5 Best Biotech Stocks To Buy According To Hedge Funds

2. Biogen Inc. (NASDAQ:BIIB)

Number of Hedge Fund Holders: 70

Biogen Inc. (NASDAQ:BIIB) is a Massachusetts-based biotechnology company that develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases. On October 25, Biogen Inc. (NASDAQ:BIIB) reported its Q3 results, posting a GAAP EPS of $7.84 and a revenue of $2.51 billion, outperforming Wall Street estimates by $4.16 and $40.74 million, respectively. Biogen Inc. (NASDAQ:BIIB) is one of the most popular biotech names among elite hedge funds. 

On November 15, Truist analyst Robyn Karnauskas raised the price target on Biogen Inc. (NASDAQ:BIIB) to $350 from $265 and kept a Buy rating on the shares. The analyst raised her view of Biogen Inc. (NASDAQ:BIIB)’s Alzheimer’s drug penetration to 25% from 15% following the Roche trial failure. 

Among the hedge funds tracked by Insider Monkey, Biogen Inc. (NASDAQ:BIIB) was part of 70 public stock portfolios at the end of September 2022, compared to 54 funds in the prior quarter. Steve Cohen’s Point72 Asset Management held the largest stake in the company, comprising 1.67 million shares worth $448 million. 

ClearBridge Investments made the following comment about Biogen Inc. (NASDAQ:BIIB) in its Q3 2022 investor letter:

“Biogen Inc. (NASDAQ:BIIB) was the leading contributor among several biopharma names, boosted by positive, pivotal clinical data for its next-generation Alzheimer’s treatment Lecanemab. In a pivotal trial, the drug proved safe and efficacious in slowing progression of Alzheimer’s disease.”

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