Stoneridge Investment Partners LLC Reduces Stock Holdings in Biogen Inc. $BIIB

Key Points

• Stoneridge Investment Partners LLC has reduced its stake in Biogen Inc. by 56.8%, now holding 14,599 shares valued at approximately $2 million, which represents 1.7% of its investment portfolio.
• Institutional interest in Biogen is rising, with several firms increasing their holdings in the company, leading to 87.93% of the stock being owned by institutional investors and hedge funds.
• Biogen reported earnings of $5.47 per share for the last quarter, surpassing analysts' estimates, and its revenue for the quarter reached $2.65 billion, exceeding expectations of $2.32 billion.

Stoneridge Investment Partners LLC lowered its position in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 56.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,599 shares of the biotechnology company's stock after selling 19,200 shares during the period. Biogen accounts for about 1.7% of Stoneridge Investment Partners LLC's holdings, making the stock its 18th biggest position. Stoneridge Investment Partners LLC's holdings in Biogen were worth $1,998,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of BIIB. Colonial Trust Co SC lifted 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 purchasing an additional 186 shares during the last quarter. Opal Wealth Advisors LLC purchased a new position in shares of Biogen in the first quarter worth about $26,000. Greykasell Wealth Strategies Inc. bought a new stake in Biogen in the first quarter valued at approximately $27,000. Vision Financial Markets LLC bought a new stake in Biogen during the 1st quarter valued at $27,000. Finally, Zions Bancorporation National Association UT purchased a new stake in shares of Biogen during the first quarter worth about $29,000. Institutional investors own 87.93% of the company's stock.

Biogen Price Performance

BIIB traded up $0.19 on Friday, hitting $139.31. 1,198,725 shares of the company's stock traded hands, compared to its average volume of 1,556,198. The company's 50 day simple moving average is $130.66 and its 200-day simple moving average is $130.85. 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 one year low of $110.04 and a one year high of $206.70. The firm has a market cap of $20.43 billion, a price-to-earnings ratio of 13.32, a P/E/G ratio of 1.10 and a beta of 0.13.

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, 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 return on equity of 13.85% and a net margin of 15.31%.The firm's revenue for the quarter was up 7.3% compared to the same quarter last year. During the same period in the prior year, the company posted $5.28 EPS. Biogen has set its FY 2025 guidance at 15.500-16.000 EPS. As a group, research analysts anticipate that Biogen Inc. will post 15.83 EPS for the current year.

Insider Transactions at Biogen

In other news, insider Rachid Izzar sold 2,223 shares of the company's stock in a transaction that occurred 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 sale, the insider directly owned 6,330 shares of the company's stock, valued at $854,550. This represents a 25.99% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.18% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several analysts recently weighed in on BIIB shares. Oppenheimer set a $205.00 price target on shares of Biogen in a report on Friday, May 2nd. Needham & Company LLC restated a "hold" rating on shares of Biogen in a report on Thursday, June 12th. Canaccord Genuity Group lowered their target price on shares of Biogen from $265.00 to $220.00 and set a "buy" rating on the stock in a research note on Friday, May 2nd. Hsbc Global Res lowered Biogen from a "strong-buy" rating to a "hold" rating in a report on Monday, April 28th. Finally, Citigroup increased their price target on shares of Biogen from $125.00 to $135.00 and gave the stock a "neutral" rating in a research report on Friday, August 1st. Eleven research analysts have rated the stock with a Buy rating and twenty-one have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $185.74.

Biogen 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.