Fred Alger Management Inc. lessened its stake in Biogen Inc. (NASDAQ:BIIB) by 51.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,542 shares of the biotechnology company’s stock after selling 6,861 shares during the quarter. Fred Alger Management Inc.’s holdings in Biogen were worth $1,775,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Samlyn Capital LLC boosted its holdings in shares of Biogen by 64.4% in the 2nd quarter. Samlyn Capital LLC now owns 710,500 shares of the biotechnology company’s stock valued at $192,801,000 after buying an additional 278,400 shares during the last quarter. AHL Partners LLP boosted its holdings in shares of Biogen by 116.9% in the 2nd quarter. AHL Partners LLP now owns 17,647 shares of the biotechnology company’s stock valued at $4,789,000 after buying an additional 9,511 shares during the last quarter. Boston Common Asset Management LLC boosted its holdings in shares of Biogen by 15.8% in the 2nd quarter. Boston Common Asset Management LLC now owns 27,193 shares of the biotechnology company’s stock valued at $7,379,000 after buying an additional 3,707 shares during the last quarter. Sun Life Financial INC boosted its holdings in shares of Biogen by 586.4% in the 2nd quarter. Sun Life Financial INC now owns 3,034 shares of the biotechnology company’s stock valued at $823,000 after buying an additional 2,592 shares during the last quarter. Finally, Institute for Wealth Management LLC. acquired a new stake in shares of Biogen in the 2nd quarter valued at approximately $477,000. 87.65% of the stock is owned by institutional investors.
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In other Biogen news, EVP Susan H. Alexander sold 4,974 shares of the company’s stock in a transaction dated 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 transaction, 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Susan H. Alexander sold 7,758 shares of the company’s stock in a transaction dated Wednesday, July 19th. The stock was sold at an average price of $285.00, for a total value of $2,211,030.00. Following the completion of the transaction, the executive vice president now owns 27,232 shares in the company, valued at $7,761,120. The disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.
Shares of Biogen Inc. (NASDAQ:BIIB) opened at 327.48 on Friday. The firm has a market capitalization of $69.24 billion, a price-to-earnings ratio of 21.49 and a beta of 0.77. The stock’s 50 day moving average price is $311.50 and its 200 day moving average price is $281.29. Biogen Inc. has a 12-month low of $244.28 and a 12-month high of $330.98.
Biogen (NASDAQ:BIIB) last released its quarterly earnings data on Tuesday, July 25th. The biotechnology company reported $5.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.36 by $0.68. Biogen had a return on equity of 37.42% and a net margin of 28.10%. The company had revenue of $3.08 billion for the quarter, compared to analyst estimates of $2.81 billion. During the same period in the previous year, the company posted $5.21 EPS. The firm’s revenue for the quarter was up 6.4% compared to the same quarter last year. Equities research analysts expect that Biogen Inc. will post $21.53 earnings per share for the current year.
Several equities research analysts have recently commented on BIIB shares. ValuEngine raised Biogen from a “hold” rating to a “buy” rating in a report on Thursday, June 22nd. Vetr upgraded Biogen from a “buy” rating to a “strong-buy” rating and set a $311.67 price target on the stock in a research note on Tuesday, June 27th. Credit Suisse Group set a $300.00 price target on Biogen and gave the company a “hold” rating in a research note on Friday, July 14th. Robert W. Baird restated a “hold” rating and issued a $290.00 price target on shares of Biogen in a research note on Friday, August 25th. Finally, Morgan Stanley restated an “equal weight” rating and issued a $307.00 price target on shares of Biogen in a research note on Wednesday, June 14th. Thirteen investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $330.66.
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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