FORA Capital LLC Purchases 5,505 Shares of Biogen Inc. $BIIB

Key Points

• FORA Capital LLC has increased its stake in Biogen Inc. by 28.3%, now owning 24,991 shares valued at approximately $3.42 million.
• Biogen reported better-than-expected earnings of $5.47 per share in its last quarterly results, surpassing analysts' estimates by $1.54.
• The stock currently has an average rating of "Hold" from analysts, with a target price averaging $185.74.

FORA Capital LLC lifted its holdings in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 28.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 24,991 shares of the biotechnology company's stock after purchasing an additional 5,505 shares during the period. FORA Capital LLC's holdings in Biogen were worth $3,420,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in Biogen by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 17,032,839 shares of the biotechnology company's stock valued at $2,330,774,000 after acquiring an additional 283,964 shares during the period. Invesco Ltd. boosted its stake in Biogen by 6.4% in the first quarter. Invesco Ltd. now owns 2,265,007 shares of the biotechnology company's stock worth $309,944,000 after buying an additional 136,200 shares in the last quarter. Northern Trust Corp boosted its stake in shares of Biogen by 14.6% during the fourth quarter. Northern Trust Corp now owns 1,550,130 shares of the biotechnology company's stock valued at $237,046,000 after purchasing an additional 196,995 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Biogen by 33.1% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,533,813 shares of the biotechnology company's stock valued at $234,551,000 after purchasing an additional 381,122 shares during the period. Finally, Deutsche Bank AG boosted its stake in shares of Biogen by 63.7% during the fourth quarter. Deutsche Bank AG now owns 1,169,570 shares of the biotechnology company's stock valued at $178,851,000 after purchasing an additional 455,285 shares during the period. 87.93% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, insider Rachid Izzar sold 2,223 shares of Biogen stock in a transaction dated 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 approximately $854,550. This trade represents a 25.99% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.18% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on BIIB. HC Wainwright increased their price objective on Biogen from $187.00 to $194.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Morgan Stanley dropped their price objective on Biogen from $146.00 to $144.00 and set an "equal weight" rating for the company in a research note on Friday, August 1st. Wedbush reissued a "neutral" rating and set a $121.00 price objective on shares of Biogen in a research note on Thursday, June 12th. Needham & Company LLC reissued a "hold" rating on shares of Biogen in a research note on Thursday, June 12th. Finally, Royal Bank Of Canada increased their price objective on Biogen from $208.00 to $219.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. Eleven investment analysts have rated the stock with a Buy rating and twenty-one have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $185.74.

Biogen Stock Down 0.3%

Shares of NASDAQ:BIIB traded down $0.43 on Friday, hitting $132.22. 1,081,750 shares of the company traded hands, compared to its average volume of 1,473,140. Biogen Inc. has a 52 week low of $110.04 and a 52 week high of $206.70. The company has a quick ratio of 1.79, a current ratio of 2.50 and a debt-to-equity ratio of 0.36. The stock has a 50 day simple moving average of $131.40 and a 200-day simple moving average of $130.60. The company has a market cap of $19.39 billion, a PE ratio of 12.64, a PEG ratio of 1.04 and a beta of 0.13.

Biogen (NASDAQ:BIIB - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The biotechnology company reported $5.47 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $2.32 billion. During the same period last year, the company earned $5.28 earnings per share. The company's revenue was up 7.3% on a year-over-year basis. Biogen has set its FY 2025 guidance at 15.500-16.000 EPS. As a group, research analysts expect 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.