Jefferies Financial Group Inc. Cuts Holdings in Biogen Inc. (NASDAQ:BIIB)

Key Points

• Jefferies Financial Group Inc. significantly reduced its stake in Biogen Inc. by 48.3%, now holding approximately 49,994 shares valued at $6.84 million.
• Several hedge funds, including Geode Capital Management and Invesco Ltd., increased their positions in Biogen, demonstrating growing institutional interest in the stock.
• Biogen reported strong quarterly earnings, with $5.47 earnings per share, exceeding expectations alongside a revenue of $2.65 billion.

Jefferies Financial Group Inc. decreased its stake in Biogen Inc. (NASDAQ:BIIB - Free Report) by 48.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 49,994 shares of the biotechnology company's stock after selling 46,653 shares during the period. Jefferies Financial Group Inc.'s holdings in Biogen were worth $6,841,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in BIIB. OVERSEA CHINESE BANKING Corp Ltd lifted its stake in Biogen by 1,663.4% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 780,567 shares of the biotechnology company's stock valued at $106,813,000 after purchasing an additional 736,301 shares during the last quarter. Invesco Ltd. raised its stake in shares of Biogen by 30.6% during the fourth quarter. Invesco Ltd. now owns 2,128,807 shares of the biotechnology company's stock valued at $325,537,000 after acquiring an additional 499,074 shares during the last quarter. AQR Capital Management LLC raised its stake in shares of Biogen by 982.0% during the fourth quarter. AQR Capital Management LLC now owns 539,692 shares of the biotechnology company's stock valued at $81,914,000 after acquiring an additional 489,811 shares during the last quarter. Deutsche Bank AG raised its stake in shares of Biogen by 63.7% during the fourth quarter. Deutsche Bank AG now owns 1,169,570 shares of the biotechnology company's stock valued at $178,851,000 after acquiring an additional 455,285 shares during the last quarter. Finally, AustralianSuper Pty Ltd bought a new position in shares of Biogen during the first quarter valued at $54,421,000. Institutional investors own 87.93% of the company's stock.

Biogen Stock Performance

Shares of NASDAQ BIIB traded up $0.25 during midday trading on Monday, hitting $132.20. The company's stock had a trading volume of 1,897,830 shares, compared to its average volume of 1,410,572. The stock has a fifty day moving average price of $129.84 and a 200 day moving average price of $131.69. Biogen Inc. has a one year low of $110.04 and a one year high of $207.59. 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 $19.38 billion, a price-to-earnings ratio of 12.64, a P/E/G ratio of 1.78 and a beta of 0.13.

Biogen (NASDAQ:BIIB - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The biotechnology company reported $5.47 earnings per share (EPS) for the quarter, beating 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 company had revenue of $2.65 billion for the quarter, compared to analyst estimates of $2.32 billion. During the same quarter in the previous year, the firm posted $5.28 earnings per share. The company's quarterly revenue was up 7.3% compared to the same quarter last year. On average, research analysts forecast that Biogen Inc. will post 15.83 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Rachid Izzar sold 2,223 shares of the company's stock in a transaction that occurred on Tuesday, July 8th. The shares were sold at an average price of $135.00, for a total transaction of $300,105.00. Following the sale, the insider owned 6,330 shares of the company's stock, valued at approximately $854,550. This represents a 25.99% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.18% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on BIIB shares. Needham & Company LLC reaffirmed a "hold" rating on shares of Biogen in a research note on Thursday, June 12th. The Goldman Sachs Group lowered their target price on shares of Biogen from $219.00 to $197.00 and set a "buy" rating for the company in a research note on Wednesday, April 23rd. HSBC cut shares of Biogen from a "buy" rating to a "hold" rating and set a $118.00 price target for the company. in a report on Monday, April 28th. Citigroup raised their price target on shares of Biogen from $125.00 to $135.00 and gave the stock a "neutral" rating in a report on Friday. Finally, Piper Sandler reiterated a "neutral" rating and set a $115.00 price target on shares of Biogen in a research note on Thursday, June 12th. Twenty-one research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target 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.