Here’s Why Biogen (BIIB) Outperformed in the Quarter

ClearBridge Investments, an investment management company, released its “ClearBridge Aggressive Growth Strategy” third quarter 2022 investor letter. A copy of the same can be downloaded here. The strategy outperformed its benchmark index, Russell 3000 Growth Index, in the third quarter. The healthcare sector was the primary contributor to the strategy’s performance, while communication services detracted from the performance. In addition, please check the fund’s top five holdings to know its best picks in 2022.

ClearBridge Investments highlighted stocks like Biogen Inc. (NASDAQ:BIIB) in the Q3 2022 investor letter. Headquartered in Cambridge, Massachusetts, Biogen Inc. (NASDAQ:BIIB) is a biotechnology company that delivers therapies to treat neurological and neurodegenerative diseases. On November 4, 2022, Biogen Inc. (NASDAQ:BIIB) stock closed at $281.82 per share. One-month return of Biogen Inc. (NASDAQ:BIIB) was 10.61% and its shares gained 3.34% of their value over the last 52 weeks. Biogen Inc. (NASDAQ:BIIB) has a market capitalization of $40.582 billion.

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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Biogen Inc. (NASDAQ:BIIB) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 54 hedge fund portfolios held Biogen Inc. (NASDAQ:BIIB) at the end of the second quarter, which was 61 in the previous quarter.

We discussed Biogen Inc. (NASDAQ:BIIB) in another article and shared the best drug stocks to invest in. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.