Mizuho Securities USA LLC Sells 2,091 Shares of Biogen Inc. (NASDAQ:BIIB)

Key Points

• Mizuho Securities USA LLC decreased its stake in Biogen Inc. by 15.1% during the first quarter, resulting in ownership of 11,720 shares worth approximately $1.6 million.
• Biogen reported earnings of $5.47 per share, surpassing analysts' estimates by $1.54, and achieved revenues of $2.65 billion, up 7.3% year-over-year.
• Consensus ratings among analysts for Biogen indicate a "Hold" status, with an average target price of $185.63 after multiple firms issued varying price targets.

Mizuho Securities USA LLC decreased its stake in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 15.1% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 11,720 shares of the biotechnology company's stock after selling 2,091 shares during the period. Mizuho Securities USA LLC's holdings in Biogen were worth $1,604,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Covestor Ltd lifted its stake in shares of Biogen by 97.5% during the first quarter. Covestor Ltd now owns 642 shares of the biotechnology company's stock worth $88,000 after purchasing an additional 317 shares in the last quarter. Koss Olinger Consulting LLC acquired a new position in shares of Biogen during the first quarter worth about $999,000. Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Biogen by 98.0% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 277,834 shares of the biotechnology company's stock worth $38,019,000 after acquiring an additional 137,514 shares in the last quarter. Townsquare Capital LLC lifted its stake in shares of Biogen by 6.2% in the first quarter. Townsquare Capital LLC now owns 2,985 shares of the biotechnology company's stock worth $408,000 after acquiring an additional 174 shares in the last quarter. Finally, Zions Bancorporation National Association UT acquired a new position in shares of Biogen in the first quarter worth about $29,000. Hedge funds and other institutional investors own 87.93% of the company's stock.

Biogen Stock Up 2.1%

Shares of NASDAQ BIIB traded up $2.89 during mid-day trading on Friday, reaching $137.83. The company had a trading volume of 798,636 shares, compared to its average volume of 1,558,430. Biogen Inc. has a twelve month low of $110.04 and a twelve month high of $207.59. 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 has a market capitalization of $20.21 billion, a PE ratio of 13.15, a price-to-earnings-growth ratio of 1.06 and a beta of 0.13. The stock's 50 day moving average is $130.02 and its 200-day moving average is $131.09.

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 for the quarter, topping analysts' consensus estimates 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 period in the prior year, the business posted $5.28 earnings per share. Biogen's revenue for the quarter was up 7.3% compared to the same quarter last year. As a group, equities analysts anticipate that Biogen Inc. will post 15.83 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Biogen news, insider Rachid Izzar sold 2,223 shares of the stock in a transaction 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 transaction, the insider directly owned 6,330 shares of the company's stock, valued at $854,550. This represents a 25.99% 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 insiders.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on BIIB shares. Truist Financial started coverage on Biogen in a report on Monday, July 21st. They issued a "hold" rating and a $142.00 price objective for the company. Piper Sandler reaffirmed a "neutral" rating and set a $118.00 target price (up from $115.00) on shares of Biogen in a report on Thursday. Mizuho reduced their price objective on Biogen from $207.00 to $169.00 and set an "outperform" rating for the company in a research report on Wednesday, May 7th. Morgan Stanley reduced their price objective on Biogen from $146.00 to $144.00 and set an "equal weight" rating for the company in a research report on Friday, August 1st. Finally, JPMorgan Chase & Co. reduced their price objective on Biogen from $185.00 to $175.00 and set a "neutral" rating for the company in a research report on Monday, May 5th. Twenty-one investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $185.74.

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.