ExodusPoint Capital Management LP decreased its stake in Biogen Inc. (NASDAQ:BIIB – Free Report) by 45.5% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 56,852 shares of the biotechnology company’s stock after selling 47,444 shares during the period. ExodusPoint Capital Management LP’s holdings in Biogen were worth $16,194,000 as of its most recent filing with the SEC.
Several other hedge funds have also added to or reduced their stakes in BIIB. Raymond James Trust N.A. raised its position in Biogen by 16.4% in the first quarter. Raymond James Trust N.A. now owns 3,294 shares of the biotechnology company’s stock worth $693,000 after acquiring an additional 464 shares during the period. Cibc World Market Inc. raised its position in Biogen by 39.9% in the first quarter. Cibc World Market Inc. now owns 15,244 shares of the biotechnology company’s stock worth $3,210,000 after acquiring an additional 4,349 shares during the period. Vanguard Group Inc. increased its stake in shares of Biogen by 1.6% in the first quarter. Vanguard Group Inc. now owns 11,720,584 shares of the biotechnology company’s stock worth $2,468,356,000 after purchasing an additional 183,285 shares in the last quarter. Baird Financial Group Inc. increased its stake in shares of Biogen by 15.3% in the first quarter. Baird Financial Group Inc. now owns 89,722 shares of the biotechnology company’s stock worth $18,896,000 after purchasing an additional 11,882 shares in the last quarter. Finally, Brown Brothers Harriman & Co. increased its stake in shares of Biogen by 10.7% in the first quarter. Brown Brothers Harriman & Co. now owns 5,938 shares of the biotechnology company’s stock worth $1,251,000 after purchasing an additional 573 shares in the last quarter. Institutional investors own 85.99% of the company’s stock.
Insider Transactions at Biogen
In other news, insider Priya Singhal sold 431 shares of the business’s stock in a transaction that occurred on Tuesday, September 5th. The shares were sold at an average price of $269.43, for a total value of $116,124.33. Following the completion of the sale, the insider now directly owns 3,354 shares in the company, valued at approximately $903,668.22. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.60% of the company’s stock.
Biogen Trading Up 0.9 %
Biogen (NASDAQ:BIIB – Get Free Report) last announced its quarterly earnings data on Wednesday, November 8th. The biotechnology company reported $4.36 earnings per share for the quarter, topping analysts’ consensus estimates of $3.99 by $0.37. The firm had revenue of $2.53 billion during the quarter, compared to analyst estimates of $2.40 billion. Biogen had a net margin of 14.63% and a return on equity of 16.40%. The business’s quarterly revenue was up .9% on a year-over-year basis. During the same period in the previous year, the business posted $4.77 EPS. Analysts expect that Biogen Inc. will post 14.95 earnings per share for the current fiscal year.
Wall Street Analyst Weigh In
BIIB has been the subject of several recent research reports. Scotiabank initiated coverage on shares of Biogen in a research note on Thursday, July 27th. They issued a “sector outperform” rating and a $327.00 target price for the company. Barclays reduced their target price on shares of Biogen from $311.00 to $294.00 and set an “equal weight” rating for the company in a research note on Tuesday, August 8th. Truist Financial reduced their target price on shares of Biogen to $340.00 and set a “buy” rating for the company in a research note on Tuesday, August 8th. Mizuho reduced their target price on shares of Biogen from $340.00 to $335.00 and set a “buy” rating for the company in a research note on Monday, August 14th. Finally, Wells Fargo & Company boosted their price objective on shares of Biogen from $343.00 to $365.00 and gave the company an “overweight” rating in a research note on Thursday, November 9th. Five investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $326.08.
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 offers 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.
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