Ritholtz Wealth Management Buys Shares of 6,076 Biogen Inc. $BIIB

Key Points

• Ritholtz Wealth Management has acquired 6,076 shares of Biogen Inc. valued at approximately $763,000 in the second quarter.
• Insiders, including Priya Singhal, have been active, with Singhal selling 517 shares for a total of $69,045, reducing their position by 8.22%.
• Biogen reported a net margin of 15.31% for the last quarter, with a notable earnings per share of $5.47, exceeding the consensus estimate.

Ritholtz Wealth Management bought a new stake in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 6,076 shares of the biotechnology company's stock, valued at approximately $763,000.

Several other institutional investors have also recently added to or reduced their stakes in BIIB. AQR Capital Management LLC increased its stake in Biogen by 153.6% during the first quarter. AQR Capital Management LLC now owns 1,368,842 shares of the biotechnology company's stock valued at $187,258,000 after purchasing an additional 829,150 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd increased its stake 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 valued at $106,813,000 after purchasing an additional 736,301 shares during the last quarter. AustralianSuper Pty Ltd bought a new position in shares of Biogen during the first quarter worth about $54,421,000. Vanguard Group Inc. grew its position in shares of Biogen by 1.7% during the first quarter. Vanguard Group Inc. now owns 17,032,839 shares of the biotechnology company's stock worth $2,330,774,000 after acquiring an additional 283,964 shares during the last quarter. Finally, Causeway Capital Management LLC grew its position in shares of Biogen by 53.9% during the first quarter. Causeway Capital Management LLC now owns 433,517 shares of the biotechnology company's stock worth $59,322,000 after acquiring an additional 151,815 shares during the last quarter. Institutional investors own 87.93% of the company's stock.

Insiders Place Their Bets

In other Biogen news, 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 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. This represents a 8.22% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.18% of the company's stock.

Biogen Stock Performance

BIIB stock opened at $143.00 on Friday. The company has a market capitalization of $20.97 billion, a P/E ratio of 13.67, a PEG ratio of 1.13 and a beta of 0.13. The company has a 50-day simple moving average of $141.53 and a 200 day simple moving average of $131.43. Biogen Inc. has a fifty-two week low of $110.04 and a fifty-two week high of $191.19. 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 (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 the consensus estimate of $3.93 by $1.54. The business had revenue of $2.65 billion during the quarter, compared to the consensus estimate of $2.32 billion. Biogen had a net margin of 15.31% and a return on equity of 13.85%. The company's quarterly revenue was up 7.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $5.28 earnings per share. Biogen has set its FY 2025 guidance at 15.500-16.000 EPS. Sell-side analysts predict that Biogen Inc. will post 15.83 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Morgan Stanley upped their price target on shares of Biogen from $144.00 to $149.00 and gave the stock an "equal weight" rating in a research report on Friday, October 10th. Citigroup restated a "neutral" rating on shares of Biogen in a research report on Wednesday, September 24th. Wedbush upped their price target on shares of Biogen from $129.00 to $135.00 and gave the stock a "neutral" rating in a research report on Tuesday, October 14th. Piper Sandler upped their price target on shares of Biogen from $115.00 to $118.00 and gave the stock a "neutral" rating in a research report on Friday, September 12th. Finally, William Blair restated an "outperform" rating on shares of Biogen in a research report on Wednesday, September 24th. Eleven research analysts have rated the stock with a Buy rating, nineteen have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Biogen has an average rating of "Hold" and a consensus price target of $180.69.

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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