Biogen Inc. $BIIB Shares Sold by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments Holdings LLC reduced its stake in Biogen Inc. by 33.0% in the second quarter, now holding approximately 7,273 shares valued at $946,000.
• Biogen reported a quarterly earnings per share (EPS) of $5.47, exceeding estimates by $1.54, with revenues of $2.65 billion, marking a 7.3% increase year-over-year.
• Multiple research firms have adjusted their price targets for Biogen, with a consensus target price of $180.69 and most analysts rating the stock as a "Hold".

Allspring Global Investments Holdings LLC trimmed its holdings in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 33.0% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 7,273 shares of the biotechnology company's stock after selling 3,589 shares during the period. Allspring Global Investments Holdings LLC's holdings in Biogen were worth $946,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. Vision Financial Markets LLC acquired a new position in shares of Biogen in the 1st quarter worth $27,000. Greykasell Wealth Strategies Inc. acquired a new position in shares of Biogen in the 1st quarter valued at $27,000. Zions Bancorporation National Association UT purchased a new position in Biogen in the 1st quarter worth about $29,000. Private Trust Co. NA increased its stake in Biogen by 74.8% in the 1st quarter. Private Trust Co. NA now owns 229 shares of the biotechnology company's stock worth $31,000 after purchasing an additional 98 shares in the last quarter. Finally, Financial Gravity Asset Management Inc. acquired a new stake in Biogen during the 1st quarter worth about $40,000. Institutional investors own 87.93% of the company's stock.

Biogen Price Performance

Shares of NASDAQ:BIIB opened at $147.72 on Thursday. The company has a market cap of $21.66 billion, a price-to-earnings ratio of 14.12, a PEG ratio of 1.16 and a beta of 0.13. The business has a 50 day moving average price of $142.50 and a 200 day moving average price of $131.81. 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 twelve month low of $110.04 and a twelve month high of $187.58.

Biogen (NASDAQ:BIIB - Get Free Report) last issued 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 company had revenue of $2.65 billion for the quarter, compared to the consensus estimate of $2.32 billion. Biogen had a return on equity of 13.85% and a net margin of 15.31%.The company's revenue for the quarter was up 7.3% on a year-over-year basis. During the same period in the previous year, the business posted $5.28 EPS. Biogen has set its FY 2025 guidance at 15.500-16.000 EPS. Research analysts predict that Biogen Inc. will post 15.83 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms recently commented on BIIB. Royal Bank Of Canada decreased their price objective on shares of Biogen from $219.00 to $217.00 and set an "outperform" rating for the company in a research note on Wednesday, October 8th. Morgan Stanley raised their target price on Biogen from $144.00 to $149.00 and gave the stock an "equal weight" rating in a research report on Friday, October 10th. Citigroup reaffirmed a "neutral" rating on shares of Biogen in a research report on Wednesday, September 24th. HC Wainwright raised their price target on Biogen from $187.00 to $194.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Finally, Jefferies Financial Group assumed coverage on shares of Biogen in a research note on Thursday, September 25th. They issued a "buy" rating and a $190.00 target price for the company. Eleven research analysts have rated the stock with a Buy rating, nineteen have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $180.69.

Insiders Place Their Bets

In other 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 sale, the insider directly owned 5,772 shares in the company, valued at approximately $770,850.60. This represents a 8.22% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 0.18% of the stock is currently owned by insiders.

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.

Want to see what other hedge funds are holding BIIB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Biogen Inc. (NASDAQ:BIIB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.