8 Best Bargain Stocks To Buy in October

4. Biogen Inc. (NASDAQ:BIIB)

Forward P/E as of September 28, 2024: 12.06

Analyst Upside Potential as of September 28, 2024: 41%

Number of Hedge Fund Holders: 46

Biogen Inc. (NASDAQ:BIIB) ranks fourth on our list of the best bargain stocks to buy according to analysts. The biotechnology company is based in Massachusetts, United States. The company was founded in 1978 and has pioneered a range of breakthrough medicines for Alzheimer’s and spinal muscular atrophy.

The company is actively working to expand its operations. Previously in July, the company completed the acquisition of Human Immunology Biosciences, a private biotechnology company for patients with immune-mediated diseases. During the second quarter, Biogen Inc. (NASDAQ:BIIB) also gained approvals from Hong Kong, the United Arab Emirates, Israel, and countries in Europe for its drugs.

The company is working towards improving its business. Eighteen months ago, Biogen reported declining revenues and profits for four years. However, since Q4 2023, the company has been working relentlessly to launch new drugs, reduce costs, invest more in research and development, grow externally, and optimize its existing portfolio.

Biogen Inc. (NASDAQ:BIIB) expects to gain approval from 20 countries by the end of this year, evidence of its efforts toward the growth of its company. Such explains why 46 hedge funds were bullish on the stock at the end of Q2 2024.

Patient Capital Management’s Patient Capital Opportunity Equity Strategy stated the following regarding Biogen Inc. (NASDAQ:BIIB) in its Q2 2024 investor letter:

“Biogen Inc. (NASDAQ:BIIB) is another name that we believe is underappreciated. As a global biopharmaceutical business, the company is most well known for their products in multiple sclerosis, spinal muscular atrophy, and most recently Alzheimer’s disease. The new CEO, Christopher Viehbacher, is working to improve the company’s pipeline, most recently with their acquisition of Human Immunology Biosciences Inc. in May. Chris has a strong track record of successful M&A and we expect him to continue that tradition. More importantly, we think the market is currently giving the company no credit for success in their Alzheimer’s indication. While the uptake in Leqembi, their Alzheimer’s product, has been slow, we still see strong long-term potential for a patient population that is dramatically underserved. We find the risk/reward extremely attractive.”