Biogen Inc. (NASDAQ:BIIB) Position Boosted by First Trust Direct Indexing L.P.

Posted by Defense World Staff on Sep 25th, 2023

First Trust Direct Indexing L.P. lifted its stake in Biogen Inc. (NASDAQ:BIIB – Free Report) by 8.2% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,924 shares of the biotechnology company’s stock after purchasing an additional 146 shares during the quarter. First Trust Direct Indexing L.P.’s holdings in Biogen were worth $548,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also made changes to their positions in the company. Altshuler Shaham Ltd purchased a new position in Biogen in the fourth quarter valued at about $25,000. Delta Asset Management LLC TN acquired a new position in Biogen in the fourth quarter worth approximately $28,000. Global Retirement Partners LLC increased its holdings in Biogen by 82.9% in the first quarter. Global Retirement Partners LLC now owns 128 shares of the biotechnology company’s stock worth $40,000 after buying an additional 58 shares during the last quarter. Heritage Wealth Management LLC bought a new position in Biogen during the fourth quarter valued at approximately $43,000. Finally, First Manhattan Co. lifted its stake in Biogen by 33.3% in the fourth quarter. First Manhattan Co. now owns 160 shares of the biotechnology company’s stock valued at $44,000 after acquiring an additional 40 shares during the last quarter. 85.99% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Biogen

In other Biogen news, insider Priya Singhal sold 431 shares of the company’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 owns 3,354 shares of the company’s stock, valued at $903,668.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.60% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the stock. Wells Fargo & Company cut their price target on shares of Biogen from $350.00 to $343.00 and set an “overweight” rating on the stock in a report on Monday, August 7th. Barclays decreased their price target on Biogen from $311.00 to $294.00 and set an “equal weight” rating for the company in a research note on Tuesday, August 8th. Royal Bank of Canada raised their price objective on Biogen from $354.00 to $357.00 and gave the company an “outperform” rating in a research note on Tuesday, August 29th. Wedbush decreased their target price on Biogen from $276.00 to $269.00 in a research report on Monday, August 7th. Finally, Piper Sandler lowered their price target on Biogen from $380.00 to $350.00 in a report on Monday, August 7th. Five investment analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $325.36.

Check Out Our Latest Research Report on BIIB

Biogen Price Performance

Biogen stock opened at $257.68 on Monday. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.27 and a quick ratio of 2.86. The company has a market capitalization of $37.32 billion, a PE ratio of 14.03, a price-to-earnings-growth ratio of 2.79 and a beta of 0.13. The business has a 50 day simple moving average of $266.10 and a 200 day simple moving average of $281.51. Biogen Inc. has a one year low of $194.45 and a one year high of $319.76.

Biogen (NASDAQ:BIIB – Get Free Report) last released its quarterly earnings data on Tuesday, July 25th. The biotechnology company reported $4.02 EPS for the quarter, beating analysts’ consensus estimates of $3.77 by $0.25. The business had revenue of $2.46 billion during the quarter, compared to the consensus estimate of $2.36 billion. Biogen had a return on equity of 17.33% and a net margin of 26.72%. The firm’s revenue was down 5.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $5.25 earnings per share. On average, sell-side analysts forecast that Biogen Inc. will post 15.25 EPS for the current fiscal year.

Biogen Profile

(Free Report)

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.