Steinberg Global Asset Management Decreases Stake in Biogen Inc. (NASDAQ:BIIB)

Steinberg Global Asset Management reduced its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 18.4% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,538 shares of the biotechnology company’s stock after selling 346 shares during the period. Steinberg Global Asset Management’s holdings in Biogen were worth $421,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the company. Freestone Capital Holdings LLC purchased a new stake in Biogen during the fourth quarter valued at $659,000. Capital Guardian Trust Co. raised its position in shares of Biogen by 130.1% in the fourth quarter. Capital Guardian Trust Co. now owns 359 shares of the biotechnology company’s stock valued at $102,000 after buying an additional 203 shares in the last quarter. Crestwood Advisors Group LLC bought a new position in shares of Biogen during the first quarter valued at about $106,000. Winfield Associates Inc. raised its position 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 in the last quarter. Finally, Focused Wealth Management Inc raised its position in shares of Biogen by 18.8% in the fourth quarter. Focused Wealth Management Inc now owns 475 shares of the biotechnology company’s stock valued at $135,000 after buying an additional 75 shares in the last quarter. Institutional investors own 87.50% of the company’s stock.

Shares of Biogen Inc. (NASDAQ:BIIB) traded down 0.18% during mid-day trading on Friday, hitting $287.44. 869,157 shares of the stock were exchanged. Biogen Inc. has a 12 month low of $244.28 and a 12 month high of $307.76. The stock’s 50 day moving average is $274.41 and its 200 day moving average is $273.68. The firm has a market cap of $60.77 billion, a P/E ratio of 18.86 and a beta of 0.78.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings results on Tuesday, July 25th. The biotechnology company reported $5.04 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $4.36 by $0.68. The company had revenue of $3.08 billion during the quarter, compared to the consensus estimate of $2.81 billion. Biogen had a return on equity of 37.42% and a net margin of 28.10%. Biogen’s revenue for the quarter was up 6.4% on a year-over-year basis. During the same period in the previous year, the company posted $5.21 earnings per share. Analysts expect that Biogen Inc. will post $21.33 EPS for the current fiscal year.

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Several brokerages recently issued reports on BIIB. UBS AG reissued a “neutral” rating and set a $285.00 target price (up from $270.00) on shares of Biogen in a research note on Wednesday. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of Biogen in a research note on Thursday, May 25th. Vetr lowered shares of Biogen from a “strong-buy” rating to a “buy” rating and set a $311.67 price objective on the stock. in a research note on Wednesday, June 21st. Deutsche Bank AG reaffirmed a “buy” rating and issued a $319.00 price objective (up from $315.00) on shares of Biogen in a research note on Wednesday. Finally, Piper Jaffray Companies set a $442.00 price objective on shares of Biogen and gave the company a “buy” rating in a research note on Monday, May 15th. Fourteen investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $328.89.

In other Biogen news, EVP Susan H. Alexander sold 4,974 shares of the company’s stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $290.01, for a total value of $1,442,509.74. Following the completion of the sale, the executive vice president now directly owns 22,258 shares in the company, valued at approximately $6,455,042.58. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Susan H. Alexander sold 7,758 shares of the company’s stock in a transaction on Wednesday, July 19th. The shares were sold at an average price of $285.00, for a total value of $2,211,030.00. Following the completion of the sale, the executive vice president now owns 27,232 shares of the company’s stock, valued at $7,761,120. The disclosure for this sale can be found here. Insiders sold 13,816 shares of company stock valued at $3,931,380 over the last 90 days. Company insiders own 0.32% of the company’s stock.

About Biogen

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).

Institutional Ownership by Quarter for Biogen (NASDAQ:BIIB)

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