Cinctive Capital Management LP Acquires Shares of 7,894 Biogen Inc. $BIIB

Key Points

• Cinctive Capital Management LP has acquired 7,894 shares of Biogen Inc., valued at approximately $1,080,000, during the first quarter of 2023.
• Several institutional investors, including Vanguard Group Inc. and AQR Capital Management LLC, have increased their holdings in Biogen, reflecting growing interest in the company's stock.
• Biogen reported $5.47 EPS for the last quarter, exceeding expectations, with revenue of $2.65 billion, up 7.3% from the previous year.

Cinctive Capital Management LP acquired a new stake in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 7,894 shares of the biotechnology company's stock, valued at approximately $1,080,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in Biogen by 1.7% during 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 buying an additional 283,964 shares during the last quarter. Invesco Ltd. lifted its holdings in Biogen by 6.4% in the first quarter. Invesco Ltd. now owns 2,265,007 shares of the biotechnology company's stock valued at $309,944,000 after acquiring an additional 136,200 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Biogen by 33.1% in 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 worth $234,551,000 after purchasing an additional 381,122 shares during the last quarter. AQR Capital Management LLC grew its stake in shares of 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 purchasing an additional 829,150 shares during the period. Finally, Amundi increased its position in shares of Biogen by 8.1% during the 1st quarter. Amundi now owns 1,315,947 shares of the biotechnology company's stock valued at $172,007,000 after purchasing an additional 98,957 shares during the last quarter. Hedge funds and other institutional investors own 87.93% of the company's stock.

Insiders Place Their Bets

In other Biogen news, insider Priya Singhal sold 517 shares of Biogen stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $133.55, for a total transaction of $69,045.35. Following the completion of the transaction, the insider directly owned 5,772 shares of the company's stock, valued at $770,850.60. The trade was a 8.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Rachid Izzar sold 2,223 shares of the stock in a transaction on Tuesday, July 8th. The shares were sold at an average price of $135.00, for a total transaction 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 represents a 25.99% decrease in their position. The disclosure for this sale can be found here. 0.18% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on BIIB shares. Wedbush reissued a "neutral" rating and issued a $121.00 price objective on shares of Biogen in a report on Thursday, June 12th. Piper Sandler lifted their price target on shares of Biogen from $115.00 to $118.00 and gave the stock a "neutral" rating in a research note on Thursday, August 14th. Royal Bank Of Canada upped their price objective on Biogen from $208.00 to $219.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. HC Wainwright lifted their target price on Biogen from $187.00 to $194.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Finally, Needham & Company LLC restated a "hold" rating on shares of Biogen in a research report on Thursday, September 4th. Ten research analysts have rated the stock with a Buy rating and twenty-one have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $181.65.

Biogen Price Performance

Shares of Biogen stock traded up $2.25 during trading hours on Tuesday, reaching $143.60. The company's stock had a trading volume of 1,486,157 shares, compared to its average volume of 1,559,510. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.50 and a quick ratio of 1.79. Biogen Inc. has a one year low of $110.04 and a one year high of $204.18. The firm has a 50 day moving average price of $132.97 and a 200-day moving average price of $130.59. The stock has a market cap of $21.05 billion, a P/E ratio of 13.73, a P/E/G ratio of 1.11 and a beta of 0.11.

Biogen (NASDAQ:BIIB - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The biotechnology company reported $5.47 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.93 by $1.54. The business 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 quarterly revenue was up 7.3% compared to the same quarter last year. During the same period in the prior year, the business posted $5.28 earnings per share. Biogen has set its FY 2025 guidance at 15.500-16.000 EPS. On average, analysts predict 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.