Biogen Inc. $BIIB Shares Sold by APG Asset Management N.V.

Key Points

• APG Asset Management N.V. reduced its stake in Biogen Inc. by 8.5%, selling 9,014 shares to hold approximately 96,432 shares worth $12,216,000.
• Institutional investors now own 87.93% of Biogen’s stock, reflecting significant interest from various large investment firms.
• Biogen's recent financial performance surpassed expectations, reporting a $5.47 EPS for the quarter, exceeding the consensus estimate of $3.93.

APG Asset Management N.V. lessened its stake in Biogen Inc. (NASDAQ:BIIB - Free Report) by 8.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 96,432 shares of the biotechnology company's stock after selling 9,014 shares during the period. APG Asset Management N.V. owned 0.07% of Biogen worth $12,216,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Sumitomo Mitsui Trust Group Inc. increased its position in Biogen by 6.5% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 416,960 shares of the biotechnology company's stock valued at $57,057,000 after purchasing an additional 25,464 shares during the period. Asset Management One Co. Ltd. increased its position in Biogen by 5.5% during the 1st quarter. Asset Management One Co. Ltd. now owns 61,420 shares of the biotechnology company's stock valued at $8,405,000 after purchasing an additional 3,194 shares during the period. Motley Fool Asset Management LLC increased its position in Biogen by 64.7% during the 1st quarter. Motley Fool Asset Management LLC now owns 6,809 shares of the biotechnology company's stock valued at $932,000 after purchasing an additional 2,676 shares during the period. Assenagon Asset Management S.A. increased its position in Biogen by 3.1% during the 1st quarter. Assenagon Asset Management S.A. now owns 44,796 shares of the biotechnology company's stock valued at $6,130,000 after purchasing an additional 1,336 shares during the period. Finally, Blackhawk Capital Partners LLC. purchased a new position in Biogen during the 1st quarter valued at about $382,000. Hedge funds and other institutional investors own 87.93% of the company's stock.

Insider Buying and Selling

In other Biogen news, insider Rachid Izzar sold 2,223 shares of Biogen stock in a transaction that occurred on 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 directly owned 6,330 shares in the company, valued at approximately $854,550. The trade was a 25.99% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.18% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Oppenheimer set a $205.00 target price on shares of Biogen in a research report on Friday, May 2nd. Needham & Company LLC reissued a "hold" rating on shares of Biogen in a research report on Thursday, June 12th. Citigroup lifted their price objective 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. Canaccord Genuity Group cut their price objective on shares of Biogen from $265.00 to $220.00 and set a "buy" rating on the stock in a research report on Friday, May 2nd. Finally, Robert W. Baird cut their price objective on shares of Biogen from $300.00 to $255.00 and set an "outperform" rating on the stock in a research report on Friday, May 2nd. Eleven analysts have rated the stock with a Buy rating and twenty-one have given a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $185.74.

Biogen Stock Performance

NASDAQ:BIIB traded down $0.43 during trading hours on Friday, hitting $132.22. 1,081,750 shares of the company were exchanged, compared to its average volume of 1,549,930. The stock has a market capitalization of $19.39 billion, a price-to-earnings ratio of 12.64, a PEG ratio of 1.07 and a beta of 0.13. Biogen Inc. has a 52-week low of $110.04 and a 52-week high of $206.70. 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's 50 day moving average price is $131.29 and its 200-day moving average price is $130.65.

Biogen (NASDAQ:BIIB - Get Free Report) last released its earnings results on Thursday, July 31st. The biotechnology company reported $5.47 earnings per share 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 was up 7.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $5.28 EPS. Biogen has set its FY 2025 guidance at 15.500-16.000 EPS. As a group, research analysts forecast 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.