Biogen Inc. $BIIB Shares Sold by Comerica Bank

Key Points

• Comerica Bank reduced its stake in Biogen Inc. by 34.5%, selling 11,623 shares, and now holds 22,073 shares valued at $3,021,000.
• Insider Rachid Izzar sold 2,223 shares of Biogen, resulting in a 25.99% decrease in their position.
• Biogen's quarterly earnings exceeded estimates with an EPS of $5.47, compared to the consensus of $3.93, and the company reported revenues of $2.65 billion.

Comerica Bank decreased its position in Biogen Inc. (NASDAQ:BIIB - Free Report) by 34.5% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 22,073 shares of the biotechnology company's stock after selling 11,623 shares during the quarter. Comerica Bank's holdings in Biogen were worth $3,021,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in BIIB. Beacon Pointe Advisors LLC raised its stake in Biogen by 10.7% in the 4th quarter. Beacon Pointe Advisors LLC now owns 1,537 shares of the biotechnology company's stock valued at $235,000 after purchasing an additional 149 shares during the last quarter. Mercer Global Advisors Inc. ADV increased its stake in shares of Biogen by 13.7% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 6,475 shares of the biotechnology company's stock valued at $990,000 after acquiring an additional 779 shares during the last quarter. AXA S.A. increased its stake in shares of Biogen by 178.9% during the 4th quarter. AXA S.A. now owns 161,636 shares of the biotechnology company's stock valued at $24,717,000 after acquiring an additional 103,677 shares during the last quarter. BNP Paribas increased its stake in shares of Biogen by 14.9% during the 4th quarter. BNP Paribas now owns 804 shares of the biotechnology company's stock valued at $123,000 after acquiring an additional 104 shares during the last quarter. Finally, Brown Advisory Inc. increased its stake in shares of Biogen by 4.3% during the 4th quarter. Brown Advisory Inc. now owns 347,566 shares of the biotechnology company's stock valued at $53,150,000 after acquiring an additional 14,339 shares during the last quarter. Institutional investors and hedge funds own 87.93% of the company's stock.

Insider Buying and Selling

In other Biogen 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 transaction, the insider directly owned 5,772 shares of the company's stock, valued at $770,850.60. This represents a 8.22% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Rachid Izzar sold 2,223 shares of the company's stock in a transaction that occurred on Tuesday, July 8th. The shares were sold at an average price of $135.00, for a total value of $300,105.00. Following the completion of the transaction, the insider directly 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. Corporate insiders own 0.18% of the company's stock.

Wall Street Analyst Weigh In

BIIB has been the subject of a number of research analyst reports. Citigroup upped their price objective on shares of Biogen from $125.00 to $135.00 and gave the company a "neutral" rating in a research note on Friday, August 1st. Wedbush reiterated a "neutral" rating and set a $121.00 target price on shares of Biogen in a report on Thursday, June 12th. Wall Street Zen upgraded Biogen from a "hold" rating to a "buy" rating in a report on Saturday, August 2nd. Morgan Stanley decreased their target price on Biogen from $146.00 to $144.00 and set an "equal weight" rating for the company in a report on Friday, August 1st. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Biogen in a report on Thursday. Eleven investment 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, the company presently has an average rating of "Hold" and an average target price of $185.74.

Biogen Stock Down 2.4%

NASDAQ BIIB traded down $3.43 on Thursday, reaching $138.19. The company had a trading volume of 516,200 shares, compared to its average volume of 1,553,387. The firm has a market capitalization of $20.26 billion, a PE ratio of 13.23, a P/E/G ratio of 1.04 and a beta of 0.11. Biogen Inc. has a 1 year low of $110.04 and a 1 year high of $205.19. The firm has a 50-day moving average of $132.10 and a 200-day moving average of $130.63. 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 (NASDAQ:BIIB - Get Free Report) last released its quarterly 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. The firm had revenue of $2.65 billion during the quarter, compared to analysts' expectations of $2.32 billion. Biogen had a return on equity of 13.85% and a net margin of 15.31%.Biogen's quarterly revenue was up 7.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $5.28 EPS. Biogen has set its FY 2025 guidance at 15.500-16.000 EPS. On average, equities research analysts anticipate that Biogen Inc. will post 15.83 EPS for the current fiscal year.

Biogen 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.