Sprucegrove Investment Management Ltd. Has $1.67 Million Holdings in Biogen Inc. $BIIB

Sprucegrove Investment Management Ltd. cut its stake in Biogen Inc. (NASDAQ:BIIB) by 5.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 13,310 shares of the biotechnology company’s stock after selling 800 shares during the period. Sprucegrove Investment Management Ltd.’s holdings in Biogen were worth $1,672,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of the stock. Resona Asset Management Co. Ltd. raised its position in Biogen by 6.2% in the 2nd quarter. Resona Asset Management Co. Ltd. now owns 49,627 shares of the biotechnology company’s stock worth $6,236,000 after purchasing an additional 2,915 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its position in Biogen by 7.2% in the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 163,630 shares of the biotechnology company’s stock valued at $20,550,000 after buying an additional 11,037 shares during the last quarter. Ellevest Inc. acquired a new stake in shares of Biogen in the 2nd quarter valued at $207,000. NewSquare Capital LLC increased its stake in shares of Biogen by 134.6% in the 2nd quarter. NewSquare Capital LLC now owns 244 shares of the biotechnology company’s stock valued at $31,000 after buying an additional 140 shares during the period. Finally, State of Michigan Retirement System raised its position in shares of Biogen by 633.7% during the second quarter. State of Michigan Retirement System now owns 291,303 shares of the biotechnology company’s stock worth $36,585,000 after acquiring an additional 251,600 shares during the last quarter. 87.93% of the stock is owned by institutional investors.

Biogen Stock Performance

Shares of Biogen stock opened at $153.43 on Thursday. The stock’s fifty day simple moving average is $145.11 and its 200 day simple moving average is $134.36. The company has a current ratio of 2.50, a quick ratio of 1.79 and a debt-to-equity ratio of 0.36. The company has a market capitalization of $22.51 billion, a PE ratio of 14.67, a PEG ratio of 1.17 and a beta of 0.10. Biogen Inc. has a 12 month low of $110.04 and a 12 month high of $179.20.

Biogen (NASDAQ:BIIB) last posted its earnings results on Thursday, October 30th. The biotechnology company reported $4.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.89 by $0.92. The firm had revenue of $2.53 billion during the quarter, compared to analysts’ expectations of $2.34 billion. Biogen had a return on equity of 13.85% and a net margin of 15.31%.The company’s revenue was up 2.8% on a year-over-year basis. During the same period in the previous year, the firm earned $4.08 earnings per share. Biogen has set its FY 2025 guidance at 14.500-15.00 EPS. On average, research analysts predict that Biogen Inc. will post 15.83 EPS for the current year.

Insider Buying and Selling

In other Biogen news, insider Priya Singhal sold 517 shares of the firm’s stock in a transaction that occurred 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 sale, the insider directly owned 5,772 shares in the company, valued at approximately $770,850.60. This trade represents a 8.22% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.18% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently issued reports on BIIB. Weiss Ratings upgraded Biogen from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, October 24th. William Blair restated an “outperform” rating on shares of Biogen in a research report on Wednesday, September 24th. Rothschild & Co Redburn lifted their price target on shares of Biogen from $149.00 to $150.00 and gave the stock a “neutral” rating in a research report on Monday, October 6th. Jefferies Financial Group initiated coverage on shares of Biogen in a report on Thursday, September 25th. They issued a “buy” rating and a $190.00 price objective on the stock. Finally, BMO Capital Markets upped their target price on shares of Biogen from $128.00 to $150.00 in a research report on Friday, October 31st. Nine research analysts have rated the stock with a Buy rating and nineteen have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $176.42.

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.