Biogen Inc. $BIIB Shares Sold by NorthCrest Asset Manangement LLC

Key Points

• NorthCrest Asset Management LLC reduced its stake in Biogen Inc. by 5.4%, selling 1,863 shares during the second quarter, leaving them with 32,669 shares valued at approximately $4.34 million.
• Analysts maintain a consensus rating of "Hold" for Biogen, with a target price of $181.65, while 10 analysts have given the stock a Buy rating.
• Insider trading activity included the sale of 2,223 shares by Rachid Izzar and 517 shares by Priya Singhal, indicating a decrease in their ownership percentages of Biogen stock.

NorthCrest Asset Manangement LLC trimmed its position in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 5.4% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 32,669 shares of the biotechnology company's stock after selling 1,863 shares during the quarter. NorthCrest Asset Manangement LLC's holdings in Biogen were worth $4,341,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Sumitomo Mitsui Trust Group Inc. boosted its position in shares of Biogen by 6.5% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 416,960 shares of the biotechnology company's stock worth $57,057,000 after purchasing an additional 25,464 shares in the last quarter. Asset Management One Co. Ltd. raised its holdings in Biogen by 5.5% in the 1st quarter. Asset Management One Co. Ltd. now owns 61,420 shares of the biotechnology company's stock worth $8,405,000 after acquiring an additional 3,194 shares during the last quarter. Point72 Europe London LLP purchased a new position in Biogen in the 1st quarter worth approximately $11,286,000. Motley Fool Asset Management LLC raised its holdings in Biogen by 64.7% in the 1st quarter. Motley Fool Asset Management LLC now owns 6,809 shares of the biotechnology company's stock worth $932,000 after acquiring an additional 2,676 shares during the last quarter. Finally, Assenagon Asset Management S.A. raised its holdings in Biogen by 3.1% in the 1st quarter. Assenagon Asset Management S.A. now owns 44,796 shares of the biotechnology company's stock worth $6,130,000 after acquiring an additional 1,336 shares during the last quarter. 87.93% of the stock is owned by institutional investors.

Insider Transactions at Biogen

In other news, insider Rachid Izzar sold 2,223 shares of the business's stock in a transaction dated Tuesday, July 8th. The shares were 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 $854,550. The trade was a 25.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Priya Singhal sold 517 shares of the company's stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $133.55, for a total transaction of $69,045.35. Following the sale, the insider directly owned 5,772 shares of the company's stock, valued at approximately $770,850.60. This represents a 8.22% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.18% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on BIIB. Morgan Stanley decreased their price objective on shares of Biogen from $146.00 to $144.00 and set an "equal weight" rating for the company in a report on Friday, August 1st. Citigroup boosted their target price on shares of Biogen from $125.00 to $135.00 and gave the company a "neutral" rating in a research note on Friday, August 1st. Piper Sandler upped their price objective on Biogen from $115.00 to $118.00 and gave the stock a "neutral" rating in a research note on Friday, September 12th. Wall Street Zen upgraded Biogen from a "buy" rating to a "strong-buy" rating in a research note on Friday, September 5th. Finally, Needham & Company LLC restated a "hold" rating on shares of Biogen in a research note on Thursday, September 4th. Ten research analysts have rated the stock with a Buy rating and twenty-one have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $181.65.

Biogen Stock Performance

Shares of BIIB traded down $1.31 during trading hours on Friday, reaching $142.50. 3,748,505 shares of the company traded hands, compared to its average volume of 1,491,378. The stock has a market capitalization of $20.89 billion, a P/E ratio of 13.62, a P/E/G ratio of 1.13 and a beta of 0.11. The company has a quick ratio of 1.79, a current ratio of 2.50 and a debt-to-equity ratio of 0.36. Biogen Inc. has a 12-month low of $110.04 and a 12-month high of $200.37. The business has a fifty day moving average price of $135.01 and a 200-day moving average price of $130.92.

Biogen (NASDAQ:BIIB - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The biotechnology company reported $5.47 earnings per share for the quarter, beating analysts' consensus estimates of $3.93 by $1.54. The firm had revenue of $2.65 billion for the quarter, compared to analyst estimates of $2.32 billion. Biogen had a net margin of 15.31% and a return on equity of 13.85%. The business's quarterly revenue was up 7.3% compared to the same quarter last year. During the same period in the previous year, the company earned $5.28 earnings per share. Biogen has set its FY 2025 guidance at 15.500-16.000 EPS. Equities analysts anticipate that Biogen Inc. will post 15.83 EPS for the current fiscal year.

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.