State of Tennessee Treasury Department trimmed its position in Biogen Inc. (NASDAQ:BIIB) by 7.0% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 188,984 shares of the biotechnology company’s stock after selling 14,167 shares during the quarter. State of Tennessee Treasury Department owned about 0.09% of Biogen worth $51,283,000 at the end of the most recent reporting period.
Other hedge funds have also recently modified their holdings of the company. Pathstone Family Office LLC bought a new stake in shares of Biogen in the first quarter worth about $102,000. Prentiss Smith & Co. Inc. increased its holdings 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 worth $104,000 after purchasing an additional 50 shares during the last quarter. Independent Portfolio Consultants Inc. increased its holdings 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 worth $123,000 after purchasing an additional 219 shares during the last quarter. Winfield Associates Inc. increased its holdings in shares of Biogen by 16.8% in the first quarter. Winfield Associates Inc. now owns 467 shares of the biotechnology company’s stock worth $128,000 after purchasing an additional 67 shares during the last quarter. Finally, Carroll Financial Associates Inc. increased its holdings in shares of Biogen by 1.2% in the second quarter. Carroll Financial Associates Inc. now owns 496 shares of the biotechnology company’s stock worth $134,000 after purchasing an additional 6 shares during the last quarter. 87.26% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Biogen Inc. (BIIB) opened at 323.64 on Friday. Biogen Inc. has a 12-month low of $244.28 and a 12-month high of $330.00. The firm’s 50-day moving average price is $297.83 and its 200-day moving average price is $278.11. The stock has a market cap of $68.43 billion, a price-to-earnings ratio of 21.24 and a beta of 0.77.
Biogen (NASDAQ:BIIB) last posted its quarterly earnings results on Tuesday, July 25th. The biotechnology company reported $5.04 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $4.36 by $0.68. The business had revenue of $3.08 billion during the quarter, compared to the consensus estimate of $2.81 billion. Biogen had a net margin of 28.10% and a return on equity of 37.42%. The company’s quarterly revenue was up 6.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $5.21 earnings per share. On average, analysts forecast that Biogen Inc. will post $21.48 EPS for the current fiscal year.
Several brokerages have weighed in on BIIB. BMO Capital Markets boosted their price objective on Biogen from $328.00 to $377.00 and gave the stock a “market perform” rating in a research note on Wednesday. Mizuho reissued a “neutral” rating and set a $319.00 price objective (up from $274.00) on shares of Biogen in a research note on Wednesday. Vetr raised Biogen from a “hold” rating to a “buy” rating and set a $346.83 price objective on the stock in a research note on Thursday, September 7th. Royal Bank Of Canada began coverage on Biogen in a research note on Thursday. They set a “sector perform” rating on the stock. Finally, ValuEngine cut Biogen from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Thirteen investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the stock. Biogen currently has a consensus rating of “Buy” and a consensus price target of $333.87.
In other news, EVP Susan H. Alexander sold 7,758 shares of Biogen stock in a transaction on Wednesday, July 19th. The shares were sold at an average price of $285.00, for a total transaction of $2,211,030.00. Following the completion of the sale, the executive vice president now directly owns 27,232 shares of the company’s stock, valued at approximately $7,761,120. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Susan H. Alexander sold 4,974 shares of Biogen stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $290.01, for a total transaction of $1,442,509.74. Following the sale, the executive vice president now directly owns 22,258 shares of the company’s stock, valued at $6,455,042.58. 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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