Deutsche Bank AG Sells 228,518 Shares of Biogen Inc. (NASDAQ:BIIB)

Key Points

• Deutsche Bank AG has reduced its holdings in Biogen Inc. by 19.5%, selling 228,518 shares to hold a total of 941,052 shares valued at approximately $128.8 million.
• Biogen's recent earnings report showed an EPS of $5.47, exceeding analyst expectations of $3.93, with a year-over-year revenue increase of 7.3% to $2.65 billion.
• The consensus rating for Biogen among analysts is currently a "Hold", with a target price averaging $185.63.

Deutsche Bank AG lowered its stake in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 19.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 941,052 shares of the biotechnology company's stock after selling 228,518 shares during the quarter. Deutsche Bank AG owned approximately 0.64% of Biogen worth $128,774,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Colonial Trust Co SC boosted its position in Biogen by 9,300.0% during the 4th quarter. Colonial Trust Co SC now owns 188 shares of the biotechnology company's stock valued at $29,000 after purchasing an additional 186 shares during the period. Opal Wealth Advisors LLC acquired a new position in Biogen during the 1st quarter valued at approximately $26,000. Greykasell Wealth Strategies Inc. acquired a new position in Biogen during the 1st quarter valued at approximately $27,000. Vision Financial Markets LLC acquired a new position in Biogen during the 1st quarter valued at approximately $27,000. Finally, Private Trust Co. NA boosted its position in Biogen by 74.8% during the 1st quarter. Private Trust Co. NA now owns 229 shares of the biotechnology company's stock valued at $31,000 after purchasing an additional 98 shares during the period. Institutional investors and hedge funds own 87.93% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Mizuho reduced their price objective on Biogen from $207.00 to $169.00 and set an "outperform" rating for the company in a research report on Wednesday, May 7th. Oppenheimer set a $205.00 price target on Biogen in a research report on Friday, May 2nd. Wedbush reiterated a "neutral" rating and set a $121.00 price target on shares of Biogen in a research report on Thursday, June 12th. HC Wainwright boosted their price target on Biogen from $187.00 to $194.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Finally, Robert W. Baird reduced their price target on Biogen from $300.00 to $255.00 and set an "outperform" rating for the company in a research report on Friday, May 2nd. Twenty-one equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $185.63.

Insiders Place Their Bets

In related news, insider Rachid Izzar sold 2,223 shares of the company's stock in a transaction on Tuesday, July 8th. The stock was sold at an average price of $135.00, for a total transaction of $300,105.00. Following the transaction, the insider directly owned 6,330 shares of the company's stock, valued at approximately $854,550. The trade was a 25.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.18% of the company's stock.

Biogen Trading Down 2.0%

Shares of Biogen stock traded down $2.67 on Monday, reaching $128.00. 1,070,253 shares of the company were exchanged, compared to its average volume of 1,499,663. The stock has a fifty day moving average price of $129.92 and a 200-day moving average price of $131.17. The firm has a market capitalization of $18.77 billion, a price-to-earnings ratio of 12.24, a price-to-earnings-growth ratio of 1.03 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 fifty-two week low of $110.04 and a fifty-two week high of $207.59.

Biogen (NASDAQ:BIIB - Get Free Report) last announced its earnings results on Thursday, July 31st. The biotechnology company reported $5.47 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.93 by $1.54. The company 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% compared to the same quarter last year. During the same period in the previous year, the firm earned $5.28 earnings per share. On average, analysts expect that Biogen Inc. will post 15.83 EPS 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.