Assenagon Asset Management S.A. Trims Stock Position in Biogen Inc. $BIIB

Key Points

• Assenagon Asset Management S.A. significantly reduced its stake in Biogen Inc. by 75.6% during the second quarter, leaving it with 10,936 shares valued at approximately $1.37 million.
• Despite this cut, several other hedge funds increased their holdings in Biogen, with AQR Capital Management raising their position by 153.6% and OVERSEA CHINESE BANKING Corp Ltd increasing by 1,663.4%.
• Biogen reported $5.47 EPS in its most recent earnings call, exceeding analyst expectations, and provided a FY 2025 guidance between 15.500-16.000 EPS.

Assenagon Asset Management S.A. lowered its position in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 75.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,936 shares of the biotechnology company's stock after selling 33,860 shares during the period. Assenagon Asset Management S.A.'s holdings in Biogen were worth $1,373,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of BIIB. AQR Capital Management LLC lifted its position in Biogen by 153.6% during the first quarter. AQR Capital Management LLC now owns 1,368,842 shares of the biotechnology company's stock valued at $187,258,000 after purchasing an additional 829,150 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd lifted its position in Biogen by 1,663.4% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 780,567 shares of the biotechnology company's stock valued at $106,813,000 after purchasing an additional 736,301 shares during the last quarter. AustralianSuper Pty Ltd bought a new stake in Biogen during the first quarter valued at approximately $54,421,000. Vanguard Group Inc. lifted its position in Biogen by 1.7% during the first quarter. Vanguard Group Inc. now owns 17,032,839 shares of the biotechnology company's stock valued at $2,330,774,000 after purchasing an additional 283,964 shares during the last quarter. Finally, GAMMA Investing LLC lifted its position in Biogen by 63,919.1% during the first quarter. GAMMA Investing LLC now owns 254,796 shares of the biotechnology company's stock valued at $34,866,000 after purchasing an additional 254,398 shares during the last quarter. 87.93% of the stock is currently owned by institutional investors.

Biogen Stock Up 1.3%

Shares of NASDAQ BIIB opened at $137.37 on Friday. The company has a quick ratio of 1.79, a current ratio of 2.50 and a debt-to-equity ratio of 0.36. Biogen Inc. has a 52 week low of $110.04 and a 52 week high of $197.70. The firm's fifty day moving average is $135.97 and its 200 day moving average is $130.61. The company has a market cap of $20.14 billion, a price-to-earnings ratio of 13.13, a PEG ratio of 1.07 and a beta of 0.11.

Biogen (NASDAQ:BIIB - Get Free Report) last issued its earnings results on Thursday, July 31st. The biotechnology company reported $5.47 EPS for the quarter, topping the consensus estimate of $3.93 by $1.54. Biogen had a net margin of 15.31% and a return on equity of 13.85%. The company had revenue of $2.65 billion for the quarter, compared to the consensus estimate of $2.32 billion. During the same period in the previous year, the firm earned $5.28 earnings per share. The firm's revenue for the quarter was up 7.3% on a year-over-year basis. Biogen has set its FY 2025 guidance at 15.500-16.000 EPS. On average, equities research analysts expect that Biogen Inc. will post 15.83 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Wedbush reiterated a "neutral" rating and set a $121.00 target price on shares of Biogen in a research report on Thursday, June 12th. William Blair restated an "outperform" rating on shares of Biogen in a report on Wednesday. Wall Street Zen lowered shares of Biogen from a "strong-buy" rating to a "buy" rating in a report on Saturday, September 20th. Royal Bank Of Canada boosted their price objective on shares of Biogen from $208.00 to $219.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. Finally, Citigroup restated a "neutral" rating on shares of Biogen in a report on Wednesday. Eleven investment analysts have rated the stock with a Buy rating and twenty have issued a Hold rating to the stock. According to data from MarketBeat.com, Biogen has an average rating of "Hold" and a consensus target price of $182.04.

Insiders Place Their Bets

In other Biogen news, insider Rachid Izzar sold 2,223 shares of the business's stock in a transaction 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 transaction, the insider directly owned 6,330 shares of the company's stock, valued at approximately $854,550. The trade was a 25.99% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Priya Singhal sold 517 shares of the business's stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $133.55, for a total transaction of $69,045.35. Following the transaction, the insider directly owned 5,772 shares in the company, valued at approximately $770,850.60. The trade was a 8.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.18% of the stock is currently owned by insiders.

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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