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Biogen Inc. (NASDAQ:BIIB) Shares Sold by Y Intercept Hong Kong Ltd

Biogen logo with Medical background

Key Points

  • Y Intercept Hong Kong Ltd significantly reduced its position in Biogen Inc. by 87.9%, selling 13,310 shares, and now holds only 1,838 shares, valued at $252,000.
  • Analysts have varied opinions on Biogen, with HSBC lowering its rating to "hold" and setting a price target of $118.00, while Royal Bank of Canada set an optimistic target of $213.00.
  • Biogen's latest earnings report showed an EPS of $3.02, missing expectations, but revenue was up 6.2% year-over-year at $2.43 billion.
  • Five stocks we like better than Biogen.

Y Intercept Hong Kong Ltd lessened its stake in Biogen Inc. (NASDAQ:BIIB - Free Report) by 87.9% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,838 shares of the biotechnology company's stock after selling 13,310 shares during the quarter. Y Intercept Hong Kong Ltd's holdings in Biogen were worth $252,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Allianz Asset Management GmbH increased its stake in shares of Biogen by 24.6% in the 1st quarter. Allianz Asset Management GmbH now owns 667,767 shares of the biotechnology company's stock valued at $91,377,000 after purchasing an additional 131,813 shares in the last quarter. Los Angeles Capital Management LLC purchased a new position in shares of Biogen in the 1st quarter valued at about $5,927,000. Teachers Retirement System of The State of Kentucky increased its stake in shares of Biogen by 2.8% in the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 11,213 shares of the biotechnology company's stock valued at $1,534,000 after purchasing an additional 301 shares in the last quarter. Twin Capital Management Inc. increased its stake in shares of Biogen by 35.6% in the 1st quarter. Twin Capital Management Inc. now owns 11,542 shares of the biotechnology company's stock valued at $1,579,000 after purchasing an additional 3,029 shares in the last quarter. Finally, AustralianSuper Pty Ltd purchased a new position in shares of Biogen in the 1st quarter valued at about $54,421,000. Institutional investors and hedge funds own 87.93% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Needham & Company LLC reiterated a "hold" rating on shares of Biogen in a research note on Thursday, June 12th. HC Wainwright boosted their price objective on Biogen from $187.00 to $194.00 and gave the stock a "buy" rating in a research note on Friday. Mizuho cut their price objective on Biogen from $207.00 to $169.00 and set an "outperform" rating for the company in a research note on Wednesday, May 7th. Canaccord Genuity Group cut their price objective on Biogen from $265.00 to $220.00 and set a "buy" rating for the company in a research note on Friday, May 2nd. Finally, Wedbush reiterated a "neutral" rating and set a $121.00 price objective on shares of Biogen in a research note on Thursday, June 12th. Twenty-one investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $185.63.

Read Our Latest Analysis on BIIB

Biogen Stock Up 3.1%

Shares of Biogen stock traded up $3.95 during trading hours on Friday, reaching $131.95. 2,798,041 shares of the company were exchanged, compared to its average volume of 1,270,644. Biogen Inc. has a 1 year low of $110.04 and a 1 year high of $213.50. The stock's fifty day moving average is $129.84 and its 200 day moving average is $131.82. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.01 and a current ratio of 2.50. The firm has a market cap of $19.33 billion, a PE ratio of 12.61, a PEG ratio of 1.85 and a beta of 0.13.

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 analysts' consensus estimates of $3.93 by $1.54. The business had revenue of $2.65 billion for the quarter, compared to analyst estimates of $2.32 billion. Biogen had a return on equity of 13.85% and a net margin of 15.31%. The company's revenue was up 7.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $5.28 earnings per share. As a group, equities research analysts forecast that Biogen Inc. will post 15.83 earnings per share for the current year.

Insider Buying and Selling

In related 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 transaction, 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 filing with the SEC, which is available through this hyperlink. 0.18% of the stock is owned by company insiders.

Biogen Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Biogen (NASDAQ:BIIB)

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