Evergreen Capital Management LLC Acquires New Position in Biogen Inc. $BIIB

Key Points

• Evergreen Capital Management LLC acquired 3,042 shares of Biogen Inc., valued at approximately $416,000, during the first quarter.
• Insider Rachid Izzar sold 2,223 shares for $300,105, resulting in a 25.99% decrease in their ownership of the stock.
• Recent analyst reports reflect varying sentiment, with JPMorgan and Mizuho lowering their price targets, while HC Wainwright raised theirs, indicating a mix of neutral to buy ratings on Biogen stock.

Evergreen Capital Management LLC purchased a new stake in Biogen Inc. (NASDAQ:BIIB - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 3,042 shares of the biotechnology company's stock, valued at approximately $416,000.

A number of other hedge funds have also recently made changes to their positions in BIIB. Opal Wealth Advisors LLC purchased a new position in shares of Biogen during the 1st quarter worth approximately $26,000. Vision Financial Markets LLC purchased a new position in shares of Biogen during the 1st quarter worth approximately $27,000. Greykasell Wealth Strategies Inc. acquired a new stake in Biogen during the 1st quarter worth approximately $27,000. Colonial Trust Co SC lifted its holdings in Biogen by 9,300.0% during the 4th quarter. Colonial Trust Co SC now owns 188 shares of the biotechnology company's stock worth $29,000 after buying an additional 186 shares in the last quarter. Finally, Zions Bancorporation National Association UT acquired a new stake in Biogen during the 1st quarter worth approximately $29,000. Hedge funds and other institutional investors own 87.93% of the company's stock.

Biogen Stock Performance

Biogen stock traded up $0.73 during midday trading on Friday, hitting $140.67. 1,561,848 shares of the company's stock were exchanged, compared to its average volume of 1,373,622. Biogen Inc. has a 12-month low of $110.04 and a 12-month high of $204.18. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.79 and a current ratio of 2.50. The stock has a market cap of $20.62 billion, a price-to-earnings ratio of 13.45, a price-to-earnings-growth ratio of 1.10 and a beta of 0.11. The firm's 50 day simple moving average is $132.65 and its 200 day simple moving average is $130.68.

Biogen (NASDAQ:BIIB - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The biotechnology company reported $5.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.93 by $1.54. The company had revenue of $2.65 billion for the quarter, compared to the consensus estimate of $2.32 billion. Biogen had a net margin of 15.31% and a return on equity of 13.85%. Biogen's revenue for the quarter was up 7.3% on a year-over-year basis. During the same period last year, the firm posted $5.28 EPS. Biogen has set its FY 2025 guidance at 15.500-16.000 EPS. Equities research analysts predict that Biogen Inc. will post 15.83 EPS for the current year.

Insider Activity

In related news, insider Priya Singhal sold 517 shares of the firm's stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $133.55, for a total value of $69,045.35. Following the completion of the sale, the insider owned 5,772 shares in the company, valued at $770,850.60. This trade represents a 8.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Rachid Izzar sold 2,223 shares of the firm's stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $135.00, for a total transaction of $300,105.00. Following the completion of the sale, the insider owned 6,330 shares of the company's stock, valued at $854,550. This trade represents a 25.99% decrease in their position. The disclosure for this sale can be found here. 0.18% of the stock is owned by insiders.

Analyst Ratings Changes

BIIB has been the topic of a number of analyst reports. Truist Financial initiated coverage on shares of Biogen in a report on Monday, July 21st. They issued a "hold" rating and a $142.00 price objective on the stock. Piper Sandler raised their price objective on shares of Biogen from $115.00 to $118.00 and gave the company a "neutral" rating in a report on Thursday, August 14th. Wedbush reiterated a "neutral" rating and set a $121.00 price target on shares of Biogen in a research note on Thursday, June 12th. Royal Bank Of Canada lifted their price target on shares of Biogen from $208.00 to $219.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. Finally, Citigroup lifted their price target on shares of Biogen from $125.00 to $135.00 and gave the stock a "neutral" rating in a research note on Friday, August 1st. Eleven investment analysts have rated the stock with a Buy rating and twenty-one have assigned a Hold rating to the company. According to data from MarketBeat.com, Biogen currently has an average rating of "Hold" and a consensus target price of $185.74.

Biogen Profile

Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases in the United States, Europe, Germany, Asia, and internationally. The company provides TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; ADUHELM to treat Alzheimer's disease; FUMADERM to treat plaque psoriasis; BENEPALI, an etanercept biosimilar referencing ENBREL; IMRALDI, an adalimumab biosimilar referencing HUMIRA; FLIXABI, an infliximab biosimilar referencing REMICADE; and BYOOVIZ, a ranibizumab biosimilar referencing LUCENTIS.