Biogen Inc. (NASDAQ:BIIB) Shares Sold by Forsta AP Fonden

Key Points

• Forsta AP Fonden reduced its stake in Biogen Inc. by 44.3%, selling 18,300 shares and leaving it with 23,000 shares valued at approximately $3.14 million.
• Several institutional investors have recently adjusted their positions in Biogen, with 87.93% of the company's stock currently held by institutional investors.
• Biogen's latest quarterly earnings exceeded expectations, reporting $5.47 earnings per share against an expected $3.93, with revenues of $2.65 billion.

Forsta AP Fonden cut its holdings in Biogen Inc. (NASDAQ:BIIB - Free Report) by 44.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 23,000 shares of the biotechnology company's stock after selling 18,300 shares during the quarter. Forsta AP Fonden's holdings in Biogen were worth $3,147,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the business. Vanguard Group Inc. grew its stake in shares of Biogen by 1.7% in the first quarter. Vanguard Group Inc. now owns 17,032,839 shares of the biotechnology company's stock worth $2,330,774,000 after purchasing an additional 283,964 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in Biogen by 1.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,933,716 shares of the biotechnology company's stock valued at $295,705,000 after acquiring an additional 21,170 shares in the last quarter. Northern Trust Corp boosted its position in Biogen by 14.6% during the 4th quarter. Northern Trust Corp now owns 1,550,130 shares of the biotechnology company's stock valued at $237,046,000 after acquiring an additional 196,995 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Biogen by 33.1% during 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 valued at $234,551,000 after acquiring an additional 381,122 shares in the last quarter. Finally, Deutsche Bank AG boosted its position in Biogen by 63.7% during the 4th quarter. Deutsche Bank AG now owns 1,169,570 shares of the biotechnology company's stock valued at $178,851,000 after acquiring an additional 455,285 shares in the last quarter. 87.93% of the stock is owned by institutional investors.

Insider Activity at Biogen

In other Biogen news, insider Rachid Izzar sold 2,223 shares of Biogen stock in a transaction 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 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 this link. Insiders own 0.18% of the company's stock.

Biogen Trading Up 2.0%

Shares of NASDAQ:BIIB traded up $2.65 during trading on Friday, reaching $137.59. 762,746 shares of the company were exchanged, compared to its average volume of 1,558,260. The firm has a market capitalization of $20.17 billion, a PE ratio of 13.16, a P/E/G ratio of 1.06 and a beta of 0.13. The business's fifty day simple moving average is $130.02 and its 200-day simple moving average is $131.09. Biogen Inc. has a 12-month low of $110.04 and a 12-month high of $207.59. 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 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 firm had revenue of $2.65 billion for the quarter, compared to the consensus estimate of $2.32 billion. Biogen had a net margin of 15.31% and a return on equity of 13.85%. The company's quarterly revenue was up 7.3% on a year-over-year basis. During the same period last year, the firm earned $5.28 earnings per share. On average, research analysts anticipate that Biogen Inc. will post 15.83 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on BIIB. Needham & Company LLC reissued a "hold" rating on shares of Biogen in a research report on Thursday, June 12th. Robert W. Baird dropped their price target on Biogen from $300.00 to $255.00 and set an "outperform" rating on the stock in a research report on Friday, May 2nd. Piper Sandler restated a "neutral" rating and issued a $118.00 price objective (up from $115.00) on shares of Biogen in a report on Thursday. Morgan Stanley decreased their price objective 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. Finally, HC Wainwright boosted their price objective on shares of Biogen from $187.00 to $194.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Twenty-one investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $185.74.

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.