Manning & Napier Advisors LLC acquired a new position in shares of Biogen Inc (NASDAQ:BIIB) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 122,675 shares of the biotechnology company’s stock, valued at approximately $33,540,000. Manning & Napier Advisors LLC owned about 0.06% of Biogen at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently made changes to their positions in BIIB. State Street Corp raised its position in shares of Biogen by 3.2% in the fourth quarter. State Street Corp now owns 9,360,881 shares of the biotechnology company’s stock worth $2,654,589,000 after buying an additional 293,817 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Biogen by 19.5% in the third quarter. Price T Rowe Associates Inc. MD now owns 7,610,028 shares of the biotechnology company’s stock worth $2,382,167,000 after buying an additional 1,243,876 shares during the last quarter. Northern Trust Corp increased its stake in shares of Biogen by 0.4% in the third quarter. Northern Trust Corp now owns 2,978,479 shares of the biotechnology company’s stock worth $932,354,000 after buying an additional 12,483 shares during the last quarter. Norges Bank bought a new stake in shares of Biogen during the fourth quarter worth approximately $603,929,000. Finally, UBS Asset Management Americas Inc. increased its stake in shares of Biogen by 34.3% in the third quarter. UBS Asset Management Americas Inc. now owns 1,529,045 shares of the biotechnology company’s stock worth $478,636,000 after buying an additional 390,906 shares during the last quarter. 86.97% of the stock is currently owned by institutional investors and hedge funds.
Biogen Inc (NASDAQ:BIIB) traded up 0.002% during mid-day trading on Friday, hitting $272.465. The stock had a trading volume of 835,850 shares. The company has a 50 day moving average price of $278.72 and a 200 day moving average price of $287.90. The stock has a market cap of $58.84 billion, a P/E ratio of 16.094 and a beta of 0.72. Biogen Inc has a one year low of $223.02 and a one year high of $333.65.
Biogen (NASDAQ:BIIB) last announced its earnings results on Thursday, January 26th. The biotechnology company reported $5.04 earnings per share for the quarter, topping the Zacks’ consensus estimate of $4.96 by $0.08. The company earned $2.87 billion during the quarter, compared to the consensus estimate of $2.94 billion. Biogen had a net margin of 32.34% and a return on equity of 38.48%. The company’s revenue was up 1.2% on a year-over-year basis. During the same period in the previous year, the firm posted $4.50 earnings per share. On average, equities analysts anticipate that Biogen Inc will post $20.96 EPS for the current year.
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A number of equities analysts have issued reports on BIIB shares. Credit Suisse Group AG reiterated a “neutral” rating and set a $312.00 price target on shares of Biogen in a research report on Friday, December 30th. Robert W. Baird reiterated a “hold” rating on shares of Biogen in a research report on Tuesday, February 7th. Jefferies Group LLC reiterated a “hold” rating and set a $313.00 price target on shares of Biogen in a research report on Tuesday, January 24th. Leerink Swann cut Biogen from an “outperform” rating to a “market perform” rating and set a $300.00 target price for the company. in a report on Thursday, March 16th. Finally, Cantor Fitzgerald set a $293.00 target price on Biogen and gave the company a “hold” rating in a report on Thursday, January 26th. Twelve analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $326.64.
In related news, CMO Alfred Sandrock sold 1,981 shares of the business’s stock in a transaction that occurred on Monday, April 3rd. The shares were sold at an average price of $274.08, for a total transaction of $542,952.48. Following the completion of the sale, the chief marketing officer now directly owns 7,060 shares of the company’s stock, valued at $1,935,004.80. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Paul J. Clancy sold 9,891 shares of the company’s stock in a transaction that occurred on Monday, March 13th. The shares were sold at an average price of $291.55, for a total transaction of $2,883,721.05. Following the completion of the sale, the vice president now directly owns 20,705 shares of the company’s stock, valued at approximately $6,036,542.75. The disclosure for this sale can be found here. 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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