United Services Automobile Association Acquires New Position in Biogen Inc. $BIIB

Key Points

• United Services Automobile Association has acquired a new stake in Biogen Inc., purchasing 3,604 shares valued at approximately $499,000.
• Several institutional investors significantly increased their positions in Biogen, contributing to a total institutional ownership of 87.93% of the company's stock.
• Biogen reported a quarterly earnings per share of $5.47, exceeding estimates and showing a 7.3% revenue increase compared to the previous year.

United Services Automobile Association acquired a new stake in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 3,604 shares of the biotechnology company's stock, valued at approximately $499,000.

Several other institutional investors and hedge funds have also modified their holdings of BIIB. Meiji Yasuda Asset Management Co Ltd. increased its position in Biogen by 10.4% during the first quarter. Meiji Yasuda Asset Management Co Ltd. now owns 2,163 shares of the biotechnology company's stock worth $296,000 after purchasing an additional 203 shares during the last quarter. Fred Alger Management LLC acquired a new position in Biogen during the first quarter worth approximately $1,664,000. Teza Capital Management LLC acquired a new position in Biogen during the first quarter worth approximately $349,000. UniSuper Management Pty Ltd increased its position in Biogen by 7.2% during the first quarter. UniSuper Management Pty Ltd now owns 17,671 shares of the biotechnology company's stock worth $2,418,000 after purchasing an additional 1,186 shares during the last quarter. Finally, Nissay Asset Management Corp Japan ADV increased its position in Biogen by 7.6% during the first quarter. Nissay Asset Management Corp Japan ADV now owns 47,204 shares of the biotechnology company's stock worth $6,459,000 after purchasing an additional 3,325 shares during the last quarter. Hedge funds and other institutional investors own 87.93% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently commented on BIIB shares. Piper Sandler upped their price target on shares of Biogen from $115.00 to $118.00 and gave the stock a "neutral" rating in a research report on Thursday, August 14th. HC Wainwright upped their price target on shares of Biogen from $187.00 to $194.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Morgan Stanley dropped their price target on shares of Biogen from $146.00 to $144.00 and set an "equal weight" rating for the company in a research report on Friday, August 1st. Citigroup upped their price target on shares of Biogen from $125.00 to $135.00 and gave the stock a "neutral" rating in a research report on Friday, August 1st. Finally, Royal Bank Of Canada upped their price target on shares of Biogen from $208.00 to $219.00 and gave the stock an "outperform" rating in a research report on Friday, August 1st. Ten investment analysts have rated the stock with a Buy rating and twenty-one have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Biogen currently has an average rating of "Hold" and a consensus price target of $181.65.

Biogen Price Performance

Biogen stock opened at $142.61 on Thursday. Biogen Inc. has a 52-week low of $110.04 and a 52-week high of $204.18. The firm has a fifty day moving average of $133.42 and a 200-day moving average of $130.77. The firm has a market capitalization of $20.91 billion, a P/E ratio of 13.63, a PEG ratio of 1.13 and a beta of 0.11. 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 released its quarterly earnings data on Thursday, July 31st. The biotechnology company reported $5.47 earnings per share (EPS) 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 company had revenue of $2.65 billion during the quarter, compared to analyst estimates of $2.32 billion. During the same quarter in the prior year, the business earned $5.28 earnings per share. The business's quarterly 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. As a group, analysts predict that Biogen Inc. will post 15.83 EPS for the current year.

Insider Buying and Selling at Biogen

In other news, insider Rachid Izzar sold 2,223 shares of the company's 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 completion of the transaction, the insider directly owned 6,330 shares in the company, valued at approximately $854,550. This represents a 25.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Priya Singhal sold 517 shares of the company's stock in a transaction 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 $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. 0.18% of the stock is currently owned by corporate insiders.

Biogen 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.