Quantinno Capital Management LP Reduces Stake in Biogen Inc.

On December 15, 2024, it was disclosed that Quantinno Capital Management LP has reduced its stake in Biogen Inc. (NASDAQ:BIIB) by 62.8% during the third quarter of the year. Following this reduction, the firm now holds 3,069 shares of Biogen, having sold off 5,172 shares during this period. As of its latest filing with the Securities and Exchange Commission (SEC), the value of Quantinno's investment in Biogen Inc. stands at approximately $595,000.

Additionally, numerous other large investors have also adjusted their holdings in Biogen recently. For instance, Itau Unibanco Holding S.A. and Ashton Thomas Securities LLC both acquired new stakes in the company, each worth about $33,000 during the second and third quarters, respectively. Blue Trust Inc. increased its holdings significantly by 249.0% in the second quarter, giving it a total of 178 shares valued at around $38,000 after acquiring another 127 shares. Similarly, First Horizon Advisors Inc. raised its stake by 39.8%, owning 172 shares with a total value of $40,000, following the purchase of an additional 49 shares in the last quarter. Venturi Wealth Management LLC also upped its stake in Biogen by 73.8%, obtaining 219 shares worth $42,000 after acquiring 93 extra shares.

Biogen Stock Performance

As of the last reporting date, Biogen's stock opened at $150.03, reflecting a decrease of 3.4%. The stock has a fifty-day moving average of $171.21 and a two-hundred day moving average of $198.27. The company maintains a market capitalization of $21.86 billion, along with a price-to-earnings ratio of 13.55. Biogen's debt-to-equity ratio is rated at 0.28, while it shows a current ratio of 1.26 and a quick ratio of 0.80. The stock has experienced a fifty-two week low of $149.93 and a high of $268.30.

In terms of financial performance, Biogen recently reported its quarterly earnings on October 30th, revealing earnings per share (EPS) of $4.08, surpassing the consensus estimate of $3.77 by $0.31. The company’s revenue during the quarter was reported at $2.47 billion, slightly exceeding estimates of $2.43 billion. However, this represented a 2.5% decline in revenue compared to the same quarter from the previous year.

Analyst Insights and Projections

Various equity research analysts have recently provided insights regarding Biogen. Citigroup initiated coverage on Biogen, assigning a "neutral" rating with a target price of $190. Wolfe Research likewise began coverage with a “peer perform” rating. Oppenheimer adjusted their price target for Biogen down from $270.00 to $255.00, assigning an "outperform" rating. In contrast, Cantor Fitzgerald reaffirmed an “overweight” rating with a price objective set at $292.00. Robert W. Baird recently raised their price target from $294.00 to $300.00 while maintaining an “outperform” rating. Currently, the consensus rating for Biogen is acknowledged as a "Moderate Buy" with an average price target of $248.25.

About Biogen Inc.

Biogen Inc. specializes in discovering, developing, manufacturing, and delivering therapies aimed at treating neurological and neurodegenerative diseases. It has a strong presence across the United States, Europe, and Asia. Notable products in its portfolio include TECFIDERA and AVONEX for multiple sclerosis, SPINRAZA for spinal muscular atrophy, and ADUHELM for Alzheimer’s disease.

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