Vestmark Advisory Solutions Inc. purchased a new stake in Biogen Inc (NASDAQ:BIIB) in the first quarter, HoldingsChannel.com reports. The fund purchased 12,830 shares of the biotechnology company’s stock, valued at approximately $3,033,000.
Several other institutional investors and hedge funds also recently made changes to their positions in BIIB. Comerica Securities Inc. raised its stake in Biogen by 18.9% during the 4th quarter. Comerica Securities Inc. now owns 2,207 shares of the biotechnology company’s stock valued at $664,000 after buying an additional 351 shares during the last quarter. Cambridge Investment Research Advisors Inc. raised its stake in Biogen by 3.5% during the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 6,046 shares of the biotechnology company’s stock valued at $1,819,000 after buying an additional 204 shares during the last quarter. Victory Capital Management Inc. raised its stake in Biogen by 143.0% during the 4th quarter. Victory Capital Management Inc. now owns 52,060 shares of the biotechnology company’s stock valued at $15,666,000 after buying an additional 30,637 shares during the last quarter. Oregon Public Employees Retirement Fund raised its stake in Biogen by 27,620.0% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 14,309,047 shares of the biotechnology company’s stock valued at $48,000 after buying an additional 14,257,427 shares during the last quarter. Finally, Portfolio Solutions LLC purchased a new stake in Biogen during the 4th quarter valued at $26,000. Institutional investors and hedge funds own 87.64% of the company’s stock.
In related news, Director Alexander J. Denner acquired 50,342 shares of the company’s stock in a transaction on Tuesday, April 30th. The stock was acquired at an average price of $229.25 per share, with a total value of $11,540,903.50. Following the acquisition, the director now directly owns 10,909 shares of the company’s stock, valued at $2,500,888.25. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Michel Vounatsos acquired 4,351 shares of the company’s stock in a transaction on Wednesday, May 1st. The shares were bought at an average cost of $231.48 per share, with a total value of $1,007,169.48. The disclosure for this purchase can be found here. Insiders purchased a total of 173,035 shares of company stock valued at $39,759,632 in the last ninety days. 0.29% of the stock is currently owned by insiders.
Several equities research analysts have recently commented on the company. Canaccord Genuity lowered Biogen from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $396.00 to $275.00 in a research note on Thursday, March 21st. Wells Fargo & Co lowered Biogen from an “outperform” rating to a “market perform” rating in a research note on Thursday, March 21st. JPMorgan Chase & Co. lowered Biogen from an “overweight” rating to a “neutral” rating and set a $244.00 price objective for the company. in a research note on Thursday, March 21st. Argus restated a “hold” rating on shares of Biogen in a research note on Tuesday, May 7th. Finally, Citigroup restated a “neutral” rating on shares of Biogen in a research note on Thursday, May 23rd. Three equities research analysts have rated the stock with a sell rating, twenty-five have issued a hold rating and seven have issued a buy rating to the company. Biogen presently has a consensus rating of “Hold” and an average price target of $283.23.
Biogen stock traded down $3.59 during mid-day trading on Friday, hitting $227.67. The stock had a trading volume of 1,473,676 shares, compared to its average volume of 1,479,576. The company has a market capitalization of $44.14 billion, a P/E ratio of 8.69, a P/E/G ratio of 0.91 and a beta of 0.95. The company has a debt-to-equity ratio of 0.43, a quick ratio of 2.60 and a current ratio of 2.84. Biogen Inc has a one year low of $216.12 and a one year high of $388.67.
Biogen (NASDAQ:BIIB) last issued its earnings results on Wednesday, April 24th. The biotechnology company reported $6.98 earnings per share for the quarter, topping the consensus estimate of $6.88 by $0.10. The company had revenue of $3.49 billion during the quarter, compared to the consensus estimate of $3.38 billion. Biogen had a net margin of 33.79% and a return on equity of 41.39%. Biogen’s quarterly revenue was up 11.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $6.05 EPS. Analysts forecast that Biogen Inc will post 29.57 EPS for the current year.
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Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases worldwide. The company offers TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for the treatment of multiple sclerosis (MS); SPINRAZA for the treatment of spinal muscular atrophy; and FUMADERM for the treatment of plaque psoriasis.
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