Huntington National Bank Cuts Holdings in Biogen Inc. $BIIB

Huntington National Bank lessened its position in shares of Biogen Inc. (NASDAQ:BIIB) by 15.7% in the second quarter, Holdings Channel.com reports. The fund owned 2,050 shares of the biotechnology company’s stock after selling 383 shares during the quarter. Huntington National Bank’s holdings in Biogen were worth $257,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vision Financial Markets LLC acquired a new position in shares of Biogen in the 1st quarter valued at about $27,000. Greykasell Wealth Strategies Inc. acquired a new stake in Biogen during the 1st quarter worth approximately $27,000. Zions Bancorporation National Association UT purchased a new position in Biogen in the first quarter valued at approximately $29,000. Concord Wealth Partners lifted its position in Biogen by 100.0% during the second quarter. Concord Wealth Partners now owns 228 shares of the biotechnology company’s stock valued at $29,000 after buying an additional 114 shares in the last quarter. Finally, Private Trust Co. NA grew its stake in Biogen by 74.8% during the first quarter. Private Trust Co. NA now owns 229 shares of the biotechnology company’s stock worth $31,000 after buying an additional 98 shares during the period. 87.93% of the stock is currently owned by institutional investors and hedge funds.

Biogen Price Performance

Shares of NASDAQ BIIB opened at $155.51 on Friday. 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 fifty-two week low of $110.04 and a fifty-two week high of $175.86. The business has a 50 day moving average price of $146.06 and a two-hundred day moving average price of $134.78. The firm has a market cap of $22.81 billion, a PE ratio of 14.87, a price-to-earnings-growth ratio of 1.17 and a beta of 0.10.

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

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Wall Street Zen lowered shares of Biogen from a “strong-buy” rating to a “buy” rating in a report on Saturday, November 1st. Sanford C. Bernstein raised their price objective on Biogen from $155.00 to $157.00 and gave the company a “market perform” rating in a research report on Monday, November 3rd. Royal Bank Of Canada lowered their target price on Biogen from $217.00 to $210.00 and set an “outperform” rating for the company in a research note on Friday, October 31st. Jefferies Financial Group initiated coverage on Biogen in a research report on Thursday, September 25th. They set a “buy” rating and a $190.00 price target on the stock. Finally, BMO Capital Markets increased their price objective on shares of Biogen from $128.00 to $150.00 in a research report on Friday, October 31st. Ten equities research analysts have rated the stock with a Buy rating and eighteen have issued a Hold rating to the company. Based on data from MarketBeat, Biogen has an average rating of “Hold” and a consensus target price of $177.46.

Insiders Place Their Bets

In other news, insider Priya Singhal sold 517 shares of the business’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. The trade was a 8.22% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.18% of the stock is currently owned by corporate 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.