Horan Capital Management trimmed its holdings in shares of Biogen Inc (NASDAQ:BIIB) by 96.4% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 497 shares of the biotechnology company’s stock after selling 13,349 shares during the period. Horan Capital Management’s holdings in Biogen were worth $175,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in the stock. Rainier Group Investment Advisory LLC acquired a new stake in shares of Biogen during the first quarter worth $100,000. Adviser Investments LLC grew its stake in shares of Biogen by 745.7% during the second quarter. Adviser Investments LLC now owns 389 shares of the biotechnology company’s stock worth $113,000 after purchasing an additional 343 shares during the period. NEXT Financial Group Inc acquired a new stake in shares of Biogen during the third quarter worth $133,000. Kaizen Advisory LLC grew its stake in shares of Biogen by 145.8% during the second quarter. Kaizen Advisory LLC now owns 499 shares of the biotechnology company’s stock worth $145,000 after purchasing an additional 296 shares during the period. Finally, Gs Investments Inc. acquired a new stake in shares of Biogen during the second quarter worth $145,000. 87.55% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages recently commented on BIIB. BidaskClub cut Biogen from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, August 29th. UBS Group lifted their price objective on Biogen from $354.00 to $395.00 and gave the stock a “buy” rating in a research note on Thursday, July 26th. Citigroup lifted their target price on Biogen to $483.00 and gave the stock a “positive” rating in a report on Thursday, July 26th. Mizuho restated a “buy” rating and issued a $427.00 price target on shares of Biogen in a report on Tuesday, July 31st. Finally, Raymond James restated a “buy” rating on shares of Biogen in a report on Wednesday, October 3rd. Nine analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $383.01.
Biogen (NASDAQ:BIIB) last announced its quarterly earnings results on Tuesday, October 23rd. The biotechnology company reported $7.40 earnings per share for the quarter, topping analysts’ consensus estimates of $6.78 by $0.62. The firm had revenue of $3.44 billion for the quarter, compared to the consensus estimate of $3.33 billion. Biogen had a return on equity of 38.70% and a net margin of 24.08%. The business’s revenue was up 11.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $6.31 earnings per share. As a group, equities analysts predict that Biogen Inc will post 25.71 earnings per share for the current fiscal year.
In other Biogen news, EVP Michael D. Ehlers sold 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 26th. The stock was sold at an average price of $350.00, for a total transaction of $350,000.00. Following the transaction, the executive vice president now owns 4,281 shares of the company’s stock, valued at $1,498,350. The sale was disclosed in a document filed with the SEC, which is available through this link. 0.29% of the stock is owned by insiders.
Biogen Inc discovers, develops, manufactures, and delivers therapies for the treatment of neurological and neurodegenerative diseases worldwide. The company offers TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, ZINBRYTA, and FAMPYRA for the treatment of multiple sclerosis (MS); FUMADERM for the treatment of plaque psoriasis; and SPINRAZA to treat spinal muscular atrophy.
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