HighTower Advisors LLC Acquires 3,312 Shares of Biogen Inc. $BIIB

Key Points

• HighTower Advisors LLC increased its stake in Biogen Inc. by 39.5%, owning a total of 11,697 shares valued at approximately $1.6 million after acquiring an additional 3,312 shares in Q1.
• Biogen reported earnings per share (EPS) of $5.47 for the last quarter, surpassing analyst expectations and marking a 7.3% year-over-year revenue increase.
• Analysts have an average rating of "Hold" on Biogen stock, with a price target of $185.74, amid a mix of Buy and Hold ratings from various research firms.

HighTower Advisors LLC raised its holdings in Biogen Inc. (NASDAQ:BIIB - Free Report) by 39.5% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 11,697 shares of the biotechnology company's stock after purchasing an additional 3,312 shares during the quarter. HighTower Advisors LLC's holdings in Biogen were worth $1,601,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Sumitomo Mitsui Trust Group Inc. boosted its holdings in shares of 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 acquiring an additional 25,464 shares in the last quarter. Asset Management One Co. Ltd. boosted its holdings in shares of 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 acquiring an additional 3,194 shares in the last quarter. Motley Fool Asset Management LLC boosted its holdings in shares of 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 acquiring an additional 2,676 shares in the last quarter. Assenagon Asset Management S.A. boosted its holdings in shares of 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 acquiring an additional 1,336 shares in the last quarter. Finally, Blackhawk Capital Partners LLC. acquired a new stake in shares of Biogen during the 1st quarter valued at $382,000. Institutional investors and hedge funds own 87.93% of the company's stock.

Insider Buying and Selling at Biogen

In related news, insider Rachid Izzar sold 2,223 shares of the company's stock in a transaction that occurred 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 transaction, the insider owned 6,330 shares in the company, valued at approximately $854,550. This represents a 25.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.18% of the stock is owned by insiders.

Biogen Stock Down 0.3%

Biogen stock traded down $0.43 during midday trading on Friday, reaching $132.23. The stock had a trading volume of 404,836 shares, compared to its average volume of 1,545,675. The company has a market capitalization of $19.39 billion, a P/E ratio of 12.64, a PEG ratio of 1.07 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 Inc. has a 12 month low of $110.04 and a 12 month high of $206.70. The company has a fifty day moving average price of $131.29 and a two-hundred day moving average price of $130.65.

Biogen (NASDAQ:BIIB - Get Free Report) last announced its earnings results on Thursday, July 31st. The biotechnology company reported $5.47 earnings per share for the quarter, topping 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 the consensus estimate of $2.32 billion. During the same quarter in the previous year, the business earned $5.28 EPS. The company'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. As a group, equities analysts expect that Biogen Inc. will post 15.83 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on BIIB shares. JPMorgan Chase & Co. cut their price objective on Biogen from $185.00 to $175.00 and set a "neutral" rating on the stock in a report on Monday, May 5th. Truist Financial assumed coverage on Biogen in a research report on Monday, July 21st. They set a "hold" rating and a $142.00 target price for the company. Robert W. Baird lowered their target price on Biogen from $300.00 to $255.00 and set an "outperform" rating for the company in a research report on Friday, May 2nd. Citigroup raised their target price on Biogen from $125.00 to $135.00 and gave the stock a "neutral" rating in a research report on Friday, August 1st. Finally, Piper Sandler raised their target price on Biogen from $115.00 to $118.00 and gave the stock a "neutral" rating in a research report on Thursday, August 14th. Eleven equities research analysts have rated the stock with a Buy rating and twenty-one have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $185.74.

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.