AIA Group Ltd Buys Shares of 4,846 Biogen Inc. (NASDAQ:BIIB)

Key Points

• AIA Group Ltd has officially taken a new stake in Biogen Inc., acquiring 4,846 shares valued at approximately $663,000 during the first quarter.
• Biogen's recent earnings report revealed an EPS of $5.47, significantly exceeding the consensus estimate of $3.93, along with a revenue increase of 7.3% year-over-year.
• Hedge funds and institutional investors hold 87.93% of Biogen's stock, reflecting a strong interest from large financial entities in the company.

AIA Group Ltd acquired a new position in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 4,846 shares of the biotechnology company's stock, valued at approximately $663,000.

Several other hedge funds have also modified their holdings of BIIB. Opal Wealth Advisors LLC purchased a new position in shares of Biogen in the 1st quarter valued at about $26,000. Vision Financial Markets LLC acquired a new position in Biogen in the first quarter valued at approximately $27,000. Greykasell Wealth Strategies Inc. purchased a new position in Biogen in the first quarter valued at approximately $27,000. Colonial Trust Co SC raised its holdings in Biogen by 9,300.0% during the fourth quarter. Colonial Trust Co SC now owns 188 shares of the biotechnology company's stock worth $29,000 after purchasing an additional 186 shares in the last quarter. Finally, Zions Bancorporation National Association UT purchased a new stake in shares of Biogen during the 1st quarter worth approximately $29,000. 87.93% of the stock is currently owned by institutional investors and hedge funds.

Biogen Trading Down 0.2%

Shares of Biogen stock traded down $0.25 during mid-day trading on Thursday, hitting $134.94. 1,169,495 shares of the stock were exchanged, compared to its average volume of 1,524,712. The stock has a market capitalization of $19.78 billion, a price-to-earnings ratio of 12.90, a price-to-earnings-growth ratio of 1.06 and a beta of 0.13. The company has a current ratio of 2.50, a quick ratio of 1.79 and a debt-to-equity ratio of 0.36. Biogen Inc. has a twelve month low of $110.04 and a twelve month high of $207.59. The company has a 50-day simple moving average of $130.02 and a 200 day simple moving average of $131.09.

Biogen (NASDAQ:BIIB - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The biotechnology company reported $5.47 EPS for the quarter, beating analysts' consensus estimates of $3.93 by $1.54. The company had revenue of $2.65 billion during 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%. The company's quarterly revenue was up 7.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $5.28 EPS. Research analysts forecast that Biogen Inc. will post 15.83 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. HC Wainwright lifted their price target on shares of Biogen from $187.00 to $194.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Needham & Company LLC reiterated a "hold" rating on shares of Biogen in a research report on Thursday, June 12th. Morgan Stanley dropped their price target on Biogen from $146.00 to $144.00 and set an "equal weight" rating on the stock in a research note on Friday, August 1st. Citigroup raised their target price on shares of Biogen from $125.00 to $135.00 and gave the stock a "neutral" rating in a research report on Friday, August 1st. Finally, Wall Street Zen raised shares of Biogen from a "hold" rating to a "buy" rating in a research report on Saturday, August 2nd. Twenty-one analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Biogen presently has an average rating of "Hold" and an average target price of $185.74.

Insider Activity at Biogen

In other news, insider Rachid Izzar sold 2,223 shares of the company's stock in a transaction dated Tuesday, July 8th. The stock was sold at an average price of $135.00, for a total value 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 represents a 25.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.18% of the company's stock.

Biogen Company 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.