Biogen Inc. $BIIB Shares Sold by Truist Financial Corp

Truist Financial Corp cut its holdings in Biogen Inc. (NASDAQ:BIIB) by 1.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,703 shares of the biotechnology company’s stock after selling 99 shares during the quarter. Truist Financial Corp’s holdings in Biogen were worth $1,093,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of BIIB. Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of Biogen by 6.5% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 416,960 shares of the biotechnology company’s stock valued at $57,057,000 after buying an additional 25,464 shares during the period. Asset Management One Co. Ltd. lifted its stake in shares of Biogen by 5.5% during the first quarter. Asset Management One Co. Ltd. now owns 61,420 shares of the biotechnology company’s stock valued at $8,405,000 after buying an additional 3,194 shares during the period. Point72 Europe London LLP purchased a new position in shares of Biogen during the first quarter valued at approximately $11,286,000. Motley Fool Asset Management LLC lifted its stake in shares of Biogen by 64.7% during the first quarter. Motley Fool Asset Management LLC now owns 6,809 shares of the biotechnology company’s stock valued at $932,000 after buying an additional 2,676 shares during the period. Finally, Assenagon Asset Management S.A. lifted its stake in shares of Biogen by 3.1% during the first quarter. Assenagon Asset Management S.A. now owns 44,796 shares of the biotechnology company’s stock valued at $6,130,000 after buying an additional 1,336 shares during the period. 87.93% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Priya Singhal sold 517 shares of the stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $133.55, for a total value of $69,045.35. Following the completion of the sale, the insider owned 5,772 shares of the company’s stock, valued at $770,850.60. This represents a 8.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.18% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Weiss Ratings reissued a “sell (d+)” rating on shares of Biogen in a research note on Wednesday, October 8th. Rothschild & Co Redburn upped their price objective on shares of Biogen from $149.00 to $150.00 and gave the company a “neutral” rating in a research note on Monday, October 6th. Morgan Stanley upped their price objective on shares of Biogen from $144.00 to $149.00 and gave the company an “equal weight” rating in a research note on Friday. Royal Bank Of Canada reduced their price objective on shares of Biogen from $219.00 to $217.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 8th. Finally, William Blair reissued an “outperform” rating on shares of Biogen in a research note on Wednesday, September 24th. Eleven investment analysts have rated the stock with a Buy rating, nineteen have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $180.15.

Biogen Stock Performance

NASDAQ:BIIB opened at $146.57 on Monday. 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 company has a market cap of $21.49 billion, a P/E ratio of 14.01, a P/E/G ratio of 1.16 and a beta of 0.13. Biogen Inc. has a fifty-two week low of $110.04 and a fifty-two week high of $194.13. The firm’s 50 day moving average is $140.21 and its two-hundred day moving average is $131.09.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings results on Thursday, July 31st. The biotechnology company reported $5.47 earnings per share for the quarter, topping analysts’ consensus estimates of $3.93 by $1.54. Biogen had a net margin of 15.31% and a return on equity of 13.85%. The company had revenue of $2.65 billion for the quarter, compared to the consensus estimate of $2.32 billion. During the same quarter last year, the firm posted $5.28 earnings per share. Biogen’s revenue was up 7.3% on a year-over-year basis. Biogen has set its FY 2025 guidance at 15.500-16.000 EPS. Analysts expect that Biogen Inc. will post 15.83 EPS for the current year.

About Biogen

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.