Richwood Investment Advisors LLC Trims Position in Biogen Inc. $BIIB

Richwood Investment Advisors LLC cut its position in Biogen Inc. (NASDAQ:BIIB) by 19.2% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,248 shares of the biotechnology company’s stock after selling 535 shares during the period. Richwood Investment Advisors LLC’s holdings in Biogen were worth $282,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Wedmont Private Capital lifted its holdings in shares of Biogen by 3.8% in the 2nd quarter. Wedmont Private Capital now owns 2,190 shares of the biotechnology company’s stock worth $291,000 after acquiring an additional 81 shares during the last quarter. CVA Family Office LLC increased its position in Biogen by 71.1% during the 1st quarter. CVA Family Office LLC now owns 231 shares of the biotechnology company’s stock valued at $32,000 after purchasing an additional 96 shares during the period. Private Trust Co. NA increased its position in Biogen by 74.8% during the 1st quarter. Private Trust Co. NA now owns 229 shares of the biotechnology company’s stock valued at $31,000 after purchasing an additional 98 shares during the period. MassMutual Private Wealth & Trust FSB increased its position in Biogen by 21.0% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 617 shares of the biotechnology company’s stock valued at $77,000 after purchasing an additional 107 shares during the period. Finally, Oregon Public Employees Retirement Fund grew its position in shares of Biogen by 0.9% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 12,598 shares of the biotechnology company’s stock worth $1,724,000 after buying an additional 110 shares during the last quarter. 87.93% of the stock is owned by hedge funds and other institutional investors.

Biogen Price Performance

Biogen stock opened at $154.05 on Tuesday. Biogen Inc. has a 52-week low of $110.04 and a 52-week high of $194.13. The firm has a market capitalization of $22.59 billion, a price-to-earnings ratio of 14.73, a PEG ratio of 1.26 and a beta of 0.13. The company has a fifty day simple moving average of $138.51 and a 200-day simple moving average of $130.84. The company has a quick ratio of 1.79, a current ratio of 2.50 and a debt-to-equity ratio of 0.36.

Biogen (NASDAQ:BIIB) last released its earnings results on Thursday, July 31st. The biotechnology company reported $5.47 earnings per share (EPS) 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 business had revenue of $2.65 billion during the quarter, compared to analyst estimates of $2.32 billion. During the same quarter in the prior year, the firm earned $5.28 earnings per share. The company’s revenue for the quarter was up 7.3% compared to the same quarter last year. Biogen has set its FY 2025 guidance at 15.500-16.000 EPS. On average, equities analysts anticipate that Biogen Inc. will post 15.83 EPS for the current fiscal year.

Insider Activity

In related news, insider Priya Singhal sold 517 shares of the company’s stock in a transaction dated 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 approximately $770,850.60. This represents a 8.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 0.18% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Citigroup reaffirmed a “neutral” rating on shares of Biogen in a research report on Wednesday, September 24th. Piper Sandler lifted their price objective on shares of Biogen from $115.00 to $118.00 and gave the company a “neutral” rating in a research note on Friday, September 12th. Truist Financial initiated coverage on shares of Biogen in a research note on Monday, July 21st. They issued a “hold” rating and a $142.00 target price for the company. Wedbush reiterated a “neutral” rating and issued a $121.00 target price on shares of Biogen in a research note on Thursday, June 12th. Finally, Jefferies Financial Group initiated coverage on shares of Biogen in a research report on Thursday, September 25th. They set a “buy” rating and a $190.00 price objective for the company. Eleven research analysts have rated the stock with a Buy rating, twenty have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Biogen presently has an average rating of “Hold” and an average price target of $180.04.

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.