Raymond James Financial Inc. Trims Stock Holdings in Biogen Inc. $BIIB

Key Points

• Raymond James Financial Inc. significantly reduced its stake in Biogen Inc. by 70.4%, selling 100,005 shares and leaving it with 41,963 shares valued at $5.74 million.
• Despite the reduction in holdings by Raymond James, several other institutional investors increased their positions in Biogen, indicating ongoing interest in the stock.
• Biogen has shown strong quarterly earnings, reporting an EPS of $5.47, exceeding analysts' estimates, along with a revenue of $2.65 billion, marking a 7.3% increase year-over-year.

Raymond James Financial Inc. cut its holdings in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 70.4% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 41,963 shares of the biotechnology company's stock after selling 100,005 shares during the quarter. Raymond James Financial Inc.'s holdings in Biogen were worth $5,742,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. Mercer Global Advisors Inc. ADV grew its holdings in Biogen by 13.7% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 6,475 shares of the biotechnology company's stock worth $990,000 after acquiring an additional 779 shares in the last quarter. Cary Street Partners Financial LLC bought a new position in shares of Biogen during the fourth quarter worth about $266,000. Captrust Financial Advisors lifted its position in shares of Biogen by 49.6% during the fourth quarter. Captrust Financial Advisors now owns 9,712 shares of the biotechnology company's stock worth $1,485,000 after purchasing an additional 3,218 shares during the last quarter. Brevan Howard Capital Management LP grew its stake in Biogen by 564.6% in the fourth quarter. Brevan Howard Capital Management LP now owns 7,138 shares of the biotechnology company's stock worth $1,092,000 after purchasing an additional 6,064 shares in the last quarter. Finally, Cetera Investment Advisers increased its holdings in Biogen by 3.1% in the fourth quarter. Cetera Investment Advisers now owns 13,269 shares of the biotechnology company's stock valued at $2,029,000 after buying an additional 400 shares during the last quarter. 87.93% of the stock is owned by institutional investors and hedge funds.

Biogen Stock Performance

BIIB opened at $141.62 on Thursday. The business's 50 day moving average is $132.10 and its 200-day moving average is $130.63. The stock has a market cap of $20.76 billion, a PE ratio of 13.54, a price-to-earnings-growth ratio of 1.04 and a beta of 0.11. The company has a current ratio of 2.50, a quick ratio of 1.79 and a debt-to-equity ratio of 0.36. Biogen Inc. has a twelve month low of $110.04 and a twelve month high of $206.50.

Biogen (NASDAQ:BIIB - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The biotechnology company reported $5.47 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 company had revenue of $2.65 billion for the quarter, compared to analyst estimates of $2.32 billion. During the same period last year, the company earned $5.28 earnings per share. The company'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. On average, analysts predict that Biogen Inc. will post 15.83 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Royal Bank Of Canada increased their target price on Biogen from $208.00 to $219.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. Citigroup upped their price target on Biogen from $125.00 to $135.00 and gave the company a "neutral" rating in a research report on Friday, August 1st. 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. Wedbush reiterated a "neutral" rating and set a $121.00 target price on shares of Biogen in a research note on Thursday, June 12th. Finally, Mizuho reduced their price target on shares of Biogen from $207.00 to $169.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 7th. 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, the company presently has a consensus rating of "Hold" and an average target price of $185.74.

Insiders Place Their Bets

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 transaction of $300,105.00. Following the completion of the sale, the insider directly owned 6,330 shares in the company, valued at approximately $854,550. This trade represents a 25.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Priya Singhal sold 517 shares of the business's stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $133.55, for a total value of $69,045.35. Following the completion of the sale, the insider directly owned 5,772 shares of the company's stock, valued at approximately $770,850.60. The trade was a 8.22% decrease in their position. The disclosure for this sale can be found here. Company 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.

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