HighTower Advisors LLC Lowers Stake in Biogen Inc. $BIIB

HighTower Advisors LLC lowered its holdings in shares of Biogen Inc. (NASDAQ:BIIB) by 5.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 47,099 shares of the biotechnology company’s stock after selling 2,752 shares during the period. HighTower Advisors LLC’s holdings in Biogen were worth $10,176,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. California State Teachers Retirement System lifted its holdings in shares of Biogen by 21,439.6% during the second quarter. California State Teachers Retirement System now owns 47,535,145 shares of the biotechnology company’s stock valued at $10,270,443,000 after purchasing an additional 47,314,458 shares during the last quarter. BlackRock Inc. bought a new position in Biogen during the 2nd quarter valued at approximately $3,453,878,000. Primecap Management Co. CA bought a new position in Biogen during the 2nd quarter valued at approximately $3,274,304,000. Norges Bank purchased a new position in Biogen during the fourth quarter valued at $464,408,000. Finally, Boston Partners bought a new stake in Biogen in the fourth quarter worth $302,815,000. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Morgan Stanley increased their price objective on shares of Biogen from $222.00 to $231.00 and gave the company an “equal weight” rating in a research report on Thursday, July 30th. Weiss Ratings lowered Biogen from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday, August 12th. Wall Street Zen downgraded Biogen from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Barclays lifted their price objective on Biogen from $185.00 to $200.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 29th. Finally, Zacks Research raised shares of Biogen from a “strong sell” rating to a “hold” rating in a report on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, thirteen have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $228.50.

Biogen Trading Down 0.8%

Shares of NASDAQ:BIIB opened at $210.73 on Thursday. The stock’s 50-day simple moving average is $209.57 and its two-hundred day simple moving average is $197.06. The stock has a market capitalization of $31.14 billion, a price-to-earnings ratio of 37.30, a PEG ratio of 2.35 and a beta of 0.17. Biogen Inc. has a 52-week low of $135.39 and a 52-week high of $225.80. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.26 and a current ratio of 1.87.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings results on Wednesday, July 29th. The biotechnology company reported $3.60 earnings per share for the quarter, topping the consensus estimate of $2.94 by $0.66. Biogen had a net margin of 8.32% and a return on equity of 11.18%. The business had revenue of $2.74 billion for the quarter, compared to analysts’ expectations of $2.46 billion. During the same quarter last year, the company posted $5.47 EPS. The company’s revenue was up 3.4% compared to the same quarter last year. Biogen has set its FY 2026 guidance at 12.000-13.000 EPS. Analysts expect that Biogen Inc. will post 12.39 EPS for the current year.

About Biogen

Biogen Inc is a biotechnology company focused on discovering, developing and commercializing therapies for neurological and neurodegenerative diseases. Founded in 1978, the company is headquartered in Cambridge, Massachusetts, and serves patients and healthcare providers in markets around the world.

Biogen’s portfolio includes treatments for multiple sclerosis, including Tecfidera, Vumerity, Tysabri, Avonex and Plegridy, as well as Spinraza for spinal muscular atrophy, developed in collaboration with Ionis Pharmaceuticals.