10 Biggest Stocks with Negative Beta to Consider

1. Biogen (NASDAQ:BIIB)  

Number of Hedge Fund Investors: 46  

Beta: -0.07  

Market Cap as of October 13: $27.44 Billion  

Biogen (NASDAQ:BIIB) is a pharmaceutical company focused primarily on central nervous system diseases. The company has a rich history of innovation and has been a pioneer in the development of treatments for Alzheimer’s disease and multiple sclerosis (MS), a chronic and often disabling disease that affects the central nervous system.

Biogen’s (NASDAQ:BIIB) focus on Alzheimer’s disease and other growth areas is expected to drive future growth. The company’s second approved drug to treat Alzheimer’s, Leqembi, has received full FDA approval and is generating positive long-term clinical data. With a potential peak revenue opportunity of over $3.5 billion by early next decade, Leqembi is expected to be a major driver of growth for the company.

In addition to Leqembi, Biogen (NASDAQ:BIIB) has a number of other promising pipeline candidates, including BIIB080, a tau-targeting Alzheimer’s therapy in Phase 2 studies, BIIB122, a Parkinson’s disease candidate, and Felzartamab, a kidney disease therapy that has shown “unprecedented” results in Phase 2 studies.

Biogen’s (NASDAQ:BIIB) financials are also strong, with the company boasting $1.9 billion in cash and $4.4 billion of net debt, which is relatively low for a pharmaceutical company of its size. The company generated $592 million of free cash flow in Q2, driven by its high-profit margins, which were an impressive 39% in Q2. With a consensus Buy rating from industry analysts, Biogen’s (NASDAQ:BIIB) stock has a target price of $264.89, which represents a 33.75% upside potential from its current level.

While we acknowledge the potential of Biogen (NASDAQ:BIIB) to grow, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than BIIB but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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