Altrinsic Global Advisors LLC Sells 2,026 Shares of Biogen Inc. $BIIB

Key Points

• Altrinsic Global Advisors LLC has reduced its stake in Biogen Inc. by 5.1% during the first quarter, holding 37,698 shares valued at approximately $5.16 million.
• Vanguard Group Inc. increased its position by 1.7%, and several other institutional investors also reported increases, with institutional ownership now at 87.93%.
• Biogen reported quarterly earnings of $5.47 per share, exceeding expectations and indicating a 7.3% revenue growth year-over-year.

Altrinsic Global Advisors LLC lessened its holdings in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 5.1% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 37,698 shares of the biotechnology company's stock after selling 2,026 shares during the quarter. Altrinsic Global Advisors LLC's holdings in Biogen were worth $5,159,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Opal Wealth Advisors LLC bought a new position in Biogen during the first quarter worth about $26,000. Vision Financial Markets LLC bought a new position in shares of Biogen in the first quarter valued at approximately $27,000. Greykasell Wealth Strategies Inc. bought a new position in shares of Biogen in the first quarter valued at approximately $27,000. Colonial Trust Co SC boosted its position in shares of Biogen by 9,300.0% in the fourth quarter. Colonial Trust Co SC now owns 188 shares of the biotechnology company's stock valued at $29,000 after acquiring an additional 186 shares during the period. Finally, Zions Bancorporation National Association UT bought a new position in shares of Biogen in the first quarter valued at approximately $29,000. Institutional investors own 87.93% of the company's stock.

Wall Street Analysts Forecast Growth

BIIB has been the subject of a number of analyst reports. Royal Bank Of Canada raised their price objective on shares of Biogen from $208.00 to $219.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. JPMorgan Chase & Co. cut their price objective on shares of Biogen from $185.00 to $175.00 and set a "neutral" rating for the company in a research report on Monday, May 5th. Robert W. Baird cut their price objective on shares of Biogen from $300.00 to $255.00 and set an "outperform" rating for the company in a research report on Friday, May 2nd. Oppenheimer set a $205.00 target price on shares of Biogen in a research note on Friday, May 2nd. Finally, Citigroup raised their target price on shares of Biogen from $125.00 to $135.00 and gave the company a "neutral" rating in a research note on Friday, August 1st. Eleven analysts have rated the stock with a Buy rating and twenty-one have issued a Hold rating to the company. According to data from MarketBeat.com, Biogen has a consensus rating of "Hold" and a consensus price target of $185.74.

Insider Buying and Selling at Biogen

In related news, insider Rachid Izzar sold 2,223 shares of the firm's stock in a transaction 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 completion of the sale, the insider directly owned 6,330 shares in the company, valued at $854,550. This trade 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 through this hyperlink. Company insiders own 0.18% of the company's stock.

Biogen Price Performance

BIIB traded down $0.43 during trading on Friday, reaching $132.22. 1,081,750 shares of the company traded hands, compared to its average volume of 1,473,140. The firm has a fifty day simple moving average of $131.40 and a 200 day simple moving average of $130.60. Biogen Inc. has a 12-month low of $110.04 and a 12-month high of $206.70. 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 company has a market cap of $19.39 billion, a P/E ratio of 12.64, a PEG ratio of 1.04 and a beta of 0.13.

Biogen (NASDAQ:BIIB - Get Free Report) last posted its 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 net margin of 15.31% and a return on equity of 13.85%. The firm had revenue of $2.65 billion during the quarter, compared to analyst estimates of $2.32 billion. During the same period last year, the firm posted $5.28 earnings per share. Biogen's revenue for the quarter was up 7.3% compared to the same quarter last year. Biogen has set its FY 2025 guidance at 15.500-16.000 EPS. On average, equities analysts forecast that Biogen Inc. will post 15.83 EPS 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.