Resona Asset Management Co. Ltd. Boosts Stake in Biogen Inc. (NASDAQ:BIIB)

Key Points

• Resona Asset Management Co. Ltd. increased its stake in Biogen Inc. by 4.7%, acquiring an additional 2,104 shares in the 1st quarter, bringing their total holdings to 46,712 shares valued at $6.4 million.
• A variety of institutional investors have also shown interest in Biogen, with several new stakes reported in the 1st quarter, indicating a strong institutional ownership at 87.93% of the company's stock.
• Biogen's recent quarterly earnings exceeded expectations, reporting $5.47 earnings per share on revenue of $2.65 billion, leading to a year-over-year revenue increase of 7.3%.

Resona Asset Management Co. Ltd. raised its holdings in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 4.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 46,712 shares of the biotechnology company's stock after purchasing an additional 2,104 shares during the period. Resona Asset Management Co. Ltd.'s holdings in Biogen were worth $6,404,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in BIIB. Opal Wealth Advisors LLC purchased a new stake in shares of Biogen during the first quarter valued at $26,000. Vision Financial Markets LLC purchased a new stake in shares of Biogen during the first quarter valued at $27,000. Greykasell Wealth Strategies Inc. purchased a new stake in shares of Biogen during the first quarter valued at $27,000. Colonial Trust Co SC grew its holdings in shares of Biogen by 9,300.0% during the fourth quarter. Colonial Trust Co SC now owns 188 shares of the biotechnology company's stock valued at $29,000 after buying an additional 186 shares during the last quarter. Finally, Zions Bancorporation National Association UT purchased a new stake in shares of Biogen during the first quarter valued at $29,000. 87.93% of the stock is owned by institutional investors and hedge funds.

Biogen Price Performance

BIIB stock traded up $3.66 during mid-day trading on Friday, reaching $138.60. The company's stock had a trading volume of 1,643,244 shares, compared to its average volume of 1,525,646. The stock has a market cap of $20.32 billion, a PE ratio of 13.25, a P/E/G ratio of 1.09 and a beta of 0.13. 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 fifty-two week low of $110.04 and a fifty-two week high of $207.59. The company's 50 day moving average is $130.13 and its two-hundred day moving average is $130.95.

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 for the quarter, beating the consensus estimate of $3.93 by $1.54. Biogen had a net margin of 15.31% and a return on equity of 13.85%. The business had revenue of $2.65 billion during the quarter, compared to analysts' expectations of $2.32 billion. During the same quarter in the prior year, the company posted $5.28 EPS. The business's revenue for the quarter was up 7.3% on a year-over-year basis. Equities research analysts expect that Biogen Inc. will post 15.83 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on BIIB shares. Needham & Company LLC reissued a "hold" rating on shares of Biogen in a report on Thursday, June 12th. Mizuho lowered their price target on shares of Biogen from $207.00 to $169.00 and set an "outperform" rating on the stock in a report on Wednesday, May 7th. Robert W. Baird lowered their price target on shares of Biogen from $300.00 to $255.00 and set an "outperform" rating on the stock in a report on Friday, May 2nd. HC Wainwright upped their price target on shares of Biogen from $187.00 to $194.00 and gave the company a "buy" rating in a report on Friday, August 1st. Finally, Royal Bank Of Canada upped their price target on shares of Biogen from $208.00 to $219.00 and gave the company an "outperform" rating in a report on Friday, August 1st. Twenty-one analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $185.74.

Insider Buying and Selling at Biogen

In other 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 value 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. This represents a 25.99% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.18% of the stock is currently owned by company insiders.

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.