Wright Investors Service Inc. boosted its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 7.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,378 shares of the biotechnology company’s stock after buying an additional 163 shares during the period. Wright Investors Service Inc.’s holdings in Biogen were worth $645,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of BIIB. Pathstone Family Office LLC bought a new stake in shares of Biogen during the first quarter valued at about $102,000. Prentiss Smith & Co. Inc. boosted its stake in shares of Biogen by 14.9% in the second quarter. Prentiss Smith & Co. Inc. now owns 385 shares of the biotechnology company’s stock valued at $104,000 after buying an additional 50 shares during the period. Crestwood Advisors Group LLC bought a new stake in shares of Biogen during the first quarter valued at about $106,000. Independent Portfolio Consultants Inc. boosted its stake in shares of Biogen by 93.2% in the second quarter. Independent Portfolio Consultants Inc. now owns 454 shares of the biotechnology company’s stock valued at $123,000 after buying an additional 219 shares during the period. Finally, Winfield Associates Inc. boosted its stake in shares of Biogen by 16.8% in the first quarter. Winfield Associates Inc. now owns 467 shares of the biotechnology company’s stock valued at $128,000 after buying an additional 67 shares during the period. Institutional investors and hedge funds own 88.70% of the company’s stock.
Shares of Biogen Inc. (NASDAQ:BIIB) traded up 0.90% during mid-day trading on Friday, hitting $283.68. The stock had a trading volume of 727,172 shares. The stock’s 50-day moving average is $281.49 and its 200 day moving average is $273.98. The firm has a market capitalization of $59.98 billion, a price-to-earnings ratio of 18.62 and a beta of 0.79. Biogen Inc. has a 1-year low of $244.28 and a 1-year high of $329.83.
Biogen (NASDAQ:BIIB) last announced its quarterly earnings data on Tuesday, July 25th. The biotechnology company reported $5.04 earnings per share for the quarter, topping the Zacks’ consensus estimate of $4.36 by $0.68. The business had revenue of $3.08 billion for the quarter, compared to analysts’ expectations of $2.81 billion. Biogen had a net margin of 28.10% and a return on equity of 37.42%. The business’s revenue was up 6.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $5.21 earnings per share. Equities research analysts predict that Biogen Inc. will post $21.44 EPS for the current fiscal year.
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Several brokerages recently issued reports on BIIB. UBS AG reiterated a “neutral” rating and issued a $285.00 price target (up from $270.00) on shares of Biogen in a research note on Wednesday, July 26th. Sanford C. Bernstein reiterated an “outperform” rating on shares of Biogen in a research note on Thursday, May 25th. Vetr cut Biogen from a “strong-buy” rating to a “buy” rating and set a $311.67 price target for the company. in a research note on Wednesday, June 21st. Deutsche Bank AG reiterated a “buy” rating and issued a $319.00 price target (up from $315.00) on shares of Biogen in a research note on Wednesday, July 26th. Finally, Piper Jaffray Companies set a $442.00 target price on Biogen and gave the stock a “buy” rating in a research note on Monday, May 15th. Eleven equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $329.74.
In other news, EVP Susan H. Alexander sold 4,974 shares of the company’s stock in a transaction that occurred on Tuesday, July 25th. The shares were sold at an average price of $290.01, for a total value of $1,442,509.74. Following the transaction, the executive vice president now owns 22,258 shares in the company, valued at $6,455,042.58. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Brian S. Posner sold 1,084 shares of the company’s stock in a transaction that occurred on Friday, June 9th. The stock was sold at an average price of $256.31, for a total transaction of $277,840.04. Following the completion of the transaction, the director now owns 6,330 shares in the company, valued at approximately $1,622,442.30. The disclosure for this sale can be found here. In the last quarter, insiders sold 13,816 shares of company stock worth $3,931,380. Insiders own 0.32% of the company’s stock.
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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