Seizert Capital Partners LLC Purchases 10,786 Shares of Biogen Inc. (NASDAQ:BIIB)

Key Points

• Seizert Capital Partners LLC increased its stake in Biogen Inc. by 27.2%, acquiring an additional 10,786 shares, bringing its total holdings to 50,457 shares valued at approximately $6.9 million.
• Biogen reported quarterly earnings of $3.02 per share, missing expectations, while revenue reached $2.43 billion, surpassing analyst forecasts.
• Analysts have recently downgraded their price targets for Biogen, with Goldman Sachs lowering its target from $219 to $197, reflecting a cautious outlook on the stock.

Seizert Capital Partners LLC lifted its stake in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 27.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 50,457 shares of the biotechnology company's stock after purchasing an additional 10,786 shares during the quarter. Seizert Capital Partners LLC's holdings in Biogen were worth $6,905,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Geode Capital Management LLC grew its holdings in Biogen by 2.3% in the 4th quarter. Geode Capital Management LLC now owns 3,695,476 shares of the biotechnology company's stock worth $563,709,000 after buying an additional 82,456 shares in the last quarter. Invesco Ltd. lifted its position in Biogen by 30.6% in the fourth quarter. Invesco Ltd. now owns 2,128,807 shares of the biotechnology company's stock worth $325,537,000 after purchasing an additional 499,074 shares during the period. Price T Rowe Associates Inc. MD lifted its position in Biogen by 1.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,933,716 shares of the biotechnology company's stock worth $295,705,000 after purchasing an additional 21,170 shares during the period. Northern Trust Corp lifted its position in Biogen by 14.6% in the fourth quarter. Northern Trust Corp now owns 1,550,130 shares of the biotechnology company's stock worth $237,046,000 after purchasing an additional 196,995 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Biogen by 33.1% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,533,813 shares of the biotechnology company's stock worth $234,551,000 after purchasing an additional 381,122 shares during the period. 87.93% of the stock is currently owned by institutional investors and hedge funds.

Biogen Stock Up 1.1%

Biogen stock traded up $1.36 during mid-day trading on Thursday, hitting $128.00. 3,239,539 shares of the company's stock were exchanged, compared to its average volume of 1,140,306. The company has a current ratio of 1.44, a quick ratio of 1.01 and a debt-to-equity ratio of 0.27. The stock has a market cap of $18.76 billion, a P/E ratio of 12.64, a P/E/G ratio of 1.83 and a beta of 0.14. Biogen Inc. has a 1-year low of $110.04 and a 1-year high of $219.44. The stock has a 50 day moving average of $129.72 and a two-hundred day moving average of $131.90.

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, topping the consensus estimate of $3.93 by $1.54. The firm had revenue of $2.65 billion for the quarter, compared to the consensus estimate of $2.32 billion. Biogen had a net margin of 15.07% and a return on equity of 14.03%. The business's quarterly revenue was up 7.3% on a year-over-year basis. During the same period in the prior year, the business posted $5.28 earnings per share. As a group, analysts anticipate that Biogen Inc. will post 15.83 EPS for the current fiscal year.

Insider Transactions at Biogen

In other Biogen news, insider Rachid Izzar sold 2,223 shares of the company's stock in a transaction dated 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 $854,550. This represents a 25.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.18% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research firms have weighed in on BIIB. Piper Sandler restated a "neutral" rating and issued a $115.00 target price on shares of Biogen in a research report on Thursday, June 12th. Hsbc Global Res downgraded Biogen from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 28th. JPMorgan Chase & Co. cut their price objective on Biogen from $185.00 to $175.00 and set a "neutral" rating for the company in a research report on Monday, May 5th. Needham & Company LLC reiterated a "hold" rating on shares of Biogen in a research report on Thursday, June 12th. Finally, Truist Financial began coverage on Biogen in a research report on Monday, July 21st. They set a "hold" rating and a $142.00 price objective for the company. Twenty-one research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, Biogen has a consensus rating of "Hold" and an average target price of $186.37.

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.