Biogen Inc. (NASDAQ:BIIB) Shares Purchased by XTX Topco Ltd

Key Points

• XTX Topco Ltd significantly increased its holdings in Biogen Inc. by 633.1% during the first quarter, owning 16,743 shares valued at approximately $2.29 million.
• Insider Rachid Izzar sold 2,223 shares of Biogen stock at an average price of $135.00, reducing their ownership by 25.99%.
• Biogen recently reported quarterly earnings of $3.02 per share, which was below analysts' expectations, but the company's revenue rose 6.2% year-over-year.

XTX Topco Ltd increased its stake in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 633.1% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 16,743 shares of the biotechnology company's stock after acquiring an additional 14,459 shares during the quarter. XTX Topco Ltd's holdings in Biogen were worth $2,291,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Opal Wealth Advisors LLC bought a new stake in shares of Biogen in the 1st quarter worth about $26,000. Colonial Trust Co SC raised its position in Biogen by 9,300.0% during the fourth 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. Private Trust Co. NA lifted its stake in shares of Biogen by 74.8% in the 1st quarter. Private Trust Co. NA now owns 229 shares of the biotechnology company's stock valued at $31,000 after purchasing an additional 98 shares during the last quarter. CVA Family Office LLC boosted its holdings in shares of Biogen by 71.1% in the 1st quarter. CVA Family Office LLC now owns 231 shares of the biotechnology company's stock worth $32,000 after purchasing an additional 96 shares during the period. Finally, NBC Securities Inc. bought a new position in shares of Biogen during the 1st quarter valued at approximately $35,000. 87.93% of the stock is owned by hedge funds and other institutional investors.

Biogen Stock Performance

Biogen stock traded down $0.34 during mid-day trading on Monday, reaching $131.61. 917,421 shares of the company traded hands, compared to its average volume of 1,567,724. Biogen Inc. has a fifty-two week low of $110.04 and a fifty-two week high of $207.59. The firm's fifty day moving average is $129.84 and its two-hundred day moving average is $131.69. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.50 and a quick ratio of 1.79. The company has a market capitalization of $19.30 billion, a price-to-earnings ratio of 12.58, a price-to-earnings-growth ratio of 1.78 and a beta of 0.13.

Biogen (NASDAQ:BIIB - Get Free Report) last issued its quarterly 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. Biogen had a return on equity of 13.85% and a net margin of 15.31%. The company had revenue of $2.65 billion for the quarter, compared to the consensus estimate of $2.32 billion. During the same quarter in the prior year, the business posted $5.28 earnings per share. Biogen's revenue for the quarter was up 7.3% on a year-over-year basis. On average, equities research analysts expect that Biogen Inc. will post 15.83 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have commented on the stock. The Goldman Sachs Group dropped their price objective on shares of Biogen from $219.00 to $197.00 and set a "buy" rating for the company in a research note on Wednesday, April 23rd. HC Wainwright raised their price objective on shares of Biogen from $187.00 to $194.00 and gave the stock a "buy" rating in a research note on Friday. HSBC downgraded Biogen from a "buy" rating to a "hold" rating and set a $118.00 price target on the stock. in a report on Monday, April 28th. Piper Sandler reiterated a "neutral" rating and issued a $115.00 target price on shares of Biogen in a research note on Thursday, June 12th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Biogen from $185.00 to $175.00 and set a "neutral" rating for the company in a research note on Monday, May 5th. Twenty-one equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $185.63.

Insider Buying and Selling at Biogen

In other Biogen news, insider Rachid Izzar sold 2,223 shares of the business's stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $135.00, for a total transaction of $300,105.00. Following the completion of 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.18% of the stock is currently owned by company insiders.

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.