Chevy Chase Trust Holdings LLC Grows Stake in Biogen Inc. $BIIB

Chevy Chase Trust Holdings LLC increased its holdings in shares of Biogen Inc. (NASDAQ:BIIB) by 0.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 77,741 shares of the biotechnology company’s stock after purchasing an additional 626 shares during the quarter. Chevy Chase Trust Holdings LLC owned approximately 0.05% of Biogen worth $9,763,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in BIIB. AQR Capital Management LLC grew its position in shares of Biogen by 153.6% during the first quarter. AQR Capital Management LLC now owns 1,368,842 shares of the biotechnology company’s stock worth $187,258,000 after purchasing an additional 829,150 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd grew its position in shares of Biogen by 1,663.4% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 780,567 shares of the biotechnology company’s stock worth $106,813,000 after purchasing an additional 736,301 shares in the last quarter. AustralianSuper Pty Ltd purchased a new stake in shares of Biogen during the first quarter worth about $54,421,000. Vanguard Group Inc. grew its position in shares of Biogen by 1.7% during the first quarter. Vanguard Group Inc. now owns 17,032,839 shares of the biotechnology company’s stock worth $2,330,774,000 after purchasing an additional 283,964 shares in the last quarter. Finally, Causeway Capital Management LLC grew its position in shares of Biogen by 53.9% during the first quarter. Causeway Capital Management LLC now owns 433,517 shares of the biotechnology company’s stock worth $59,322,000 after purchasing an additional 151,815 shares in the last quarter. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Biogen Trading Up 0.5%

Shares of NASDAQ BIIB opened at $143.00 on Monday. The company has a quick ratio of 1.79, a current ratio of 2.50 and a debt-to-equity ratio of 0.36. The business has a fifty day simple moving average of $141.53 and a two-hundred day simple moving average of $131.44. The firm has a market cap of $20.97 billion, a PE ratio of 13.67, a price-to-earnings-growth ratio of 1.13 and a beta of 0.13. Biogen Inc. has a twelve month low of $110.04 and a twelve month high of $191.19.

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

Analysts Set New Price Targets

Several research firms have weighed in on BIIB. HC Wainwright raised their price target on Biogen from $187.00 to $194.00 and gave the company a “buy” rating in a report on Friday, August 1st. Royal Bank Of Canada cut their price target on Biogen from $219.00 to $217.00 and set an “outperform” rating for the company in a report on Wednesday, October 8th. Needham & Company LLC restated a “hold” rating on shares of Biogen in a report on Wednesday, September 24th. William Blair reaffirmed an “outperform” rating on shares of Biogen in a research note on Wednesday, September 24th. Finally, Morgan Stanley raised their price objective on Biogen from $144.00 to $149.00 and gave the company an “equal weight” rating in a research note on Friday, October 10th. Eleven investment analysts have rated the stock with a Buy rating, nineteen have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $180.69.

Insiders Place Their Bets

In other Biogen news, insider Priya Singhal sold 517 shares of Biogen stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $133.55, for a total transaction of $69,045.35. Following the completion of the sale, 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 position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.18% of the stock is currently 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.