Wedge Capital Management L L P NC Reduces Stock Holdings in Biogen Inc (NASDAQ:BIIB)

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Wedge Capital Management L L P NC lowered its stake in Biogen Inc (NASDAQ:BIIB) by 15.6% during the 4th quarter, HoldingsChannel.com reports. The fund owned 134,086 shares of the biotechnology company’s stock after selling 24,744 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Biogen were worth $39,787,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the stock. Kistler Tiffany Companies LLC grew its position in shares of Biogen by 41.7% during the fourth quarter. Kistler Tiffany Companies LLC now owns 119 shares of the biotechnology company’s stock worth $35,000 after purchasing an additional 35 shares in the last quarter. Institutional & Family Asset Management LLC boosted its holdings in shares of Biogen by 7.3% in the third quarter. Institutional & Family Asset Management LLC now owns 543 shares of the biotechnology company’s stock valued at $126,000 after purchasing an additional 37 shares during the period. First Hawaiian Bank grew its stake in Biogen by 0.7% in the third quarter. First Hawaiian Bank now owns 6,359 shares of the biotechnology company’s stock worth $1,481,000 after purchasing an additional 46 shares in the last quarter. Ballentine Partners LLC grew its stake in Biogen by 2.4% in the third quarter. Ballentine Partners LLC now owns 2,013 shares of the biotechnology company’s stock worth $468,000 after purchasing an additional 48 shares in the last quarter. Finally, NEXT Financial Group Inc raised its position in Biogen by 10.6% during the 3rd quarter. NEXT Financial Group Inc now owns 510 shares of the biotechnology company’s stock valued at $119,000 after purchasing an additional 49 shares in the last quarter. Institutional investors and hedge funds own 87.41% of the company’s stock.

A number of equities analysts have recently issued reports on BIIB shares. Bank of America increased their price target on Biogen from $200.00 to $235.00 and gave the stock an “underperform” rating in a research report on Wednesday, October 23rd. HC Wainwright reissued a “buy” rating and issued a $335.00 price target on shares of Biogen in a research report on Friday, December 6th. ValuEngine raised shares of Biogen from a “sell” rating to a “hold” rating in a research report on Friday, January 3rd. Leerink Swann upgraded Biogen from a “market perform” rating to an “outperform” rating in a research note on Wednesday, October 23rd. Finally, BMO Capital Markets lifted their price objective on shares of Biogen from $250.00 to $297.00 and gave the stock a “market perform” rating in a research note on Wednesday, October 23rd. Four equities research analysts have rated the stock with a sell rating, twenty-two have given a hold rating and ten have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $288.40.

In other Biogen news, Director Brian S. Posner sold 1,055 shares of the stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $292.35, for a total transaction of $308,429.25. Following the transaction, the director now owns 6,995 shares in the company, valued at $2,044,988.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.39% of the company’s stock.

Shares of Biogen stock opened at $293.09 on Thursday. The firm has a 50-day simple moving average of $297.16 and a two-hundred day simple moving average of $258.15. The company has a market cap of $53.95 billion, a P/E ratio of 11.19, a price-to-earnings-growth ratio of 1.08 and a beta of 1.09. Biogen Inc has a fifty-two week low of $215.77 and a fifty-two week high of $344.00. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.74 and a current ratio of 1.91.

Biogen (NASDAQ:BIIB) last posted its earnings results on Tuesday, October 22nd. The biotechnology company reported $9.17 EPS for the quarter, beating the Zacks’ consensus estimate of $8.27 by $0.90. Biogen had a return on equity of 46.14% and a net margin of 37.91%. The firm had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.53 billion. During the same period last year, the firm earned $7.40 EPS. The company’s quarterly revenue was up 4.7% on a year-over-year basis. Equities research analysts forecast that Biogen Inc will post 33.09 EPS for the current year.

Biogen announced that its board has approved a share buyback plan on Saturday, December 21st that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the biotechnology company to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Biogen Company Profile

Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases worldwide. The company offers TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for the treatment of multiple sclerosis (MS); SPINRAZA for the treatment of spinal muscular atrophy; and FUMADERM for the treatment of plaque psoriasis.

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Institutional Ownership by Quarter for Biogen (NASDAQ:BIIB)

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