Biogen Inc. $BIIB Stock Position Lifted by Old North State Wealth Management LLC

Old North State Wealth Management LLC lifted its holdings in Biogen Inc. (NASDAQ:BIIB) by 1.6% in the 2nd quarter, HoldingsChannel reports. The firm owned 20,224 shares of the biotechnology company’s stock after purchasing an additional 320 shares during the quarter. Biogen makes up 1.3% of Old North State Wealth Management LLC’s portfolio, making the stock its 28th largest holding. Old North State Wealth Management LLC’s holdings in Biogen were worth $2,540,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of BIIB. AQR Capital Management LLC grew its stake in shares of Biogen by 153.6% in the first quarter. AQR Capital Management LLC now owns 1,368,842 shares of the biotechnology company’s stock worth $187,258,000 after purchasing an additional 829,150 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd grew its stake in shares of Biogen by 1,663.4% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 780,567 shares of the biotechnology company’s stock worth $106,813,000 after purchasing an additional 736,301 shares in the last quarter. AustralianSuper Pty Ltd bought a new position in shares of Biogen in the first quarter worth $54,421,000. Vanguard Group Inc. grew its stake in shares of Biogen by 1.7% in the first quarter. Vanguard Group Inc. now owns 17,032,839 shares of the biotechnology company’s stock worth $2,330,774,000 after purchasing an additional 283,964 shares in the last quarter. Finally, GAMMA Investing LLC grew its stake in shares of Biogen by 63,919.1% in the first quarter. GAMMA Investing LLC now owns 254,796 shares of the biotechnology company’s stock worth $34,866,000 after purchasing an additional 254,398 shares in the last quarter. Institutional investors own 87.93% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on BIIB shares. Piper Sandler increased their price target on Biogen from $115.00 to $118.00 and gave the stock a “neutral” rating in a research note on Friday, September 12th. HC Wainwright upped their price objective on Biogen from $187.00 to $194.00 and gave the company a “buy” rating in a report on Friday, August 1st. Needham & Company LLC restated a “hold” rating on shares of Biogen in a report on Wednesday. Morgan Stanley cut their price objective on Biogen from $146.00 to $144.00 and set an “equal weight” rating for the company in a report on Friday, August 1st. Finally, William Blair restated an “outperform” rating on shares of Biogen in a report on Wednesday. Eleven analysts have rated the stock with a Buy rating and twenty have given a Hold rating to the stock. According to MarketBeat, Biogen presently has a consensus rating of “Hold” and a consensus target price of $182.04.

Biogen Trading Down 1.5%

Shares of NASDAQ BIIB opened at $135.67 on Friday. Biogen Inc. has a 12 month low of $110.04 and a 12 month high of $197.70. The company has a market cap of $19.89 billion, a price-to-earnings ratio of 12.97, a P/E/G ratio of 1.09 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. The business has a fifty day simple moving average of $135.72 and a 200-day simple moving average of $130.65.

Biogen (NASDAQ:BIIB) last announced its earnings results on Thursday, July 31st. The biotechnology company reported $5.47 EPS for the quarter, beating the consensus estimate of $3.93 by $1.54. Biogen had a return on equity of 13.85% and a net margin of 15.31%.The business had revenue of $2.65 billion during the quarter, compared to the consensus estimate of $2.32 billion. During the same period 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. Sell-side 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 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 of the company’s stock, valued at $854,550. This represents a 25.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Priya Singhal sold 517 shares of the stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $133.55, for a total value of $69,045.35. Following the completion of the sale, the insider directly owned 5,772 shares of the company’s stock, valued at approximately $770,850.60. This represents a 8.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.18% of the company’s stock.

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.