As of its most recent filing with the Securities & Exchange Commission (SEC), the Louisiana State Employees Retirement System has raised its holdings in Biogen Inc. (NASDAQ:BIIB) by 8.4% during the second quarter. This increase in holdings resulted in the acquisition of an additional 1,400 shares, bringing their total ownership to 18,000 shares. The value of Louisiana State Employees Retirement System’s holdings in Biogen is now estimated to be $5,127,000.
Biogen recently announced its quarterly earnings results on Tuesday, July 25th. The biotechnology company reported earnings per share of $4.02 for the quarter, surpassing the consensus estimate of $3.77 by $0.25. During this period, Biogen generated revenue amounting to $2.46 billion, exceeding analysts’ expectations of $2.36 billion. With a return on equity of 17.33% and a net margin of 26.72%, Biogen showcased strong financial performance for the quarter.
Compared to the same period last year, Biogen experienced a decline in quarterly revenue by 5.1%. It is worth noting that during that time frame, the company had earned $5.25 per share which was significantly higher than the current earnings per share figure reported this year.
Equities analysts have recently released their reports on BIIB shares as well. HSBC initiated coverage on Biogen with a “buy” rating and set a price target of $360.00 on the stock.
Wedbush reduced their price target from $276.00 to $269.00 in a report dated Monday, August 7th.
Robert W. Baird also lowered their price objective from $340 to $333 and Wells Fargo & Company dipped theirs from $350 to $343; both maintaining an “overweight” rating for the company.
Moreover, Piper Sandler cut the price target on Biogen from $380.00 to $350.00 in their report.
Five analysts have issued a hold rating for the stock, while twenty-three have assigned a buy rating to Biogen. According to Bloomberg.com, the company has an average rating of “Moderate Buy” and a consensus target price of $325.36.
Taking all these factors into consideration, it is important for investors and stakeholders to closely monitor Biogen’s performance in the coming months. By analyzing its financial results, growth prospects, and market ratings, individuals can make informed decisions regarding their investments in this biotechnology company.
Hedge Funds and Institutional Investors Increase Holdings in Biogen Inc. (NASDAQ: BIIB) while Insider Sells Shares
On September 27, 2023, several hedge funds and institutional investors made notable transactions involving the shares of Biogen Inc. (NASDAQ: BIIB). Ameritas Investment Partners Inc., for instance, increased its holdings in Biogen by a mere 0.7% during the first quarter. The firm now possesses 4,833 shares of the biotechnology company’s stock, amounting to an estimated value of $1,344,000 after acquiring an additional 34 shares in the last quarter.
Furthermore, Wahed Invest LLC also demonstrated an uptick in its holdings of Biogen shares by approximately 1.9% during the same period. The firm now owns 1,849 shares with a value of around $514,000 following the purchase of an additional 34 shares.
In a similar vein, Trust Co. of Vermont experienced a marginal increase in their stake in Biogen by roughly 1.7% during Q1. With an additional purchase of 37 shares over the said period, Trust Co. of Vermont now holds approximately 2,258 shares valued at $628,000.
Meanwhile, First Manhattan Co., witnessing substantial growth in its holdings during the fourth quarter—amounting to a staggering surge of 33.3%—now owns a total of 160 Biogen shares worth $44,000 after purchasing an additional 40 shares.
Finally, Systematic Financial Management LP also took part in bolstering their position within Biogen by acquiring an extra set of 40 shares—a modest increase of about 2.5%, bringing their new total ownership to approximately 1,640 shares valued at $456,000 during Q1.
It is essential to note that hedge funds and other institutional investors collectively hold roughly 85.99% of all outstanding Biogen stock.
In related news regarding insider trading activity within Biogen Inc., on Tuesday September 5th insider Priya Singhal sold 431 shares of the company’s stock. The transaction was executed at an average price of $269.43, totaling a sum of $116,124.33. Following this sale, Priya Singhal personally holds 3,354 shares of Biogen Inc., valued at an approximate amount of $903,668.22. This disposition was documented and disclosed in a filing with the SEC, which can be accessed via this hyperlink. Currently, insiders own 0.60% of the company’s stock.
Shifting gears to Biogen Inc.’s current stock status: on Wednesday, NASDAQ listed BIIB opened at a trading price of $258.05 per share. Notably, over the past year, the biotechnology firm’s share price oscillated between a low point of $195.50 and a high point of $319.76.
Additionally, when assessing its financial standing, Biogen Inc.’s debt-to-equity ratio stands at 0.43—a seemingly healthy indicator—and the company maintains a quick ratio of 2.86 along with a current ratio of 3.27.
In terms of market capitalization, Biogen Inc.’s valuation is estimated at approximately $37.37 billion—an indication of its prominence within the industry. Moreover, it possesses a relatively favorable P/E ratio of 14.05 coupled with a PEG ratio (Price-to-Earnings Growth) standing at 2.76—an essential metric for assessing potential growth opportunities relative to valuation.
Lastly, considering its volatility measurements against broader market trends and fluctuations in investor sentiment surrounding other stocks; Biogen Inc.’s beta indicator—which gauges sensitivity to market movements—stands remarkably low at just 0.13.
Furthermore, taking into account recent trading patterns over shorter time frames: the stock currently exhibits a 50-day simple moving average pegged at $265.63 and a two-hundred day simple moving average positioned at $281.61.