iA Global Asset Management Inc. Acquires 2,636 Shares of Biogen Inc. (NASDAQ:BIIB)

Key Points

• iA Global Asset Management Inc. increased its holdings in Biogen Inc. by 16.8%, acquiring an additional 2,636 shares to reach a total of 18,342 shares worth approximately $2.51 million.
• Biogen reported earnings per share (EPS) of $5.47 for the last quarter, significantly exceeding expectations of $3.93, while revenue grew by 7.3% year-over-year to $2.65 billion.
• Major institutional investors have shown increased interest in Biogen, with 87.93% of the company's stock owned by institutional holders, indicating strong market confidence.

iA Global Asset Management Inc. lifted its holdings in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 16.8% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 18,342 shares of the biotechnology company's stock after acquiring an additional 2,636 shares during the quarter. iA Global Asset Management Inc.'s holdings in Biogen were worth $2,510,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of Biogen by 6.5% during 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 holdings in shares of Biogen by 5.5% during the first quarter. Asset Management One Co. Ltd. now owns 61,420 shares of the biotechnology company's stock valued at $8,405,000 after acquiring an additional 3,194 shares in the last quarter. APG Asset Management N.V. raised its holdings in shares of Biogen by 346.1% during the fourth quarter. APG Asset Management N.V. now owns 105,446 shares of the biotechnology company's stock valued at $15,572,000 after acquiring an additional 81,811 shares in the last quarter. Assenagon Asset Management S.A. raised its holdings in shares of Biogen by 3.1% during the first quarter. Assenagon Asset Management S.A. now owns 44,796 shares of the biotechnology company's stock valued at $6,130,000 after acquiring an additional 1,336 shares in the last quarter. Finally, Blackhawk Capital Partners LLC. bought a new position in shares of Biogen during the first quarter valued at approximately $382,000. Institutional investors own 87.93% of the company's stock.

Biogen Trading Down 2.7%

Shares of NASDAQ:BIIB opened at $129.34 on Thursday. The stock has a market capitalization of $18.96 billion, a price-to-earnings ratio of 12.37, a PEG ratio of 1.05 and a beta of 0.13. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.79 and a current ratio of 2.50. The stock's 50-day simple moving average is $130.06 and its two-hundred day simple moving average is $131.64. 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 announced its earnings results 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. The business had revenue of $2.65 billion for the quarter, compared to analysts' expectations of $2.32 billion. Biogen had a return on equity of 13.85% and a net margin of 15.31%. The business's revenue for the quarter was up 7.3% on a year-over-year basis. During the same period last year, the firm posted $5.28 earnings per share. Analysts expect that Biogen Inc. will post 15.83 EPS for the current year.

Insider Transactions at Biogen

In other Biogen news, insider Rachid Izzar sold 2,223 shares of the firm's stock in a transaction dated Tuesday, July 8th. The stock was sold at an average price of $135.00, for a total value of $300,105.00. Following the transaction, the insider directly owned 6,330 shares of the company's stock, valued at approximately $854,550. This trade represents a 25.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.18% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. HSBC downgraded Biogen from a "buy" rating to a "hold" rating and set a $118.00 price objective for the company. in a report on Monday, April 28th. Wedbush reiterated a "neutral" rating and issued a $121.00 price objective on shares of Biogen in a report on Thursday, June 12th. Needham & Company LLC reiterated a "hold" rating on shares of Biogen in a report on Thursday, June 12th. Wall Street Zen upgraded Biogen from a "hold" rating to a "buy" rating in a report on Saturday, August 2nd. Finally, Truist Financial assumed coverage on Biogen in a report on Monday, July 21st. They issued a "hold" rating and a $142.00 price objective for the company. Twenty-one equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $185.63.

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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