Biogen Inc. $BIIB Shares Sold by Swedbank AB

Key Points

• Swedbank AB has reduced its stake in Biogen Inc. by 2.0%, now holding 213,719 shares worth approximately $26.8 million.
• Equities research analysts have mixed views on Biogen, with Citigroup raising its price target to $135 while maintaining a "neutral" rating, and other firms adjusting their ratings and targets accordingly.
• Biogen's recent quarterly earnings exceeded expectations, reporting $5.47 earnings per share and $2.65 billion in revenue, reflecting a 7.3% increase year-over-year.

Swedbank AB trimmed its position in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 2.0% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 213,719 shares of the biotechnology company's stock after selling 4,320 shares during the quarter. Swedbank AB owned approximately 0.15% of Biogen worth $26,841,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Opal Wealth Advisors LLC acquired a new position in shares of Biogen in the first quarter worth $26,000. Vision Financial Markets LLC acquired a new position in shares of Biogen in the first quarter worth $27,000. Greykasell Wealth Strategies Inc. acquired a new position in shares of Biogen in the first quarter worth $27,000. Zions Bancorporation National Association UT acquired a new position in shares of Biogen in the first quarter worth $29,000. Finally, Private Trust Co. NA raised its holdings in shares of Biogen by 74.8% in the first quarter. Private Trust Co. NA now owns 229 shares of the biotechnology company's stock worth $31,000 after acquiring an additional 98 shares during the last quarter. 87.93% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Biogen

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

Biogen Stock Down 0.8%

NASDAQ BIIB traded down $1.12 on Monday, hitting $141.38. 777,884 shares of the stock traded hands, compared to its average volume of 1,568,587. The stock has a 50-day moving average of $135.01 and a 200 day moving average of $130.71. Biogen Inc. has a twelve month low of $110.04 and a twelve month high of $199.99. The company has a market capitalization of $20.73 billion, a P/E ratio of 13.49, a price-to-earnings-growth ratio of 1.12 and a beta of 0.11. 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 (NASDAQ:BIIB - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The biotechnology company reported $5.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.93 by $1.54. Biogen had a return on equity of 13.85% and a net margin of 15.31%.The firm had revenue of $2.65 billion for the quarter, compared to analysts' expectations of $2.32 billion. During the same quarter in the prior year, the firm posted $5.28 earnings per share. Biogen's revenue for the quarter was up 7.3% compared to the same quarter last year. Biogen has set its FY 2025 guidance at 15.500-16.000 EPS. As a group, analysts expect that Biogen Inc. will post 15.83 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have recently weighed in on BIIB. Piper Sandler boosted their price target on Biogen from $115.00 to $118.00 and gave the stock a "neutral" rating in a report on Friday, September 12th. HC Wainwright boosted their price target on Biogen from $187.00 to $194.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Royal Bank Of Canada upped their target price on Biogen from $208.00 to $219.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. Truist Financial started coverage on Biogen in a research note on Monday, July 21st. They issued a "hold" rating and a $142.00 target price for the company. Finally, Citigroup upped their target price on Biogen from $125.00 to $135.00 and gave the company a "neutral" rating in a research note on Friday, August 1st. Ten investment analysts have rated the stock with a Buy rating and twenty-one have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $181.65.

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.