Beacon Investment Advisory Services Inc. Reduces Stock Position in Biogen Inc. $BIIB

Key Points

• Beacon Investment Advisory Services Inc. reduced its stake in Biogen Inc. by 19.6% in the second quarter, bringing its holdings to 12,930 shares valued at approximately $1.62 million.
• Biogen's stock currently holds a market capitalization of $20.19 billion and reported a 7.3% increase in revenue year-over-year for the last quarter.
• Several analysts have adjusted their price targets for Biogen, with Royal Bank Of Canada raising its target to $219.00 and Morgan Stanley lowering it to $144.00, indicating varying confidence in the stock.

Beacon Investment Advisory Services Inc. lessened its stake in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 19.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,930 shares of the biotechnology company's stock after selling 3,150 shares during the quarter. Beacon Investment Advisory Services Inc.'s holdings in Biogen were worth $1,624,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in BIIB. Vident Advisory LLC increased its position in Biogen by 13.6% during the 4th quarter. Vident Advisory LLC now owns 1,386 shares of the biotechnology company's stock worth $212,000 after purchasing an additional 166 shares in the last quarter. Vise Technologies Inc. purchased a new stake in Biogen during the 4th quarter worth about $250,000. Toronto Dominion Bank increased its position in Biogen by 20.4% during the 4th quarter. Toronto Dominion Bank now owns 72,671 shares of the biotechnology company's stock worth $11,111,000 after purchasing an additional 12,301 shares in the last quarter. Mackenzie Financial Corp grew its holdings in Biogen by 140.3% in the 4th quarter. Mackenzie Financial Corp now owns 33,846 shares of the biotechnology company's stock valued at $5,176,000 after buying an additional 19,759 shares during the period. Finally, B. Riley Wealth Advisors Inc. grew its holdings in Biogen by 4.1% in the 4th quarter. B. Riley Wealth Advisors Inc. now owns 2,343 shares of the biotechnology company's stock valued at $358,000 after buying an additional 92 shares during the period. Hedge funds and other institutional investors own 87.93% of the company's stock.

Biogen Stock Performance

Biogen stock opened at $137.67 on Thursday. The stock's 50 day moving average price is $135.59 and its 200 day moving average price is $130.75. The firm has a market capitalization of $20.19 billion, a PE ratio of 13.16, a price-to-earnings-growth ratio of 1.10 and a beta of 0.11. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.79 and a current ratio of 2.50. Biogen Inc. has a one year low of $110.04 and a one year high of $197.70.

Biogen (NASDAQ:BIIB - Get Free Report) last released its quarterly 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. The firm had revenue of $2.65 billion for the quarter, compared to analyst estimates of $2.32 billion. Biogen had a return on equity of 13.85% and a net margin of 15.31%.Biogen's revenue for the quarter was up 7.3% on a year-over-year basis. During the same period in the previous year, the company posted $5.28 EPS. Biogen has set its FY 2025 guidance at 15.500-16.000 EPS. As a group, sell-side analysts expect that Biogen Inc. will post 15.83 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts have commented on BIIB shares. Morgan Stanley lowered their price target on Biogen from $146.00 to $144.00 and set an "equal weight" rating for the company in a report on Friday, August 1st. Royal Bank Of Canada lifted their price target on Biogen from $208.00 to $219.00 and gave the company an "outperform" rating in a report on Friday, August 1st. HC Wainwright lifted their price target on Biogen from $187.00 to $194.00 and gave the company a "buy" rating in a report on Friday, August 1st. Needham & Company LLC restated a "hold" rating on shares of Biogen in a report on Wednesday. Finally, Truist Financial started coverage on Biogen in a report on Monday, July 21st. They issued a "hold" rating and a $142.00 price target for the company. Ten research analysts have rated the stock with a Buy rating and twenty-one have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $181.65.

Insider Buying and Selling

In other Biogen news, insider Priya Singhal sold 517 shares of the company'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 value of $69,045.35. Following the transaction, the insider directly owned 5,772 shares of the company's stock, valued at $770,850.60. This represents a 8.22% decrease in their position. The sale 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 company's stock in a transaction that occurred on Tuesday, July 8th. The shares were sold at an average price of $135.00, for a total value of $300,105.00. Following the completion of the transaction, the insider directly owned 6,330 shares in the company, valued at approximately $854,550. The trade was a 25.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.18% of the company's stock.

Biogen 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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