Eudaimonia Partners LLC Reduces Biogen Inc. Stake by 65%

Eudaimonia Partners LLC has significantly adjusted its investment in Biogen Inc. by selling 65% of its holdings during the third quarter. This move, as noted in the recent Securities & Exchange Commission filing, resulted in Eudaimonia Partners LLC owning 1,788 shares after the sale of 3,326 shares. At the time of the filing, the value of these shares was estimated to be about $460,000.

Activity Among Other Hedge Funds

Biogen has seen varied activity from other hedge funds as well. Stonegate Investment Group LLC raised its investment by 4.4%, ending the quarter with 2,741 shares valued at $704,000. Independent Advisor Alliance increased its stake by 18.6%, owning 8,688 shares worth $2,233,000. Meanwhile, Stratos Wealth Advisors LLC and Stratos Wealth Partners LTD. also augmented their Biogen shares by 20.0% and 1.1% respectively. Horizon Bancorp Inc. IN made a notable move by boosting its position by 361.8%, now holding 411 shares valued at $106,000. In totality, institutional investors and hedge funds own 85.99% of Biogen's stock.

Biogen Stock Performance

On the stock market, Biogen shares started at $263.43. The company's financial ratios appear stable with a quick ratio of 1.09, a current ratio of 1.68, and a debt-to-equity ratio of 0.47. Over the past year, the stock has fluctuated between a low of $220.86 and a high of $319.76, exhibiting a market capitalization of $38.17 billion. Biogen's earnings per share (EPS) for the recent quarter was $4.36, surpassing analyst predictions. Revenue for the quarter was $2.53 billion, reflecting a modest increase from the same period the previous year.

Insider Trading at Biogen

There have been insider trading activities as well, with Priya Singhal, an insider of Biogen, selling 110 shares at an average price of $248.00, totaling $27,280. Post transaction, Singhal retains 3,464 shares in the company, valued at approximately $859,072. Company insiders collectively own 0.60% of Biogen's stock.

Analysts' Perspectives on Biogen

Several analysts have recently weighted in on Biogen. Morgan Stanley raised its price objective for Biogen, giving the company an "overweight" rating. Other analyst firms followed with similar optimistic outlooks and adjustments to their price targets. Biogen has generally received a positive consensus from the analysts, with the average target price set at $319.67 and majority suggesting a "buy" recommendation.

About Biogen

Biogen Inc. specializes in discovering, developing, manufacturing, and delivering therapies aimed at treating neurological and neurodegenerative diseases. Their product portfolio addresses a range of conditions, including multiple sclerosis, spinal muscular atrophy, Alzheimer's disease, and plaque psoriasis, among others.

Biogen, Eudaimonia, Investment