Tocqueville Asset Management L.P. Reduces Position in Biogen Inc. $BIIB

Key Points

• Tocqueville Asset Management L.P. reduced its shares in Biogen Inc. by 72%, selling 17,160 shares, and retaining 6,680 shares worth approximately $914,000.
• Several institutional investors, including Opal Wealth Advisors LLC and Zions Bancorporation, have recently made new investments in Biogen, collectively contributing to a 87.93% ownership by institutional investors.
• Biogen's recent quarterly earnings exceeded expectations with a reported $5.47 per share, significantly higher than the analyst forecast of $3.93, alongside revenue of $2.65 billion, up 7.3% year-over-year.

Tocqueville Asset Management L.P. lessened its holdings in Biogen Inc. (NASDAQ:BIIB - Free Report) by 72.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,680 shares of the biotechnology company's stock after selling 17,160 shares during the quarter. Tocqueville Asset Management L.P.'s holdings in Biogen were worth $914,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Opal Wealth Advisors LLC bought a new position in Biogen during the 1st quarter worth approximately $26,000. Vision Financial Markets LLC acquired a new stake in shares of Biogen during the 1st quarter worth approximately $27,000. Greykasell Wealth Strategies Inc. acquired a new stake in shares of Biogen during the 1st quarter worth approximately $27,000. Colonial Trust Co SC grew its position in Biogen by 9,300.0% in the 4th 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 period. Finally, Zions Bancorporation National Association UT acquired a new stake in Biogen in the 1st quarter valued at $29,000. Institutional investors own 87.93% of the company's stock.

Biogen Stock Up 0.1%

BIIB traded up $0.13 during trading on Wednesday, reaching $138.99. The stock had a trading volume of 1,286,294 shares, compared to its average volume of 1,558,558. The stock's 50 day moving average is $130.35 and its two-hundred day moving average is $130.90. 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 company has a market capitalization of $20.38 billion, a price-to-earnings ratio of 13.29, a P/E/G ratio of 1.09 and a beta of 0.13. Biogen Inc. has a one year low of $110.04 and a one year high of $207.59.

Biogen (NASDAQ:BIIB - Get Free Report) last posted its quarterly earnings data 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 firm's quarterly revenue was up 7.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $5.28 earnings per share. 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 year.

Insider Activity at Biogen

In other news, insider Rachid Izzar sold 2,223 shares of the stock in a transaction 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 sale, the insider directly 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.18% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on BIIB. JPMorgan Chase & Co. cut their price objective on shares of Biogen from $185.00 to $175.00 and set a "neutral" rating on the stock in a report on Monday, May 5th. Piper Sandler boosted their price objective on Biogen from $115.00 to $118.00 and gave the company a "neutral" rating in a research note on Thursday, August 14th. HC Wainwright boosted their price objective on Biogen from $187.00 to $194.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Wedbush reaffirmed a "neutral" rating and set a $121.00 target price on shares of Biogen in a report on Thursday, June 12th. Finally, Morgan Stanley reduced their target price on Biogen from $146.00 to $144.00 and set an "equal weight" rating for the company in a report on Friday, August 1st. Eleven analysts have rated the stock with a Buy rating and twenty-one have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $185.74.

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.