Boltwood Capital Management lessened its stake in Biogen Inc (NASDAQ:BIIB) by 23.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,985 shares of the biotechnology company’s stock after selling 625 shares during the quarter. Boltwood Capital Management’s holdings in Biogen were worth $632,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. Assenagon Asset Management S.A. purchased a new stake in Biogen in the third quarter worth $123,494,000. Cambridge Investment Research Advisors Inc. increased its position in Biogen by 9.6% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 5,948 shares of the biotechnology company’s stock worth $1,862,000 after buying an additional 520 shares during the last quarter. Cubist Systematic Strategies LLC increased its position in Biogen by 151.3% in the third quarter. Cubist Systematic Strategies LLC now owns 10,646 shares of the biotechnology company’s stock worth $3,333,000 after buying an additional 6,409 shares during the last quarter. IFP Advisors Inc grew its position in shares of Biogen by 47.1% in the third quarter. IFP Advisors Inc now owns 3,330 shares of the biotechnology company’s stock valued at $1,043,000 after purchasing an additional 1,066 shares in the last quarter. Finally, Bainco International Investors grew its position in shares of Biogen by 4.4% in the third quarter. Bainco International Investors now owns 18,671 shares of the biotechnology company’s stock valued at $5,846,000 after purchasing an additional 790 shares in the last quarter. Institutional investors own 88.14% of the company’s stock.
In other Biogen news, Director Robert W. Pangia sold 5,832 shares of Biogen stock in a transaction on Tuesday, January 9th. The shares were sold at an average price of $329.65, for a total value of $1,922,518.80. Following the transaction, the director now directly owns 23,539 shares of the company’s stock, valued at $7,759,631.35. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Alexander J. Denner purchased 30,000 shares of the business’s stock in a transaction on Wednesday, November 29th. The stock was purchased at an average cost of $317.36 per share, for a total transaction of $9,520,800.00. Following the completion of the acquisition, the director now directly owns 10,029 shares of the company’s stock, valued at approximately $3,182,803.44. The disclosure for this purchase can be found here. Over the last ninety days, insiders have bought 31,560 shares of company stock worth $10,020,858. Corporate insiders own 0.25% of the company’s stock.
Biogen (NASDAQ:BIIB) last announced its quarterly earnings results on Tuesday, October 24th. The biotechnology company reported $6.31 EPS for the quarter, beating the Zacks’ consensus estimate of $5.70 by $0.61. The firm had revenue of $3.08 billion during the quarter, compared to the consensus estimate of $3.05 billion. Biogen had a net margin of 29.44% and a return on equity of 38.51%. The firm’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same quarter last year, the firm earned $5.19 EPS. equities analysts expect that Biogen Inc will post 21.99 earnings per share for the current fiscal year.
Several equities analysts have recently weighed in on BIIB shares. SunTrust Banks started coverage on Biogen in a research report on Wednesday, September 20th. They issued a “buy” rating and a $360.00 price target for the company. Raymond James Financial lowered Biogen from a “strong-buy” rating to a “market perform” rating and lifted their price objective for the company from $244.28 to $319.00 in a research note on Thursday, September 21st. Mizuho reissued a “neutral” rating and set a $319.00 price objective on shares of Biogen in a research note on Monday, October 2nd. Morgan Stanley raised Biogen from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $311.00 to $375.00 in a research note on Thursday, October 5th. Finally, Royal Bank of Canada reiterated a “hold” rating and issued a $315.00 price objective on shares of Biogen in a report on Thursday, October 5th. Nine analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has assigned a strong buy rating to the stock. Biogen currently has a consensus rating of “Buy” and a consensus target price of $353.75.
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Biogen Company Profile
Biogen Inc is a biopharmaceutical company. The Company focuses on discovering, developing, manufacturing and delivering therapies to people living with serious neurological, rare and autoimmune diseases. The Company markets products, including TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, ZINBRYTA and FAMPYRA for multiple sclerosis (MS), FUMADERM for the treatment of severe plaque psoriasis and SPINRAZA for the treatment of spinal muscular atrophy (SMA).
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