Resona Asset Management Co. Ltd. Acquires 2,915 Shares of Biogen Inc. $BIIB

Resona Asset Management Co. Ltd. increased its holdings in shares of Biogen Inc. (NASDAQ:BIIB) by 6.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 49,627 shares of the biotechnology company’s stock after purchasing an additional 2,915 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in Biogen were worth $6,236,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in BIIB. Vanguard Group Inc. grew its holdings in Biogen by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 17,032,839 shares of the biotechnology company’s stock valued at $2,330,774,000 after buying an additional 283,964 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of Biogen by 6.4% in the first quarter. Invesco Ltd. now owns 2,265,007 shares of the biotechnology company’s stock worth $309,944,000 after buying an additional 136,200 shares in the last quarter. AQR Capital Management LLC boosted its position in shares of Biogen by 153.6% during the first quarter. AQR Capital Management LLC now owns 1,368,842 shares of the biotechnology company’s stock worth $187,258,000 after acquiring an additional 829,150 shares during the last quarter. Amundi boosted its position in shares of Biogen by 8.1% during the first quarter. Amundi now owns 1,315,947 shares of the biotechnology company’s stock worth $172,007,000 after acquiring an additional 98,957 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in Biogen by 4.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,019,219 shares of the biotechnology company’s stock valued at $139,470,000 after acquiring an additional 47,956 shares in the last quarter. 87.93% of the stock is owned by hedge funds and other institutional investors.

Biogen Stock Down 0.8%

Shares of NASDAQ BIIB opened at $155.51 on Monday. The company has a current ratio of 2.50, a quick ratio of 1.79 and a debt-to-equity ratio of 0.36. Biogen Inc. has a 12-month low of $110.04 and a 12-month high of $175.86. The firm’s 50-day moving average price is $146.06 and its 200-day moving average price is $135.01. The stock has a market capitalization of $22.81 billion, a price-to-earnings ratio of 14.87, a P/E/G ratio of 1.17 and a beta of 0.10.

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

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. Needham & Company LLC reiterated a “hold” rating on shares of Biogen in a report on Wednesday, September 24th. Stifel Nicolaus upgraded Biogen from a “hold” rating to a “buy” rating and raised their price objective for the company from $144.00 to $202.00 in a research report on Thursday. Robert W. Baird reduced their target price on Biogen from $255.00 to $250.00 in a report on Friday, October 31st. Weiss Ratings downgraded Biogen from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday. Finally, Mizuho increased their price target on Biogen from $169.00 to $177.00 and gave the company an “outperform” rating in a research note on Monday, November 3rd. Ten equities research analysts have rated the stock with a Buy rating, seventeen have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Biogen presently has an average rating of “Hold” and an average price target of $177.46.

Insider Buying and Selling at Biogen

In other news, insider Priya Singhal sold 517 shares of the business’s stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $133.55, for a total transaction of $69,045.35. Following the transaction, the insider owned 5,772 shares of the company’s stock, valued at approximately $770,850.60. The trade was a 8.22% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.18% of the company’s stock.

Biogen 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.