Sector Gamma AS Has $2.55 Million Stake in Biogen Inc. (NASDAQ:BIIB)

Key Points

• Sector Gamma AS has reduced its stake in Biogen Inc. by 35.7%, now holding approximately 18,639 shares valued at about $2.55 million.
• Multiple institutional investors have increased their positions in Biogen, with significant changes including Kovitz Investment Group Partners LLC raising its stake by 266.6%.
• The stock has a consensus rating of "Hold" among analysts with target price adjustments ranging from $118.00 to $220.00.

Sector Gamma AS decreased its holdings in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 35.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 18,639 shares of the biotechnology company's stock after selling 10,361 shares during the quarter. Biogen accounts for approximately 0.8% of Sector Gamma AS's investment portfolio, making the stock its 29th largest position. Sector Gamma AS's holdings in Biogen were worth $2,551,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the business. Horizon Investments LLC raised its stake in Biogen by 5.7% during the first quarter. Horizon Investments LLC now owns 2,158 shares of the biotechnology company's stock worth $295,000 after acquiring an additional 117 shares in the last quarter. Fox Run Management L.L.C. acquired a new position in shares of Biogen in the first quarter valued at approximately $1,247,000. Inspire Trust Co. N.A. increased its stake in shares of Biogen by 16.3% in the first quarter. Inspire Trust Co. N.A. now owns 14,300 shares of the biotechnology company's stock valued at $1,957,000 after buying an additional 2,000 shares during the period. Kovitz Investment Group Partners LLC increased its stake in shares of Biogen by 266.6% in the first quarter. Kovitz Investment Group Partners LLC now owns 14,216 shares of the biotechnology company's stock valued at $1,945,000 after buying an additional 10,338 shares during the period. Finally, Neuberger Berman Group LLC increased its stake in shares of Biogen by 100.2% in the first quarter. Neuberger Berman Group LLC now owns 6,890 shares of the biotechnology company's stock valued at $943,000 after buying an additional 3,448 shares during the period. Institutional investors and hedge funds own 87.93% of the company's stock.

Insider Buying and Selling at Biogen

In related news, insider Rachid Izzar sold 2,223 shares of the company's stock in a transaction on Tuesday, July 8th. The stock was sold at an average price of $135.00, for a total transaction of $300,105.00. Following the completion of the sale, the insider owned 6,330 shares in the company, valued at approximately $854,550. This represents a 25.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.18% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on BIIB shares. Piper Sandler reaffirmed a "neutral" rating and issued a $118.00 price objective (up previously from $115.00) on shares of Biogen in a research note on Thursday. Canaccord Genuity Group lowered their price objective on Biogen from $265.00 to $220.00 and set a "buy" rating for the company in a research note on Friday, May 2nd. Citigroup upped their price objective on Biogen from $125.00 to $135.00 and gave the company a "neutral" rating in a research note on Friday, August 1st. Mizuho lowered their price objective on Biogen from $207.00 to $169.00 and set an "outperform" rating for the company in a research note on Wednesday, May 7th. Finally, Hsbc Global Res lowered Biogen from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 28th. Twenty-one equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. Based on data from MarketBeat, Biogen currently has a consensus rating of "Hold" and a consensus target price of $185.74.

Biogen Price Performance

Shares of NASDAQ:BIIB opened at $134.94 on Friday. 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 Inc. has a twelve month low of $110.04 and a twelve month high of $207.59. The stock's 50 day moving average is $130.02 and its 200-day moving average is $131.09. The firm has a market capitalization of $19.78 billion, a price-to-earnings ratio of 12.90, a PEG ratio of 1.06 and a beta of 0.13.

Biogen (NASDAQ:BIIB - Get Free Report) last issued its earnings results 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. 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 in the prior year, the firm earned $5.28 earnings per share. Biogen's revenue for the quarter was up 7.3% on a year-over-year basis. Sell-side analysts forecast that Biogen Inc. will post 15.83 EPS for the current fiscal year.

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.

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