Hourglass Capital LLC Purchases Shares of 17,970 Biogen Inc. $BIIB

Key Points

• Hourglass Capital LLC has acquired 17,970 shares of Biogen Inc., valued at approximately $2.26 million, marking a significant investment in the biotechnology company during Q2.
• Biogen reported quarterly earnings of $5.47 EPS, surpassing expectations, with revenues of $2.65 billion, reflecting a 7.3% year-over-year increase.
• Institutional investors currently hold nearly 88% of Biogen's stock, with several firms significantly increasing their positions in recent months.

Hourglass Capital LLC bought a new position in Biogen Inc. (NASDAQ:BIIB - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 17,970 shares of the biotechnology company's stock, valued at approximately $2,257,000.

A number of other large investors have also made changes to their positions in BIIB. GAMMA Investing LLC raised its holdings in shares of Biogen by 367.8% during the first quarter. GAMMA Investing LLC now owns 1,862 shares of the biotechnology company's stock valued at $255,000 after acquiring an additional 1,464 shares during the period. Wealth Enhancement Advisory Services LLC lifted its position in shares of Biogen by 15.8% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 19,049 shares of the biotechnology company's stock worth $2,607,000 after purchasing an additional 2,606 shares in the last quarter. Exchange Traded Concepts LLC lifted its position in shares of Biogen by 5.2% in the first quarter. Exchange Traded Concepts LLC now owns 2,405 shares of the biotechnology company's stock worth $329,000 after purchasing an additional 119 shares in the last quarter. Janney Montgomery Scott LLC lifted its position in shares of Biogen by 45.6% in the first quarter. Janney Montgomery Scott LLC now owns 17,941 shares of the biotechnology company's stock worth $2,455,000 after purchasing an additional 5,620 shares in the last quarter. Finally, QRG Capital Management Inc. lifted its position in shares of Biogen by 55.1% in the first quarter. QRG Capital Management Inc. now owns 4,039 shares of the biotechnology company's stock worth $553,000 after purchasing an additional 1,435 shares in the last quarter. Institutional investors and hedge funds own 87.93% of the company's stock.

Biogen Trading Down 1.1%

Shares of Biogen stock opened at $143.66 on Thursday. The company's fifty day simple moving average is $141.00 and its 200-day simple moving average is $131.32. The company has a market cap of $21.06 billion, a price-to-earnings ratio of 13.73, a PEG ratio of 1.15 and a beta of 0.13. The company has a current ratio of 2.50, a quick ratio of 1.79 and a debt-to-equity ratio of 0.36. Biogen Inc. has a 1 year low of $110.04 and a 1 year high of $192.16.

Biogen (NASDAQ:BIIB - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The biotechnology company reported $5.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.93 by $1.54. Biogen had a net margin of 15.31% and a return on equity of 13.85%. The business had revenue of $2.65 billion for the quarter, compared to the consensus estimate of $2.32 billion. During the same quarter last year, the company posted $5.28 earnings per share. Biogen's quarterly revenue was up 7.3% on a year-over-year basis. Biogen has set its FY 2025 guidance at 15.500-16.000 EPS. As a group, sell-side analysts expect that Biogen Inc. will post 15.83 EPS for the current year.

Insider Activity

In related news, insider Priya Singhal sold 517 shares of Biogen stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $133.55, for a total value of $69,045.35. Following the completion of 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.18% of the stock is owned by corporate insiders.

Analyst Ratings Changes

BIIB has been the subject of a number of research analyst reports. Weiss Ratings reissued a "sell (d+)" rating on shares of Biogen in a research report on Wednesday, October 8th. Needham & Company LLC restated a "hold" rating on shares of Biogen in a research note on Wednesday, September 24th. Royal Bank Of Canada cut their price target on shares of Biogen from $219.00 to $217.00 and set an "outperform" rating on the stock in a report on Wednesday, October 8th. Wall Street Zen upgraded shares of Biogen from a "buy" rating to a "strong-buy" rating in a report on Sunday, September 28th. Finally, Morgan Stanley raised their price target on shares of Biogen from $144.00 to $149.00 and gave the company an "equal weight" rating in a report on Friday, October 10th. Eleven investment analysts have rated the stock with a Buy rating, nineteen have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Biogen currently has a consensus rating of "Hold" and a consensus target price of $180.69.

About Biogen

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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