Russell Investments Group Ltd. Raises Stock Position in Biogen Inc. $BIIB

Key Points

• Russell Investments Group Ltd. increased its stake in Biogen Inc. by 70.5% in the first quarter, holding approximately $28.44 million worth of shares.
• Biogen reported an earnings per share (EPS) of $5.47 for the last quarter, exceeding analysts' expectations of $3.93 and showing a revenue increase of 7.3% year-over-year.
• Insider selling activity was noted, with Rachid Izzar selling 2,223 shares at an average price of $135.00, indicating a significant reduction in their ownership.

Russell Investments Group Ltd. increased its holdings in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 70.5% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 207,649 shares of the biotechnology company's stock after purchasing an additional 85,886 shares during the period. Russell Investments Group Ltd. owned 0.14% of Biogen worth $28,438,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Colonial Trust Co SC boosted its position in 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 acquiring an additional 186 shares during the last quarter. Opal Wealth Advisors LLC purchased a new stake in Biogen in the 1st quarter valued at about $26,000. Greykasell Wealth Strategies Inc. purchased a new stake in Biogen in the 1st quarter valued at about $27,000. Vision Financial Markets LLC purchased a new stake in Biogen in the 1st quarter valued at about $27,000. Finally, Zions Bancorporation National Association UT purchased a new stake in Biogen in the 1st quarter valued at about $29,000. 87.93% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Biogen

In other news, insider Rachid Izzar sold 2,223 shares of the firm's stock in a transaction dated Tuesday, July 8th. The stock was sold at an average price of $135.00, for a total transaction of $300,105.00. Following the sale, the insider directly owned 6,330 shares in the company, valued at $854,550. This trade represents a 25.99% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.18% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have commented on BIIB shares. The Goldman Sachs Group decreased their price objective on shares of Biogen from $219.00 to $197.00 and set a "buy" rating for the company in a research note on Wednesday, April 23rd. Piper Sandler increased their target price 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. HSBC downgraded shares of Biogen from a "buy" rating to a "hold" rating and set a $118.00 price target on the stock. in a research note on Monday, April 28th. Needham & Company LLC reiterated a "hold" rating on shares of Biogen in a research note on Thursday, June 12th. Finally, Citigroup lifted their target price on shares of Biogen from $125.00 to $135.00 and gave the company a "neutral" rating in a report on Friday, August 1st. Eleven analysts have rated the stock with a Buy rating and twenty-one have issued a Hold rating to the company. Based on data from MarketBeat, Biogen presently has a consensus rating of "Hold" and an average price target of $185.74.

Biogen Stock Down 0.5%

NASDAQ:BIIB traded down $0.6850 during midday trading on Wednesday, reaching $138.1750. 471,403 shares of the stock traded hands, compared to its average volume of 1,557,890. Biogen Inc. has a 12-month low of $110.04 and a 12-month high of $207.59. The business has a 50-day moving average of $130.24 and a two-hundred day moving average of $130.84. 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 stock has a market capitalization of $20.26 billion, a PE ratio of 13.20, a price-to-earnings-growth ratio of 1.07 and a beta of 0.13.

Biogen (NASDAQ:BIIB - Get Free Report) last posted its 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. The company 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%. Biogen's revenue for the quarter 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. On average, equities analysts forecast that Biogen Inc. will post 15.83 earnings per share for the current fiscal year.

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.