Rafferty Asset Management LLC Decreases Position in Biogen Inc. $BIIB

Key Points

• Rafferty Asset Management LLC has reduced its stake in Biogen Inc. by 4.6%, now owning approximately $24.74 million in shares.
• Analysts show mixed reviews on Biogen's stock, with a consensus rating of "Hold" and an average price target of $185.74.
• Biogen's recent quarterly earnings reported $5.47 EPS, exceeding expectations, alongside a revenue of $2.65 billion, reflecting a year-over-year growth of 7.3%.

Rafferty Asset Management LLC lessened its stake in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 4.6% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 180,775 shares of the biotechnology company's stock after selling 8,745 shares during the period. Rafferty Asset Management LLC owned 0.12% of Biogen worth $24,737,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. FORA Capital LLC raised its holdings in Biogen by 28.3% in the 1st quarter. FORA Capital LLC now owns 24,991 shares of the biotechnology company's stock valued at $3,420,000 after acquiring an additional 5,505 shares during the last quarter. Causeway Capital Management LLC raised its holdings in Biogen by 53.9% in the 1st quarter. Causeway Capital Management LLC now owns 433,517 shares of the biotechnology company's stock valued at $59,322,000 after acquiring an additional 151,815 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec acquired a new stake in Biogen in the 1st quarter valued at about $11,207,000. Freedom Investment Management Inc. raised its holdings in Biogen by 41.5% in the 1st quarter. Freedom Investment Management Inc. now owns 2,863 shares of the biotechnology company's stock valued at $392,000 after acquiring an additional 839 shares during the last quarter. Finally, Synovus Financial Corp raised its holdings in Biogen by 19.9% in the 1st quarter. Synovus Financial Corp now owns 17,928 shares of the biotechnology company's stock valued at $2,453,000 after acquiring an additional 2,974 shares during the last quarter. Institutional investors and hedge funds own 87.93% of the company's stock.

Biogen Trading Down 0.3%

Shares of NASDAQ:BIIB traded down $0.43 during mid-day trading on Friday, reaching $132.22. 1,081,750 shares of the company were exchanged, compared to its average volume of 1,473,140. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.50 and a quick ratio of 1.79. The firm has a market cap of $19.39 billion, a price-to-earnings ratio of 12.64, a P/E/G ratio of 1.04 and a beta of 0.13. The firm's 50-day simple moving average is $131.40 and its 200 day simple moving average is $130.58. Biogen Inc. has a 1 year low of $110.04 and a 1 year high of $206.70.

Biogen (NASDAQ:BIIB - Get Free Report) last posted its quarterly earnings data 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. The firm had revenue of $2.65 billion during the quarter, compared to analysts' expectations of $2.32 billion. Biogen had a net margin of 15.31% and a return on equity of 13.85%. The firm's quarterly revenue was up 7.3% on a year-over-year basis. During the same quarter last year, the company posted $5.28 EPS. Biogen has set its FY 2025 guidance at 15.500-16.000 EPS. Equities research analysts forecast that Biogen Inc. will post 15.83 EPS for the current year.

Wall Street Analysts Forecast Growth

BIIB has been the subject of a number of recent research reports. Morgan Stanley cut 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. HC Wainwright increased 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. Needham & Company LLC reissued a "hold" rating on shares of Biogen in a research note on Thursday, June 12th. Piper Sandler increased their price target on shares of Biogen from $115.00 to $118.00 and gave the company a "neutral" rating in a research note on Thursday, August 14th. Finally, Wall Street Zen raised shares of Biogen from a "hold" rating to a "buy" rating in a research note on Saturday, August 2nd. 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 has an average rating of "Hold" and an average price target of $185.74.

Insider Buying and Selling at Biogen

In related news, insider Rachid Izzar sold 2,223 shares of the 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 completion of the transaction, the insider owned 6,330 shares of the company's stock, valued at approximately $854,550. This trade represents a 25.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.18% of the company's stock.

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.