Headlands Technologies LLC Sells 3,608 Shares of Biogen Inc. (NASDAQ:BIIB)

Key Points

• Headlands Technologies LLC has reduced its stake in Biogen Inc. by 12.7%, selling 3,608 shares, and now holds 24,769 shares valued at approximately $3,389,000.
• Biogen reported a 7.3% year-over-year revenue increase, with earnings per share of $5.47 for the last quarter, exceeding analysts' expectations of $3.93.
• Institutional investors collectively own 87.93% of Biogen's shares, reflecting strong institutional confidence in the company.

Headlands Technologies LLC decreased its position in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 12.7% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 24,769 shares of the biotechnology company's stock after selling 3,608 shares during the quarter. Headlands Technologies LLC's holdings in Biogen were worth $3,389,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Sumitomo Mitsui Trust Group Inc. lifted its position in shares of Biogen by 6.5% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 416,960 shares of the biotechnology company's stock valued at $57,057,000 after acquiring an additional 25,464 shares in the last quarter. Asset Management One Co. Ltd. raised its stake in Biogen by 5.5% during the 1st quarter. Asset Management One Co. Ltd. now owns 61,420 shares of the biotechnology company's stock valued at $8,405,000 after purchasing an additional 3,194 shares during the period. APG Asset Management N.V. lifted its holdings in Biogen by 346.1% in the 4th quarter. APG Asset Management N.V. now owns 105,446 shares of the biotechnology company's stock worth $15,572,000 after purchasing an additional 81,811 shares in the last quarter. Assenagon Asset Management S.A. boosted its stake in Biogen by 3.1% in the 1st quarter. Assenagon Asset Management S.A. now owns 44,796 shares of the biotechnology company's stock worth $6,130,000 after purchasing an additional 1,336 shares during the period. Finally, Blackhawk Capital Partners LLC. purchased a new stake in Biogen during the 1st quarter valued at approximately $382,000. Institutional investors own 87.93% of the company's stock.

Biogen Stock Performance

Shares of NASDAQ:BIIB opened at $129.34 on Thursday. The firm has a 50 day moving average of $130.06 and a 200 day moving average of $131.64. The company has a quick ratio of 1.79, a current ratio of 2.50 and a debt-to-equity ratio of 0.36. The company has a market capitalization of $18.96 billion, a price-to-earnings ratio of 12.37, a price-to-earnings-growth ratio of 1.05 and a beta of 0.13. Biogen Inc. has a 52 week low of $110.04 and a 52 week high of $207.59.

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 for the quarter, topping analysts' consensus estimates of $3.93 by $1.54. Biogen had a return on equity of 13.85% and a net margin of 15.31%. The firm had revenue of $2.65 billion during the quarter, compared to analysts' expectations of $2.32 billion. During the same period in the prior year, the business posted $5.28 EPS. The firm's quarterly revenue was up 7.3% on a year-over-year basis. On average, sell-side analysts predict that Biogen Inc. will post 15.83 earnings per share for the current fiscal year.

Insider Activity at Biogen

In other news, insider Rachid Izzar sold 2,223 shares of Biogen 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 transaction, the insider owned 6,330 shares of the company's stock, valued at $854,550. The trade was a 25.99% decrease in their position. The sale 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.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Citigroup boosted their target price on shares of Biogen from $125.00 to $135.00 and gave the stock a "neutral" rating in a report on Friday, August 1st. JPMorgan Chase & Co. decreased their price target on shares of Biogen from $185.00 to $175.00 and set a "neutral" rating on the stock in a research note on Monday, May 5th. Wall Street Zen raised shares of Biogen from a "hold" rating to a "buy" rating in a report on Saturday, August 2nd. The Goldman Sachs Group reduced their target price on Biogen from $219.00 to $197.00 and set a "buy" rating on the stock in a report on Wednesday, April 23rd. Finally, Oppenheimer set a $205.00 price target on Biogen in a research note on Friday, May 2nd. Twenty-one research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $185.63.

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.

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