Grimes & Company Inc. Sells 18,310 Shares of Biogen Inc. $BIIB

Key Points

• Grimes & Company Inc. has reduced its stake in Biogen Inc. by 30.9%, selling 18,310 shares and holding 41,024 shares valued at approximately $5.15 million as of the latest reporting period.
• Several institutional investors have also made transactions involving Biogen, highlighting active interest in the company, with institutional ownership now at 87.93%.
• Analysts have set varying price targets for Biogen's stock, with an average consensus rating of "Hold" and a target price of $181.24.

Grimes & Company Inc. lessened its stake in Biogen Inc. (NASDAQ:BIIB - Free Report) by 30.9% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 41,024 shares of the biotechnology company's stock after selling 18,310 shares during the quarter. Grimes & Company Inc.'s holdings in Biogen were worth $5,152,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of the stock. Simplicity Wealth LLC bought a new position in Biogen during the 2nd quarter valued at $430,000. Ascent Group LLC bought a new stake in shares of Biogen in the 2nd quarter worth $341,000. Ameritas Advisory Services LLC purchased a new stake in shares of Biogen in the second quarter valued at about $76,000. Cromwell Holdings LLC lifted its position in shares of Biogen by 5,010.0% during the second quarter. Cromwell Holdings LLC now owns 511 shares of the biotechnology company's stock valued at $64,000 after purchasing an additional 501 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in Biogen by 10.8% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 61,023 shares of the biotechnology company's stock worth $7,664,000 after purchasing an additional 5,939 shares during the last quarter. Institutional investors own 87.93% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have commented on BIIB shares. Royal Bank Of Canada increased their price objective on shares of Biogen from $208.00 to $219.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. Morgan Stanley reduced 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. Citigroup reiterated a "neutral" rating on shares of Biogen in a report on Wednesday, September 24th. HC Wainwright upped their price objective on Biogen from $187.00 to $194.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Finally, Piper Sandler lifted their target price on Biogen from $115.00 to $118.00 and gave the stock a "neutral" rating in a research note on Friday, September 12th. Eleven analysts have rated the stock with a Buy rating, nineteen have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $181.24.

Insider Transactions at Biogen

In other news, insider Rachid Izzar sold 2,223 shares of the business's stock in a transaction dated Tuesday, July 8th. The stock was 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 of the company's stock, valued at approximately $854,550. The trade was a 25.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Priya Singhal sold 517 shares of the firm's stock in a transaction that occurred 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 sale, the insider directly owned 5,772 shares in the company, valued at $770,850.60. This represents a 8.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.18% of the stock is owned by corporate insiders.

Biogen Stock Performance

Biogen stock opened at $159.88 on Monday. Biogen Inc. has a 1-year low of $110.04 and a 1-year high of $194.13. The company has a current ratio of 2.50, a quick ratio of 1.79 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $23.44 billion, a PE ratio of 15.28, a price-to-earnings-growth ratio of 1.26 and a beta of 0.13. The firm's 50 day simple moving average is $138.02 and its 200 day simple moving average is $130.75.

Biogen (NASDAQ:BIIB - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The biotechnology company reported $5.47 EPS for the quarter, beating the consensus estimate of $3.93 by $1.54. The firm had revenue of $2.65 billion during 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 business's quarterly revenue was up 7.3% compared to the same quarter last year. During the same period last year, the firm earned $5.28 EPS. Biogen has set its FY 2025 guidance at 15.500-16.000 EPS. As a group, analysts expect that Biogen Inc. will post 15.83 earnings per share for the current fiscal year.

Biogen Company 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.

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