Connor Clark & Lunn Investment Management Ltd. Reduces Holdings in Biogen Inc. $BIIB

Connor Clark & Lunn Investment Management Ltd. cut its stake in Biogen Inc. (NASDAQ:BIIB) by 21.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 217,738 shares of the biotechnology company’s stock after selling 60,096 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.15% of Biogen worth $27,346,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Biogen by 7.6% in the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 294,269 shares of the biotechnology company’s stock valued at $36,957,000 after purchasing an additional 20,721 shares during the last quarter. Parkside Financial Bank & Trust lifted its stake in Biogen by 15.1% in the second quarter. Parkside Financial Bank & Trust now owns 1,647 shares of the biotechnology company’s stock valued at $207,000 after buying an additional 216 shares during the last quarter. Aviva PLC boosted its holdings in shares of Biogen by 6.8% in the second quarter. Aviva PLC now owns 108,674 shares of the biotechnology company’s stock valued at $13,648,000 after acquiring an additional 6,945 shares during the period. Los Angeles Capital Management LLC grew its position in shares of Biogen by 2.4% during the second quarter. Los Angeles Capital Management LLC now owns 44,358 shares of the biotechnology company’s stock worth $5,571,000 after acquiring an additional 1,048 shares during the last quarter. Finally, Summit Investment Advisors Inc. increased its holdings in shares of Biogen by 2.2% in the 1st quarter. Summit Investment Advisors Inc. now owns 6,187 shares of the biotechnology company’s stock valued at $847,000 after acquiring an additional 131 shares during the period. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Insider Activity

In related news, insider Priya Singhal sold 517 shares of the firm’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 in the company, valued at $770,850.60. This trade represents 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 available at this link. 0.18% of the stock is owned by corporate insiders.

Biogen Stock Down 0.8%

BIIB opened at $155.51 on Monday. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.50 and a quick ratio of 1.79. Biogen Inc. has a 12 month low of $110.04 and a 12 month high of $175.86. The stock has a market capitalization of $22.81 billion, a P/E ratio of 14.87, a P/E/G ratio of 1.17 and a beta of 0.10. The business has a 50 day simple moving average of $146.06 and a 200-day simple moving average of $135.01.

Biogen (NASDAQ:BIIB) last released its quarterly earnings data on Thursday, October 30th. The biotechnology company reported $4.81 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $2.53 billion during the quarter, compared to analysts’ expectations of $2.34 billion. During the same quarter in the prior year, the business posted $4.08 earnings per share. Biogen’s revenue was up 2.8% compared to the same quarter last year. Biogen has set its FY 2025 guidance at 14.500-15.00 EPS. On average, equities analysts anticipate that Biogen Inc. will post 15.83 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have issued reports on BIIB shares. Wells Fargo & Company raised their price objective on shares of Biogen from $140.00 to $155.00 in a research report on Friday, October 31st. Piper Sandler raised their price target on Biogen from $115.00 to $118.00 and gave the stock a “neutral” rating in a report on Friday, September 12th. Jefferies Financial Group began coverage on Biogen in a research note on Thursday, September 25th. They set a “buy” rating and a $190.00 price objective for the company. Royal Bank Of Canada lowered their target price on Biogen from $217.00 to $210.00 and set an “outperform” rating on the stock in a research note on Friday, October 31st. Finally, Weiss Ratings lowered Biogen from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday. Ten investment analysts have rated the stock with a Buy rating, seventeen have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $177.46.

About Biogen

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.