Alliancebernstein L.P. Has $31.34 Million Stock Position in Biogen Inc. $BIIB

Key Points

• Alliancebernstein L.P. increased its stake in Biogen Inc. by 26.7%, owning 229,054 shares worth approximately $31.34 million as of the latest SEC filing.
• Insider Priya Singhal sold 517 shares of Biogen at an average price of $133.55, representing an 8.22% reduction in her share ownership.
• Analysts have mixed ratings for Biogen, with a current consensus rating of "Hold" and a target price averaging around $181.65.

Alliancebernstein L.P. lifted its stake in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 26.7% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 229,054 shares of the biotechnology company's stock after purchasing an additional 48,331 shares during the quarter. Alliancebernstein L.P. owned 0.16% of Biogen worth $31,344,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Opal Wealth Advisors LLC acquired a new stake in Biogen in the first quarter valued at about $26,000. Vision Financial Markets LLC acquired a new stake in Biogen in the first quarter valued at about $27,000. Greykasell Wealth Strategies Inc. acquired a new stake in Biogen in the first quarter valued at about $27,000. Zions Bancorporation National Association UT acquired a new stake in Biogen in the first quarter valued at about $29,000. Finally, Private Trust Co. NA boosted its stake in Biogen by 74.8% in the first quarter. Private Trust Co. NA now owns 229 shares of the biotechnology company's stock valued at $31,000 after buying an additional 98 shares in the last quarter. 87.93% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Biogen

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

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Needham & Company LLC reaffirmed a "hold" rating on shares of Biogen in a research note on Thursday, September 4th. Wedbush reiterated a "neutral" rating and issued a $121.00 target price on shares of Biogen in a research report on Thursday, June 12th. Citigroup increased their target price on Biogen from $125.00 to $135.00 and gave the company a "neutral" rating in a research report on Friday, August 1st. Truist Financial assumed coverage on Biogen in a research report on Monday, July 21st. They issued a "hold" rating and a $142.00 target price for the company. Finally, HC Wainwright increased their target price on Biogen from $187.00 to $194.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Ten research analysts have rated the stock with a Buy rating and twenty-one have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $181.65.

Biogen Price Performance

Shares of BIIB opened at $141.35 on Tuesday. Biogen Inc. has a 1 year low of $110.04 and a 1 year high of $204.18. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.50 and a quick ratio of 1.79. The company has a market capitalization of $20.72 billion, a price-to-earnings ratio of 13.51, a price-to-earnings-growth ratio of 1.11 and a beta of 0.11. The business has a 50-day moving average of $132.97 and a 200-day moving average of $130.59.

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 analysts' consensus estimates of $3.93 by $1.54. Biogen had a return on equity of 13.85% and a net margin of 15.31%.The company had revenue of $2.65 billion during the quarter, compared to the consensus estimate of $2.32 billion. During the same period last year, the company earned $5.28 earnings per share. The firm's revenue was up 7.3% compared to the same quarter last year. Biogen has set its FY 2025 guidance at 15.500-16.000 EPS. As a group, equities research analysts anticipate that Biogen Inc. will post 15.83 earnings per share for the current year.

About Biogen

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.

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