 to $185.00 in a research report on Friday, October 31st. Truist Financial raised their price target on shares of Biogen from $142.00 to $190.00 and gave the company a “hold” rating in a report on Thursday, January 8th. BMO Capital Markets lifted their price target on shares of Biogen from $150.00 to $165.00 and gave the stock a “market perform” rating in a research note on Thursday, December 18th. Morgan Stanley increased their price objective on shares of Biogen from $149.00 to $156.00 and gave the company an “equal weight” rating in a research report on Friday, December 12th. Finally, Citigroup lifted their target price on shares of Biogen from $153.00 to $180.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 7th. Ten analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $190.50.

About Biogen

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.