The Manufacturers Life Insurance Company Cuts Stock Position in Biogen Inc. $BIIB

Key Points

• The Manufacturers Life Insurance Company has decreased its holdings in Biogen Inc. by 3.6%, now owning 119,256 shares worth approximately $16.3 million.
• Recent insider trading includes Rachid Izzar selling 2,223 shares and Priya Singhal selling 517 shares, indicating decreased ownership stakes of 25.99% and 8.22%, respectively.
• Biogen's Q2 earnings surpassed estimates with an EPS of $5.47 and revenue of $2.65 billion, marking a year-over-year increase of 7.3%.

The Manufacturers Life Insurance Company lessened its holdings in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 3.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 119,256 shares of the biotechnology company's stock after selling 4,410 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.08% of Biogen worth $16,319,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. OVERSEA CHINESE BANKING Corp Ltd raised its stake in Biogen by 1,663.4% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 780,567 shares of the biotechnology company's stock valued at $106,813,000 after acquiring an additional 736,301 shares during the period. Deutsche Bank AG lifted its holdings in Biogen by 63.7% in the 4th quarter. Deutsche Bank AG now owns 1,169,570 shares of the biotechnology company's stock worth $178,851,000 after buying an additional 455,285 shares during the period. AustralianSuper Pty Ltd bought a new stake in shares of Biogen in the first quarter worth $54,421,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Biogen by 33.1% during 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 valued at $234,551,000 after purchasing an additional 381,122 shares during the period. Finally, Worldquant Millennium Advisors LLC boosted its position in Biogen by 214.9% during the 4th quarter. Worldquant Millennium Advisors LLC now owns 461,120 shares of the biotechnology company's stock valued at $70,514,000 after acquiring an additional 314,669 shares in the last quarter. Institutional investors own 87.93% of the company's stock.

Insiders Place Their Bets

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

Biogen Price Performance

BIIB traded up $0.19 during trading on Monday, hitting $140.86. The company's stock had a trading volume of 883,461 shares, compared to its average volume of 1,555,408. Biogen Inc. has a twelve month low of $110.04 and a twelve month high of $204.18. The company has a current ratio of 2.50, a quick ratio of 1.79 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $20.65 billion, a price-to-earnings ratio of 13.49, a P/E/G ratio of 1.11 and a beta of 0.11. The business's fifty day simple moving average is $132.65 and its 200 day simple moving average is $130.59.

Biogen (NASDAQ:BIIB - Get Free Report) last issued its earnings results on Thursday, July 31st. The biotechnology company reported $5.47 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 company's revenue for the quarter was up 7.3% on a year-over-year basis. During the same period in the prior year, the business posted $5.28 EPS. Biogen has set its FY 2025 guidance at 15.500-16.000 EPS. On average, equities research analysts forecast that Biogen Inc. will post 15.83 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Citigroup upped their price objective on Biogen from $125.00 to $135.00 and gave the stock a "neutral" rating in a research report on Friday, August 1st. Piper Sandler boosted their target price on shares of Biogen from $115.00 to $118.00 and gave the company a "neutral" rating in a research note on Thursday, August 14th. HC Wainwright upped their price objective on shares of Biogen from $187.00 to $194.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Needham & Company LLC reiterated a "hold" rating on shares of Biogen in a research report on Thursday. Finally, Truist Financial began coverage on shares of Biogen in a report on Monday, July 21st. They set a "hold" rating and a $142.00 target price for the company. Eleven analysts have rated the stock with a Buy rating and twenty-one have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $185.74.

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.