Florida-based wealth advisory J. L. Bainbridge & Co. sold 119,376 shares of Biogen (BIIB 0.58%) during the third quarter for an estimated $16.1 million.
What Happened
In a quarterly disclosure filed with the Securities and Exchange Commission on Friday, J. L. Bainbridge & Co. Inc. reported selling 119,376 shares of Biogen (BIIB 0.58%) during the third quarter. The estimated value of the shares sold was $16.1 million, based on the average closing price for the period. The fund now holds just 2,969 shares of Biogen valued at $415,898 as of September 30.
What Else to Know
The sale reduced Biogen to 0.03% of reported U.S. equity assets under management as of September 30.
Top holdings after the filing:
- NASDAQ:MSFT: $164.85 million (13.9% of AUM)
- NASDAQ:AAPL: $122.68 million (10.4% of AUM)
- NASDAQ:GOOGL: $116.65 million (9.9% of AUM)
- NYSE:GS: $71.43 million (6% of AUM)
- NYSE:ETN: $59.86 million (5.1% of AUM)
As of Friday’s market close, shares of Biogen were priced at $143, down 23% over the past year.
Company Overview
| Metric | Value |
|---|---|
| Price (as of market close on Friday) | $143.00 |
| Market Capitalization | $21 billion |
| Revenue (TTM) | $10 billion |
| Net Income (TTM) | $1.5 billion |
Company Snapshot
- Biogen’s portfolio includes therapies for neurological and neurodegenerative diseases, such as multiple sclerosis, spinal muscular atrophy, Alzheimer’s disease, and biosimilars targeting autoimmune disorders.
- The company generates revenue through the discovery, development, manufacturing, and commercialization of branded pharmaceuticals and biosimilars, with a focus on specialty and rare disease markets.
- Biogen serves a global customer base, including healthcare providers, hospitals, and specialty pharmacies treating patients with neurological and rare diseases.
Biogen specializes in therapies for complex neurological and neurodegenerative conditions. With a diversified product suite and a robust pipeline, Biogen leverages scientific innovation and strategic collaborations to maintain its position in high-need therapeutic areas.
Foolish Take
Florida-based J.L. Bainbridge & Co. dramatically scaled back its Biogen holdings last quarter, selling nearly its entire position for roughly $16 million. The firm, known for its long-term focus and balanced growth strategy, now holds only about $416,000 worth of Biogen stock—just 0.03% of its reportable U.S. equity assets.
The timing aligns with Biogen’s mixed performance over the past year. Shares are down 23%, despite a strong second-quarter report showing 7% year-over-year revenue growth to $2.6 billion and raised full-year guidance. The company highlighted sequential growth in Alzheimer’s therapy LEQEMBI, rare-disease drug SKYCLARYS, and postpartum-depression treatment ZURZUVAE, with CEO Christopher Viehbacher calling it “another quarter of strong execution” as Biogen reshapes its portfolio for sustainable growth. Still, the stock has struggled amid investor skepticism fueled by declining sales.
Bainbridge’s near-exit follows other portfolio adjustments—such as trims to Delta Air Lines—as the firm concentrates its holdings in proven large-cap growth names like Microsoft, Apple, and Alphabet. For long-term investors, Biogen’s upcoming October 30 earnings will be a key moment to gauge whether its new drug launches can meaningfully offset the erosion of its older franchises.
Glossary
AUM (Assets Under Management): The total market value of assets a fund or investment manager oversees on behalf of clients.
Quarterly disclosure: A report filed every three months detailing a fund’s holdings, transactions, and other relevant financial information.
Post-trade stake: The number of shares or percentage of ownership remaining after a buy or sell transaction.
Top holdings: The largest investments in a fund’s portfolio, usually ranked by market value or portfolio percentage.
Biosimilars: Biologic medical products highly similar to already approved reference drugs, used to treat various diseases.
Specialty and rare disease markets: Healthcare sectors focused on developing treatments for uncommon or complex medical conditions.
Pipeline: The portfolio of drugs or products a company is developing, from early research to late-stage clinical trials.
Strategic collaborations: Partnerships between companies to jointly develop, market, or distribute products or technologies.
TTM: The 12-month period ending with the most recent quarterly report.
Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet, Apple, Goldman Sachs Group, and Microsoft. The Motley Fool recommends Biogen and recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.