Allianz Asset Management GmbH Has $66.19 Million Position in Biogen Inc. $BIIB

Key Points

• Allianz Asset Management GmbH has reduced its stake in Biogen Inc. by 21.1%, now owning approximately 0.36% of the company valued at $66.19 million after selling 140,707 shares.
• Insider Priya Singhal sold 517 shares of Biogen stock for a total of $69,045.35, decreasing her ownership by 8.22%, leaving her with 5,772 shares valued at around $770,850.60.
• Biogen's quarterly earnings exceeded expectations with $5.47 earnings per share, beating analyst forecasts of $3.93, and the company’s revenue grew 7.3% from the prior year.

Allianz Asset Management GmbH reduced its stake in Biogen Inc. (NASDAQ:BIIB - Free Report) by 21.1% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 527,060 shares of the biotechnology company's stock after selling 140,707 shares during the quarter. Allianz Asset Management GmbH owned approximately 0.36% of Biogen worth $66,193,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. New York State Teachers Retirement System lifted its holdings in Biogen by 2.8% in the 2nd quarter. New York State Teachers Retirement System now owns 110,649 shares of the biotechnology company's stock worth $13,896,000 after purchasing an additional 2,973 shares during the last quarter. Mutual Advisors LLC bought a new position in Biogen in the 2nd quarter worth approximately $234,000. Generali Asset Management SPA SGR increased its position in Biogen by 6.4% in the 2nd quarter. Generali Asset Management SPA SGR now owns 41,682 shares of the biotechnology company's stock worth $5,235,000 after buying an additional 2,518 shares during the period. Ritholtz Wealth Management bought a new position in Biogen in the 2nd quarter worth approximately $763,000. Finally, NorthRock Partners LLC bought a new position in Biogen in the 2nd quarter worth approximately $391,000. 87.93% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Biogen news, insider Priya Singhal sold 517 shares of the company's stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $133.55, for a total value of $69,045.35. Following the sale, the insider directly owned 5,772 shares in the company, valued at $770,850.60. This represents a 8.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.18% of the stock is owned by company insiders.

Analyst Ratings Changes

Several brokerages have commented on BIIB. Piper Sandler lifted their price target on Biogen from $115.00 to $118.00 and gave the stock a "neutral" rating in a research report on Friday, September 12th. HC Wainwright lifted their price target on Biogen from $187.00 to $194.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Jefferies Financial Group began coverage on Biogen in a research report on Thursday, September 25th. They issued a "buy" rating and a $190.00 price target on the stock. Needham & Company LLC restated a "hold" rating on shares of Biogen in a research report on Wednesday, September 24th. Finally, Weiss Ratings restated a "sell (d+)" rating on shares of Biogen in a research report on Wednesday, October 8th. Eleven research analysts have rated the stock with a Buy rating, nineteen have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $180.69.

Biogen Stock Performance

BIIB opened at $142.26 on Friday. The stock's 50 day simple moving average is $141.29 and its 200-day simple moving average is $131.36. Biogen Inc. has a 1 year low of $110.04 and a 1 year high of $191.19. The stock has a market cap of $20.86 billion, a PE ratio of 13.60, a P/E/G ratio of 1.14 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 (NASDAQ:BIIB - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The biotechnology company reported $5.47 earnings per share for the quarter, beating 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 firm had revenue of $2.65 billion for the quarter, compared to analysts' expectations of $2.32 billion. During the same period in the prior year, the business posted $5.28 earnings per share. The business'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. Sell-side analysts forecast that Biogen Inc. will post 15.83 EPS for the current year.

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.

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