Rhenman & Partners Asset Management AB Decreases Holdings in Biogen Inc. $BIIB

Rhenman & Partners Asset Management AB decreased its holdings in Biogen Inc. (NASDAQ:BIIB) by 75.8% in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 12,000 shares of the biotechnology company’s stock after selling 37,500 shares during the period. Rhenman & Partners Asset Management AB’s holdings in Biogen were worth $1,507,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in shares of Biogen by 1.5% during the second quarter. Vanguard Group Inc. now owns 17,290,651 shares of the biotechnology company’s stock valued at $2,171,533,000 after buying an additional 257,812 shares during the last quarter. Geode Capital Management LLC increased its stake in Biogen by 1.9% in the 2nd quarter. Geode Capital Management LLC now owns 3,918,150 shares of the biotechnology company’s stock worth $490,089,000 after purchasing an additional 71,286 shares during the period. Invesco Ltd. lifted its position in Biogen by 6.4% in the first quarter. Invesco Ltd. now owns 2,265,007 shares of the biotechnology company’s stock valued at $309,944,000 after purchasing an additional 136,200 shares during the last quarter. Legal & General Group Plc grew its holdings in shares of Biogen by 12.6% in the second quarter. Legal & General Group Plc now owns 1,446,816 shares of the biotechnology company’s stock worth $181,706,000 after purchasing an additional 161,789 shares during the last quarter. Finally, AQR Capital Management LLC increased 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 buying an additional 829,150 shares during the period. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Insider Buying and Selling

In related news, insider Priya Singhal sold 517 shares of the business’s stock in a transaction dated 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 owned 5,772 shares of the company’s stock, valued at $770,850.60. The trade was a 8.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.18% of the stock is owned by insiders.

Wall Street Analyst Weigh In

BIIB has been the topic of a number of recent analyst reports. Wall Street Zen cut shares of Biogen from a “buy” rating to a “hold” rating in a research report on Sunday, November 9th. Sanford C. Bernstein raised their target price on Biogen from $155.00 to $157.00 and gave the stock a “market perform” rating in a research note on Monday, November 3rd. Wells Fargo & Company upped their price target on Biogen from $140.00 to $155.00 in a research report on Friday, October 31st. Rothschild & Co Redburn increased their price objective on Biogen from $149.00 to $150.00 and gave the stock a “neutral” rating in a report on Monday, October 6th. Finally, Mizuho lifted their price objective on Biogen from $169.00 to $177.00 and gave the stock an “outperform” rating in a research report on Monday, November 3rd. Ten investment analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $178.96.

Biogen Stock Performance

Biogen stock opened at $181.96 on Wednesday. Biogen Inc. has a fifty-two week low of $110.04 and a fifty-two week high of $185.17. The stock’s 50 day simple moving average is $152.28 and its two-hundred day simple moving average is $139.08. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.79 and a current ratio of 2.50. The stock has a market cap of $26.69 billion, a price-to-earnings ratio of 17.40, a PEG ratio of 1.17 and a beta of 0.10.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings results on Thursday, October 30th. The biotechnology company reported $4.81 earnings per share 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 for the quarter, compared to analysts’ expectations of $2.34 billion. During the same period in the prior year, the firm earned $4.08 earnings per share. The firm’s revenue for the quarter was up 2.8% on a year-over-year basis. Biogen has set its FY 2025 guidance at 14.500-15.00 EPS. As a group, analysts expect that Biogen Inc. will post 15.83 earnings per share for the current fiscal year.

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.