Norinchukin Bank The Boosts Stake in Biogen Inc. $BIIB

Key Points

• Norinchukin Bank increased its stake in Biogen Inc. by 44.1%, acquiring 3,542 additional shares, bringing its total holdings to $1.58 million.
• Recently, several other institutional investors also raised their stakes, with a combined 87.93% of the stock owned by institutional investors and hedge funds.
• Biogen reported a quarterly EPS of $5.47, surpassing estimates, with a revenue increase of 7.3% compared to the previous year.

Norinchukin Bank The raised its stake in Biogen Inc. (NASDAQ:BIIB - Free Report) by 44.1% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 11,574 shares of the biotechnology company's stock after acquiring an additional 3,542 shares during the quarter. Norinchukin Bank The's holdings in Biogen were worth $1,584,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in shares of Biogen by 1.7% in the first quarter. Vanguard Group Inc. now owns 17,032,839 shares of the biotechnology company's stock worth $2,330,774,000 after acquiring an additional 283,964 shares during the last quarter. Invesco Ltd. raised its holdings in shares of Biogen by 6.4% in the first quarter. Invesco Ltd. now owns 2,265,007 shares of the biotechnology company's stock worth $309,944,000 after acquiring an additional 136,200 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Biogen by 1.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,933,716 shares of the biotechnology company's stock worth $295,705,000 after acquiring an additional 21,170 shares during the last quarter. Northern Trust Corp raised its holdings in shares of Biogen by 14.6% in the fourth quarter. Northern Trust Corp now owns 1,550,130 shares of the biotechnology company's stock worth $237,046,000 after acquiring an additional 196,995 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Biogen by 33.1% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,533,813 shares of the biotechnology company's stock worth $234,551,000 after acquiring an additional 381,122 shares during the last quarter. 87.93% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Biogen

In other Biogen news, insider Rachid Izzar sold 2,223 shares of the business's stock in a transaction dated Tuesday, July 8th. The stock was sold at an average price of $135.00, for a total transaction of $300,105.00. Following the completion of the sale, the insider owned 6,330 shares of the company's stock, valued at approximately $854,550. The trade was a 25.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.18% of the company's stock.

Biogen Price Performance

BIIB stock opened at $139.31 on Friday. The stock has a 50-day moving average price of $130.66 and a two-hundred day moving average price of $130.75. Biogen Inc. has a 12-month low of $110.04 and a 12-month high of $206.70. 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 company has a market cap of $20.43 billion, a PE ratio of 13.32, a price-to-earnings-growth ratio of 1.10 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 analysts' consensus estimates of $3.93 by $1.54. Biogen had a return on equity of 13.85% and a net margin of 15.31%.The firm had revenue of $2.65 billion during the quarter, compared to the consensus estimate of $2.32 billion. During the same quarter in the previous year, the business earned $5.28 earnings per share. The firm's quarterly revenue was up 7.3% compared to the same quarter last year. Biogen has set its FY 2025 guidance at 15.500-16.000 EPS. As a group, research analysts predict that Biogen Inc. will post 15.83 EPS for the current year.

Analyst Ratings Changes

A number of research firms have recently weighed in on BIIB. HSBC cut 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. Mizuho dropped their target price on Biogen from $207.00 to $169.00 and set an "outperform" rating for the company in a research note on Wednesday, May 7th. Morgan Stanley dropped their target price on Biogen from $146.00 to $144.00 and set an "equal weight" rating for the company in a research note on Friday, August 1st. Royal Bank Of Canada upped their target price on Biogen from $208.00 to $219.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. Finally, Piper Sandler upped their target price on Biogen from $115.00 to $118.00 and gave the company a "neutral" rating in a research note on Thursday, August 14th. Eleven analysts have rated the stock with a Buy rating and twenty-one have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $185.74.

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.

Want to see what other hedge funds are holding BIIB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Biogen Inc. (NASDAQ:BIIB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.