Price T Rowe Associates Inc. MD Reduces Stock Position in Biogen Inc. $BIIB

Key Points

• Price T Rowe Associates Inc. reduced its stake in Biogen Inc. by 40.5%, selling 782,524 shares and holding approximately 1,151,192 shares valued at $157.5 million.
• Biogen reported a quarterly EPS of $5.47, surpassing analysts' expectations significantly, while also announcing a revenue of $2.65 billion for the quarter.
• Despite the positive earnings, several brokerages have downgraded their ratings and price targets for Biogen, indicating a cautious outlook from analysts.

Price T Rowe Associates Inc. MD trimmed its position in Biogen Inc. (NASDAQ:BIIB - Free Report) by 40.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,151,192 shares of the biotechnology company's stock after selling 782,524 shares during the period. Price T Rowe Associates Inc. MD owned about 0.79% of Biogen worth $157,531,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. OVERSEA CHINESE BANKING Corp Ltd boosted its position in Biogen by 1,663.4% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 780,567 shares of the biotechnology company's stock worth $106,813,000 after acquiring an additional 736,301 shares during the last quarter. AQR Capital Management LLC raised its holdings in Biogen by 982.0% in the 4th 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 lifted its stake in Biogen by 63.7% in the 4th quarter. Deutsche Bank AG now owns 1,169,570 shares of the biotechnology company's stock worth $178,851,000 after purchasing an additional 455,285 shares in the last quarter. AustralianSuper Pty Ltd acquired a new position in shares of Biogen during the 1st quarter worth approximately $54,421,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Biogen by 33.1% during the 4th 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 purchasing an additional 381,122 shares during the last quarter. Hedge funds and other institutional investors own 87.93% of the company's stock.

Insider Buying and Selling at Biogen

In related news, insider Rachid Izzar sold 2,223 shares of the firm'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 value of $300,105.00. Following the sale, the insider owned 6,330 shares of the company's stock, valued at $854,550. This trade represents a 25.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.18% of the company's stock.

Biogen Stock Down 0.7%

Shares of NASDAQ:BIIB traded down $0.98 during trading on Friday, hitting $131.67. The company's stock had a trading volume of 446,948 shares, compared to its average volume of 1,545,910. Biogen Inc. has a fifty-two week low of $110.04 and a fifty-two week high of $206.70. The business has a 50 day moving average price of $131.29 and a two-hundred day moving average price of $130.65. 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 company has a market capitalization of $19.31 billion, a PE ratio of 12.58, a P/E/G ratio of 1.07 and a beta of 0.13.

Biogen (NASDAQ:BIIB - Get Free Report) last released its 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 analyst estimates of $2.32 billion. During the same period last year, the business posted $5.28 earnings per share. Biogen's 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 expect that Biogen Inc. will post 15.83 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on BIIB shares. Citigroup increased their price target on Biogen from $125.00 to $135.00 and gave the company a "neutral" rating in a report on Friday, August 1st. Royal Bank Of Canada lifted their price target on Biogen from $208.00 to $219.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. HC Wainwright upped their price objective on shares of Biogen from $187.00 to $194.00 and gave the company a "buy" rating in a report on Friday, August 1st. Wall Street Zen upgraded shares of Biogen from a "hold" rating to a "buy" rating in a research report on Saturday, August 2nd. Finally, Morgan Stanley decreased their target price on shares of Biogen from $146.00 to $144.00 and set an "equal weight" rating on the stock in a report on Friday, August 1st. Eleven investment analysts have rated the stock with a Buy rating and twenty-one have given a Hold rating to the company. Based on data from MarketBeat.com, Biogen currently has a consensus rating of "Hold" and an average 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.