Cidel Asset Management Inc. Raises Stake in Biogen Inc. $BIIB

Cidel Asset Management Inc. raised its position in shares of Biogen Inc. (NASDAQ:BIIB) by 11.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,862 shares of the biotechnology company’s stock after purchasing an additional 190 shares during the quarter. Cidel Asset Management Inc.’s holdings in Biogen were worth $234,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the company. Chicago Partners Investment Group LLC purchased a new position in Biogen during the second quarter valued at approximately $309,000. Chevy Chase Trust Holdings LLC lifted its holdings in Biogen by 0.8% during the second quarter. Chevy Chase Trust Holdings LLC now owns 77,741 shares of the biotechnology company’s stock valued at $9,763,000 after purchasing an additional 626 shares in the last quarter. Applied Finance Capital Management LLC purchased a new position in Biogen during the second quarter valued at approximately $465,000. Nordea Investment Management AB lifted its holdings in Biogen by 5.7% during the second quarter. Nordea Investment Management AB now owns 125,935 shares of the biotechnology company’s stock valued at $15,810,000 after purchasing an additional 6,811 shares in the last quarter. Finally, Praxis Investment Management Inc. lifted its holdings in Biogen by 30.5% during the second quarter. Praxis Investment Management Inc. now owns 5,690 shares of the biotechnology company’s stock valued at $715,000 after purchasing an additional 1,330 shares in the last quarter. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Biogen Price Performance

Biogen stock opened at $146.63 on Tuesday. The company has a market cap of $21.50 billion, a price-to-earnings ratio of 14.02, a PEG ratio of 1.13 and a beta of 0.13. The firm’s fifty day moving average is $141.91 and its 200 day moving average is $131.60. 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 Inc. has a 52-week low of $110.04 and a 52-week high of $190.40.

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

Insider Transactions at Biogen

In related news, insider Priya Singhal sold 517 shares of the company’s stock in a transaction on 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 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 document filed with the Securities & Exchange Commission, which is available through this link. 0.18% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Morgan Stanley boosted their target price on shares of Biogen from $144.00 to $149.00 and gave the stock an “equal weight” rating in a report on Friday, October 10th. Wedbush boosted their target price on shares of Biogen from $129.00 to $135.00 and gave the stock a “neutral” rating in a report on Tuesday, October 14th. William Blair reissued an “outperform” rating on shares of Biogen in a report on Wednesday, September 24th. Citigroup reissued a “neutral” rating on shares of Biogen in a report on Wednesday, September 24th. Finally, Jefferies Financial Group assumed coverage on shares of Biogen in a report on Thursday, September 25th. They issued a “buy” rating and a $190.00 target price on the stock. Eleven investment 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’s stock. According to data from MarketBeat, Biogen presently has an average rating of “Hold” and an average price target of $180.69.

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.