Marshall Wace North America L.P. bought a new position in shares of Biogen Inc (NASDAQ:BIIB) in the 3rd quarter, Holdings Channel reports. The fund bought 206,768 shares of the biotechnology company’s stock, valued at approximately $73,053,000.
Several other hedge funds also recently made changes to their positions in the stock. Marshall Wace LLP bought a new stake in shares of Biogen during the 3rd quarter worth about $4,287,000. Reynders McVeigh Capital Management LLC boosted its holdings in shares of Biogen by 4.9% during the 3rd quarter. Reynders McVeigh Capital Management LLC now owns 18,484 shares of the biotechnology company’s stock worth $6,531,000 after buying an additional 860 shares during the period. Belpointe Asset Management LLC bought a new stake in shares of Biogen during the 3rd quarter worth about $748,000. Standard Life Aberdeen plc boosted its holdings in shares of Biogen by 6.9% during the 3rd quarter. Standard Life Aberdeen plc now owns 124,967 shares of the biotechnology company’s stock worth $44,158,000 after buying an additional 8,097 shares during the period. Finally, Rehmann Capital Advisory Group boosted its holdings in shares of Biogen by 35,621.0% during the 3rd quarter. Rehmann Capital Advisory Group now owns 226,471 shares of the biotechnology company’s stock worth $641,000 after buying an additional 225,837 shares during the period. 87.16% of the stock is owned by institutional investors and hedge funds.
Several brokerages recently commented on BIIB. BidaskClub downgraded shares of Biogen from a “strong-buy” rating to a “buy” rating in a report on Wednesday, August 29th. Raymond James reaffirmed a “buy” rating on shares of Biogen in a report on Wednesday, October 3rd. ValuEngine downgraded shares of Biogen from a “hold” rating to a “sell” rating in a report on Friday, October 12th. Sanford C. Bernstein downgraded shares of Biogen from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $373.00 to $341.00 in a report on Friday, October 19th. Finally, Mizuho set a $427.00 price objective on shares of Biogen and gave the company a “buy” rating in a report on Tuesday, October 23rd. Nine investment analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $382.58.
Biogen (NASDAQ:BIIB) last issued its earnings results on Tuesday, October 23rd. The biotechnology company reported $7.40 EPS for the quarter, beating the consensus estimate of $6.78 by $0.62. The company had revenue of $3.44 billion during the quarter, compared to analysts’ expectations of $3.33 billion. Biogen had a net margin of 24.08% and a return on equity of 38.70%. The business’s revenue for the quarter was up 11.7% compared to the same quarter last year. During the same period in the previous year, the company earned $6.31 EPS. On average, research analysts predict that Biogen Inc will post 25.82 EPS for the current fiscal year.
In other news, EVP Michael D. Ehlers sold 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 26th. The shares were sold at an average price of $350.00, for a total value of $350,000.00. Following the completion of the transaction, the executive vice president now directly owns 4,281 shares in the company, valued at approximately $1,498,350. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.29% of the stock is currently owned by insiders.
Biogen Inc discovers, develops, manufactures, and delivers therapies for the treatment of neurological and neurodegenerative diseases worldwide. The company offers TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, ZINBRYTA, and FAMPYRA for the treatment of multiple sclerosis (MS); FUMADERM for the treatment of plaque psoriasis; and SPINRAZA to treat spinal muscular atrophy.
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