Primecap Management Co. CA Cuts Holdings in Biogen Inc. $BIIB

Primecap Management Co. CA reduced its position in shares of Biogen Inc. (NASDAQ:BIIB) by 0.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,802,122 shares of the biotechnology company’s stock after selling 141,137 shares during the quarter. Biogen accounts for approximately 1.6% of Primecap Management Co. CA’s investment portfolio, making the stock its 15th biggest holding. Primecap Management Co. CA owned approximately 10.78% of Biogen worth $1,984,589,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Vanguard Group Inc. increased its position in shares of Biogen by 1.5% in the second quarter. Vanguard Group Inc. now owns 17,290,651 shares of the biotechnology company’s stock valued at $2,171,533,000 after buying an additional 257,812 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Biogen by 1.9% during the 2nd quarter. Geode Capital Management LLC now owns 3,918,150 shares of the biotechnology company’s stock valued at $490,089,000 after buying an additional 71,286 shares in the last quarter. Invesco Ltd. grew its stake in Biogen by 6.4% in the 1st quarter. Invesco Ltd. now owns 2,265,007 shares of the biotechnology company’s stock valued at $309,944,000 after acquiring an additional 136,200 shares during the period. AQR Capital Management LLC increased its holdings in Biogen by 153.6% in the 1st quarter. AQR Capital Management LLC now owns 1,368,842 shares of the biotechnology company’s stock worth $187,258,000 after acquiring an additional 829,150 shares in the last quarter. Finally, Amundi raised its position in Biogen by 8.1% during the first quarter. Amundi now owns 1,315,947 shares of the biotechnology company’s stock worth $172,007,000 after acquiring an additional 98,957 shares during the period. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Analyst Ratings Changes

BIIB has been the topic of several recent analyst reports. William Blair reaffirmed an “outperform” rating on shares of Biogen in a report on Wednesday, September 24th. Piper Sandler raised their price target 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. Wall Street Zen lowered Biogen from a “buy” rating to a “hold” rating in a research note on Sunday, November 9th. Jefferies Financial Group assumed coverage on Biogen in a report on Thursday, September 25th. They set a “buy” rating and a $190.00 target price for the company. Finally, Guggenheim lifted their price target on Biogen from $165.00 to $185.00 in a research note on Friday, October 31st. Ten analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $177.46.

Biogen Price Performance

NASDAQ:BIIB opened at $168.83 on Wednesday. Biogen Inc. has a one year low of $110.04 and a one year high of $170.78. The stock has a market cap of $24.77 billion, a PE ratio of 16.14, a P/E/G ratio of 1.17 and a beta of 0.10. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.79 and a current ratio of 2.50. The stock has a 50 day moving average price of $149.34 and a 200 day moving average price of $137.12.

Biogen (NASDAQ:BIIB) last issued its earnings results on Thursday, October 30th. The biotechnology company reported $4.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.89 by $0.92. Biogen had a return on equity of 13.85% and a net margin of 15.31%.The business had revenue of $2.53 billion during the quarter, compared to the consensus estimate of $2.34 billion. During the same period last year, the company earned $4.08 EPS. The company’s revenue for the quarter was up 2.8% on a year-over-year basis. Biogen has set its FY 2025 guidance at 14.500-15.00 EPS. Equities research analysts expect that Biogen Inc. will post 15.83 EPS for the current fiscal year.

Insider Buying and Selling

In other Biogen news, insider Priya Singhal sold 517 shares of Biogen 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 transaction, the insider directly owned 5,772 shares of the company’s stock, valued at $770,850.60. The trade was a 8.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.18% of the stock is owned by company insiders.

Biogen 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.