Inspire Trust Co. N.A. Acquires 2,000 Shares of Biogen Inc. (NASDAQ:BIIB)

Key Points

• Inspire Trust Co. N.A. increased its ownership in Biogen Inc. by 16.3%, acquiring an additional 2,000 shares to hold a total of 14,300 shares worth approximately $1.96 million.
• Biogen has experienced mixed analyst ratings, with Robert W. Baird lowering their price target from $300 to $255, while Wall Street Zen upgraded the stock from a "hold" to a "buy".
• Biogen reported better-than-expected earnings, with $5.47 earnings per share and revenue of $2.65 billion for the last quarter, surpassing analyst expectations.

Inspire Trust Co. N.A. increased its stake in Biogen Inc. (NASDAQ:BIIB - Free Report) by 16.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,300 shares of the biotechnology company's stock after purchasing an additional 2,000 shares during the quarter. Inspire Trust Co. N.A.'s holdings in Biogen were worth $1,957,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the stock. Sumitomo Mitsui Trust Group Inc. grew its stake in Biogen by 6.5% during the 1st 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. grew 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 acquiring an additional 3,194 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in Biogen by 3.1% during the 1st 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. Blackhawk Capital Partners LLC. purchased a new position in Biogen during the 1st quarter valued at about $382,000. Finally, PKO Investment Management Joint Stock Co purchased a new position in Biogen during the 4th quarter valued at about $1,193,000. Hedge funds and other institutional investors own 87.93% of the company's stock.

Insiders Place Their Bets

In other Biogen news, insider Rachid Izzar sold 2,223 shares of the company's stock in a transaction on Tuesday, July 8th. The stock was sold at an average price of $135.00, for a total value of $300,105.00. Following the sale, the insider directly owned 6,330 shares in the company, valued at $854,550. This represents a 25.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.18% of the stock is owned by company insiders.

Analyst Ratings Changes

BIIB has been the subject of several recent research reports. Hsbc Global Res cut Biogen from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 28th. Robert W. Baird lowered their price target on Biogen from $300.00 to $255.00 and set an "outperform" rating for the company in a research note on Friday, May 2nd. Wall Street Zen raised Biogen from a "hold" rating to a "buy" rating in a research note on Saturday, August 2nd. Needham & Company LLC reissued a "hold" rating on shares of Biogen in a research note on Thursday, June 12th. Finally, Piper Sandler reissued a "neutral" rating and issued a $118.00 price target (up previously from $115.00) on shares of Biogen in a research note on Thursday. Twenty-one analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $185.74.

Biogen Stock Performance

Shares of BIIB traded up $3.66 on Friday, reaching $138.60. 1,643,244 shares of the stock traded hands, compared to its average volume of 1,525,646. The firm has a market cap of $20.32 billion, a price-to-earnings ratio of 13.25, a P/E/G ratio of 1.09 and a beta of 0.13. 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 Inc. has a 12 month low of $110.04 and a 12 month high of $207.59. The stock's 50-day moving average price is $130.13 and its 200-day moving average price is $130.95.

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 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%. Biogen's quarterly revenue was up 7.3% on a year-over-year basis. During the same period in the previous year, the business posted $5.28 earnings per share. Equities analysts forecast that Biogen Inc. will post 15.83 EPS 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.