Voya Investment Management LLC Reduces Stock Position in Biogen Inc. $BIIB

Key Points

• Voya Investment Management LLC has reduced its stake in Biogen Inc. by 9.7%, now holding 70,069 shares valued at approximately $9.59 million following the sale of 7,512 shares.
• Several other institutional investors have significantly increased their holdings in Biogen, with OVERSEA CHINESE BANKING Corp Ltd boosting its stake by 1,663.4% and AQR Capital Management increasing its stake by 153.6%.
• Biogen reported earnings per share of $5.47 for the last quarter, exceeding analysts' expectations and reflecting a 7.3% increase in revenue year-over-year.

Voya Investment Management LLC decreased its stake in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 9.7% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 70,069 shares of the biotechnology company's stock after selling 7,512 shares during the period. Voya Investment Management LLC's holdings in Biogen were worth $9,588,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. AQR Capital Management LLC boosted its stake in Biogen by 153.6% during the 1st quarter. AQR Capital Management LLC now owns 1,368,842 shares of the biotechnology company's stock valued at $187,258,000 after acquiring an additional 829,150 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd increased its stake in Biogen by 1,663.4% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 780,567 shares of the biotechnology company's stock valued at $106,813,000 after buying an additional 736,301 shares during the period. AustralianSuper Pty Ltd acquired a new position in Biogen during the 1st quarter valued at about $54,421,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Biogen by 33.1% in the 4th 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 worth $234,551,000 after purchasing an additional 381,122 shares during the last quarter. Finally, Worldquant Millennium Advisors LLC grew its stake in shares of Biogen by 214.9% in the 4th quarter. Worldquant Millennium Advisors LLC now owns 461,120 shares of the biotechnology company's stock worth $70,514,000 after purchasing an additional 314,669 shares during the last quarter. 87.93% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently commented on BIIB. Morgan Stanley decreased their price target on shares of Biogen from $146.00 to $144.00 and set an "equal weight" rating for the company in a report on Friday, August 1st. Wall Street Zen lowered shares of Biogen from a "strong-buy" rating to a "buy" rating in a research report on Saturday. Needham & Company LLC reissued a "hold" rating on shares of Biogen in a report on Thursday, September 4th. Truist Financial began coverage on shares of Biogen in a report on Monday, July 21st. They set a "hold" rating and a $142.00 price objective on the stock. Finally, Piper Sandler increased their price target on shares of Biogen from $115.00 to $118.00 and gave the company a "neutral" rating in a research report on Friday, September 12th. Ten analysts have rated the stock with a Buy rating and twenty-one have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $181.65.

Insiders Place Their Bets

In other news, insider Priya Singhal sold 517 shares of the stock in a transaction dated Tuesday, September 2nd. The stock was 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. This represents a 8.22% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Rachid Izzar sold 2,223 shares of the firm'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. The trade was a 25.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.18% of the stock is owned by corporate insiders.

Biogen Trading Down 0.9%

Shares of Biogen stock traded down $1.31 during midday trading on Friday, reaching $142.50. The company had a trading volume of 3,748,505 shares, compared to its average volume of 1,491,378. Biogen Inc. has a fifty-two week low of $110.04 and a fifty-two week high of $200.37. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.50 and a quick ratio of 1.79. The stock has a fifty day moving average price of $135.01 and a 200 day moving average price of $130.92. The firm has a market cap of $20.89 billion, a PE ratio of 13.62, a P/E/G ratio of 1.13 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 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 company had revenue of $2.65 billion for the quarter, compared to analyst estimates of $2.32 billion. During the same period in the prior year, the firm earned $5.28 earnings per share. Biogen'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 analysts anticipate that Biogen Inc. will post 15.83 earnings per share for the current year.

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.