Grimes & Company Inc. Lowers Stock Holdings in Biogen Inc. $BIIB

Grimes & Company Inc. reduced its position in Biogen Inc. (NASDAQ:BIIB) by 30.9% in the second quarter, Holdings Channel.com reports. The firm owned 41,024 shares of the biotechnology company’s stock after selling 18,310 shares during the quarter. Grimes & Company Inc.’s holdings in Biogen were worth $5,152,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Opal Wealth Advisors LLC purchased a new stake in Biogen in the first quarter worth approximately $26,000. Greykasell Wealth Strategies Inc. purchased a new stake in shares of Biogen in the 1st quarter valued at $27,000. Vision Financial Markets LLC bought a new position in shares of Biogen during the 1st quarter valued at $27,000. Zions Bancorporation National Association UT bought a new position in shares of Biogen during the 1st quarter valued at $29,000. Finally, Private Trust Co. NA raised its position in Biogen by 74.8% in the 1st quarter. Private Trust Co. NA now owns 229 shares of the biotechnology company’s stock worth $31,000 after purchasing an additional 98 shares during the period. 87.93% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Truist Financial initiated coverage on Biogen in a research note on Monday, July 21st. They set a “hold” rating and a $142.00 price objective on the stock. HC Wainwright lifted their price target on Biogen from $187.00 to $194.00 and gave the stock a “buy” rating in a research note on Friday, August 1st. Jefferies Financial Group assumed coverage on Biogen in a research note on Thursday, September 25th. They set a “buy” rating and a $190.00 price objective for the company. Piper Sandler lifted their target price on shares of Biogen from $115.00 to $118.00 and gave the stock a “neutral” rating in a research note on Friday, September 12th. Finally, Morgan Stanley dropped their price target on shares of Biogen from $146.00 to $144.00 and set an “equal weight” rating for the company in a research report on Friday, August 1st. Eleven research analysts have rated the stock with a Buy rating, nineteen have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $181.24.

Biogen Price Performance

Shares of BIIB opened at $159.88 on Monday. 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 simple moving average is $138.02 and its two-hundred day simple moving average is $130.75. The stock has a market cap of $23.44 billion, a PE ratio of 15.28, a price-to-earnings-growth ratio of 1.26 and a beta of 0.13. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.79 and a current ratio of 2.50.

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

Insider Buying and Selling at Biogen

In related news, insider Priya Singhal sold 517 shares of the 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 directly owned 5,772 shares of the company’s stock, valued at approximately $770,850.60. This represents a 8.22% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Rachid Izzar sold 2,223 shares of Biogen stock in a transaction dated Tuesday, July 8th. The stock was sold at an average price of $135.00, for a total transaction of $300,105.00. Following the completion of the transaction, the insider directly owned 6,330 shares of the company’s stock, valued at $854,550. This trade represents a 25.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.18% of the stock is owned by company insiders.

Biogen Company 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.