Cutter Capital Management LP Takes $15.53 Million Position in Biogen Inc. $BIIB

Key Points

• Cutter Capital Management LP made a new investment of $15.53 million in Biogen Inc., acquiring 113,500 shares, which now constitutes 6.8% of its holdings.
• Major institutional investors have significantly increased their stakes in Biogen, with AQR Capital Management raising its position by 153.6% and OVERSEA CHINESE BANKING increasing by 1,663.4% during the first quarter.
• Analyst ratings for Biogen are mixed, with an average target price of $185.74, where eleven analysts rated it as a Buy and twenty-one rated it as Hold.

Cutter Capital Management LP acquired a new stake in Biogen Inc. (NASDAQ:BIIB - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 113,500 shares of the biotechnology company's stock, valued at approximately $15,531,000. Biogen accounts for 6.8% of Cutter Capital Management LP's investment portfolio, making the stock its 3rd largest holding. Cutter Capital Management LP owned approximately 0.08% of Biogen as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the company. Opal Wealth Advisors LLC acquired a new stake in Biogen in the 1st quarter worth about $26,000. Vision Financial Markets LLC acquired a new stake in Biogen during the first quarter worth about $27,000. Greykasell Wealth Strategies Inc. acquired a new position in shares of Biogen during the first quarter worth about $27,000. Colonial Trust Co SC lifted its stake in shares of Biogen by 9,300.0% during the fourth quarter. Colonial Trust Co SC now owns 188 shares of the biotechnology company's stock worth $29,000 after purchasing an additional 186 shares in the last quarter. Finally, Zions Bancorporation National Association UT acquired a new stake in shares of Biogen during the first quarter valued at about $29,000. Institutional investors and hedge funds own 87.93% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. HC Wainwright boosted their price objective on shares of Biogen from $187.00 to $194.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Citigroup upped their target price on Biogen from $125.00 to $135.00 and gave the stock a "neutral" rating in a research report on Friday, August 1st. Royal Bank Of Canada upped their target price on Biogen from $208.00 to $219.00 and gave the stock an "outperform" rating in a research report on Friday, August 1st. Needham & Company LLC reissued a "hold" rating on shares of Biogen in a research note on Thursday. Finally, Truist Financial initiated coverage on Biogen in a research note on Monday, July 21st. They set a "hold" rating and a $142.00 price objective for the company. Eleven equities research analysts have rated the stock with a Buy rating and twenty-one have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $185.74.

Insider Activity at Biogen

In other news, insider Priya Singhal sold 517 shares of the business'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. The trade was a 8.22% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Rachid Izzar sold 2,223 shares of the stock in a transaction that occurred 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 transaction, the insider owned 6,330 shares in the company, valued at $854,550. This represents 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 insiders.

Biogen Stock Up 0.5%

Shares of BIIB stock traded up $0.68 on Monday, hitting $141.35. The company's stock had a trading volume of 1,624,130 shares, compared to its average volume of 1,559,383. 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 fifty-two week low of $110.04 and a fifty-two week high of $204.18. The firm's fifty day moving average price is $132.65 and its 200-day moving average price is $130.59. The stock has a market capitalization of $20.72 billion, a price-to-earnings ratio of 13.51, 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 results on Thursday, July 31st. The biotechnology company reported $5.47 earnings per share (EPS) for the quarter, beating the consensus estimate 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 the consensus estimate of $2.32 billion. During the same period last year, the business posted $5.28 earnings per share. The firm's revenue was up 7.3% compared to the same quarter last year. Biogen has set its FY 2025 guidance at 15.500-16.000 EPS. Research analysts anticipate that Biogen Inc. will post 15.83 EPS for the current 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.