TD Asset Management Inc Has $17.96 Million Holdings in Biogen Inc. $BIIB

Key Points

• TD Asset Management Inc reduced its stake in Biogen Inc. by 49.7%, now holding approximately $17.96 million worth of shares.
• Biogen reported $5.47 earnings per share for the last quarter, exceeding estimates, with a revenue of $2.65 billion.
• A majority of investment analysts have rated Biogen with a consensus rating of "Hold" and an average price target of $180.69.

TD Asset Management Inc decreased its stake in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 49.7% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 143,027 shares of the biotechnology company's stock after selling 141,349 shares during the period. TD Asset Management Inc owned 0.10% of Biogen worth $17,963,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in BIIB. GAMMA Investing LLC grew its holdings in Biogen by 367.8% during the first quarter. GAMMA Investing LLC now owns 1,862 shares of the biotechnology company's stock valued at $255,000 after purchasing an additional 1,464 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Biogen by 15.8% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 19,049 shares of the biotechnology company's stock worth $2,607,000 after buying an additional 2,606 shares during the period. Exchange Traded Concepts LLC grew its stake in Biogen by 5.2% in the 1st quarter. Exchange Traded Concepts LLC now owns 2,405 shares of the biotechnology company's stock valued at $329,000 after buying an additional 119 shares during the last quarter. Janney Montgomery Scott LLC raised its holdings in Biogen by 45.6% in the 1st quarter. Janney Montgomery Scott LLC now owns 17,941 shares of the biotechnology company's stock worth $2,455,000 after acquiring an additional 5,620 shares during the period. Finally, QRG Capital Management Inc. lifted its position in Biogen by 55.1% during the 1st quarter. QRG Capital Management Inc. now owns 4,039 shares of the biotechnology company's stock worth $553,000 after acquiring an additional 1,435 shares during the last quarter. 87.93% of the stock is currently owned by institutional investors and hedge funds.

Biogen Trading Up 0.5%

Shares of BIIB opened at $143.00 on Friday. The stock's 50-day moving average price is $141.53 and its 200 day moving average price is $131.43. The company has a quick ratio of 1.79, a current ratio of 2.50 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $20.97 billion, a price-to-earnings ratio of 13.67, a P/E/G ratio of 1.13 and a beta of 0.13. Biogen Inc. has a 12-month low of $110.04 and a 12-month high of $191.19.

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 for the quarter, topping the consensus estimate of $3.93 by $1.54. The company had revenue of $2.65 billion for the quarter, compared to analyst estimates of $2.32 billion. Biogen had a return on equity of 13.85% and a net margin of 15.31%.Biogen's revenue for the quarter was up 7.3% compared to the same quarter last year. During the same quarter last year, the firm earned $5.28 EPS. Biogen has set its FY 2025 guidance at 15.500-16.000 EPS. As a group, research analysts predict that Biogen Inc. will post 15.83 earnings per share for the current year.

Insiders Place Their Bets

In other Biogen news, insider Priya Singhal sold 517 shares of the business's stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $133.55, for a total value of $69,045.35. Following the sale, the insider owned 5,772 shares of the company's stock, valued at $770,850.60. The trade was a 8.22% decrease in their position. 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 corporate insiders.

Analyst Upgrades and Downgrades

BIIB has been the topic of a number of recent analyst reports. Piper Sandler lifted their price objective on Biogen from $115.00 to $118.00 and gave the stock a "neutral" rating in a research note on Friday, September 12th. Morgan Stanley raised their target price on Biogen from $144.00 to $149.00 and gave the company an "equal weight" rating in a report on Friday, October 10th. HC Wainwright lifted their price target on Biogen from $187.00 to $194.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Citigroup reissued a "neutral" rating on shares of Biogen in a research report on Wednesday, September 24th. Finally, William Blair restated an "outperform" rating on shares of Biogen in a research note on Wednesday, September 24th. Eleven investment analysts have rated the stock with a Buy rating, nineteen have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $180.69.

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.

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