UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC Sells 23,427 Shares of Biogen Inc. $BIIB

Key Points

• UBS AM reduced its stake in Biogen Inc. by 1.5%, selling 23,427 shares to hold 1,510,386 shares, valued at approximately $206.7 million.
• Several institutional investors, including Sumitomo Mitsui Trust Group and Motley Fool Asset Management, have made significant adjustments to their holdings in Biogen during the first quarter.
• Biogen's latest quarterly earnings reported a surprising $5.47 EPS, significantly outperforming analysts' estimates of $3.93, leading to a revenue increase of 7.3% year-over-year.

UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC trimmed its position in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 1.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,510,386 shares of the biotechnology company's stock after selling 23,427 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC owned 1.03% of Biogen worth $206,681,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. Woodline Partners LP increased its holdings in Biogen by 42.0% during the first quarter. Woodline Partners LP now owns 125,162 shares of the biotechnology company's stock worth $17,127,000 after buying an additional 37,005 shares during the last quarter. Empowered Funds LLC increased its holdings in Biogen by 64.9% during the first quarter. Empowered Funds LLC now owns 7,054 shares of the biotechnology company's stock worth $965,000 after buying an additional 2,777 shares during the last quarter. MBB Public Markets I LLC acquired a new position in Biogen during the first quarter worth $294,000. United Services Automobile Association acquired a new position in Biogen during the first quarter worth $499,000. Finally, Meiji Yasuda Asset Management Co Ltd. increased its holdings in shares of Biogen by 10.4% in the first quarter. Meiji Yasuda Asset Management Co Ltd. now owns 2,163 shares of the biotechnology company's stock valued at $296,000 after purchasing an additional 203 shares during the last quarter. 87.93% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have commented on BIIB shares. Piper Sandler upped their price objective on shares of Biogen from $115.00 to $118.00 and gave the company a "neutral" rating in a report on Thursday, August 14th. Morgan Stanley decreased their price objective on shares of Biogen from $146.00 to $144.00 and set an "equal weight" rating on the stock in a report on Friday, August 1st. Wall Street Zen upgraded shares of Biogen from a "buy" rating to a "strong-buy" rating in a report on Friday, September 5th. Citigroup upped their price objective on shares of Biogen from $125.00 to $135.00 and gave the company a "neutral" rating in a report on Friday, August 1st. Finally, Wedbush reiterated a "neutral" rating and issued a $121.00 price objective on shares of Biogen in a report on Thursday, June 12th. Ten research analysts have rated the stock with a Buy rating and twenty-one have issued a Hold rating to the company's stock. According to MarketBeat, Biogen has a consensus rating of "Hold" and an average target price of $181.65.

Biogen Stock Performance

Shares of Biogen stock traded down $3.98 during trading on Friday, reaching $144.86. The company's stock had a trading volume of 1,810,678 shares, compared to its average volume of 1,453,251. The business's 50-day moving average price is $133.99 and its 200-day moving average price is $130.70. The firm has a market cap of $21.24 billion, a PE ratio of 13.85, a P/E/G ratio of 1.14 and a beta of 0.11. Biogen Inc. has a 52 week low of $110.04 and a 52 week high of $204.18. The company has a quick ratio of 1.79, a current ratio of 2.50 and a debt-to-equity ratio of 0.36.

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 for the quarter, topping the consensus estimate of $3.93 by $1.54. Biogen had a net margin of 15.31% and a return on equity of 13.85%. The business had revenue of $2.65 billion during the quarter, compared to analysts' expectations of $2.32 billion. During the same quarter in the prior year, the business posted $5.28 earnings per share. Biogen's revenue was up 7.3% compared to the same quarter last year. Biogen has set its FY 2025 guidance at 15.500-16.000 EPS. Equities analysts forecast that Biogen Inc. will post 15.83 earnings per share for the current year.

Insider Activity

In related news, insider Rachid Izzar sold 2,223 shares of the company's stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $135.00, for a total transaction of $300,105.00. Following the completion of the sale, the insider owned 6,330 shares of the company's stock, valued at $854,550. This represents a 25.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Priya Singhal sold 517 shares of the company's stock in a transaction dated 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 directly owned 5,772 shares of the company's stock, valued at $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.

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.