Strs Ohio Purchases Shares of 34,000 Biogen Inc. $BIIB

Key Points

• Strs Ohio has acquired 34,000 shares of Biogen Inc., valued at approximately $4.65 million, marking a new position for the institutional investor in the biotechnology sector.
• In the first quarter, several large investors increased their stakes in Biogen, with a notable 64.7% increase in holdings by Motley Fool Asset Management LLC.
• Biogen reported earnings of $5.47 per share, significantly exceeding the consensus estimate of $3.93, alongside a revenue increase of 7.3% year-over-year.

Strs Ohio bought a new position in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor bought 34,000 shares of the biotechnology company's stock, valued at approximately $4,653,000.

Several other large investors have also made changes to their positions in BIIB. Sumitomo Mitsui Trust Group Inc. increased its position in shares of Biogen by 6.5% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 416,960 shares of the biotechnology company's stock worth $57,057,000 after purchasing an additional 25,464 shares in the last quarter. Asset Management One Co. Ltd. grew its holdings in shares of Biogen by 5.5% during the 1st quarter. Asset Management One Co. Ltd. now owns 61,420 shares of the biotechnology company's stock worth $8,405,000 after purchasing an additional 3,194 shares during the period. Point72 Europe London LLP purchased a new position in shares of Biogen during the 1st quarter worth $11,286,000. Motley Fool Asset Management LLC lifted its stake in Biogen by 64.7% during the 1st quarter. Motley Fool Asset Management LLC now owns 6,809 shares of the biotechnology company's stock worth $932,000 after acquiring an additional 2,676 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its stake in Biogen by 3.1% during the 1st quarter. Assenagon Asset Management S.A. now owns 44,796 shares of the biotechnology company's stock worth $6,130,000 after acquiring an additional 1,336 shares in the last quarter. 87.93% of the stock is owned by institutional investors and hedge funds.

Biogen Price Performance

Shares of NASDAQ BIIB opened at $144.86 on Monday. Biogen Inc. has a 1-year low of $110.04 and a 1-year high of $204.18. The business has a 50-day moving average of $133.99 and a 200-day moving average of $130.70. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.50 and a quick ratio of 1.79. The company has a market capitalization of $21.24 billion, a price-to-earnings ratio of 13.85, a PEG ratio of 1.14 and a beta of 0.11.

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 the consensus estimate of $3.93 by $1.54. The company 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 company's revenue was up 7.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $5.28 earnings per share. Biogen has set its FY 2025 guidance at 15.500-16.000 EPS. On average, equities analysts anticipate that Biogen Inc. will post 15.83 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have issued reports on BIIB. Wedbush reaffirmed a "neutral" rating and issued a $121.00 price target on shares of Biogen in a research report on Thursday, June 12th. Citigroup raised their price target on Biogen from $125.00 to $135.00 and gave the stock a "neutral" rating in a research note on Friday, August 1st. Piper Sandler lifted their target price on Biogen from $115.00 to $118.00 and gave the company a "neutral" rating in a research note on Thursday, August 14th. Wall Street Zen upgraded Biogen from a "buy" rating to a "strong-buy" rating in a research note on Friday, September 5th. Finally, Royal Bank Of Canada lifted their price target on Biogen from $208.00 to $219.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. Ten equities research analysts have rated the stock with a Buy rating and twenty-one have issued a Hold rating to the company. According to data from MarketBeat.com, Biogen presently has a consensus rating of "Hold" and a consensus target price of $181.65.

Insider Transactions at Biogen

In related news, insider Rachid Izzar sold 2,223 shares of the stock in a transaction dated Tuesday, July 8th. The stock was sold at an average price of $135.00, for a total value of $300,105.00. Following the completion of the transaction, the insider owned 6,330 shares of the company's stock, valued at approximately $854,550. This represents a 25.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Priya Singhal sold 517 shares of the stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $133.55, for a total value of $69,045.35. Following the transaction, the insider directly owned 5,772 shares in the company, valued at approximately $770,850.60. This represents a 8.22% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.18% of the company's stock.

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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