Glenmede Trust Co. NA Has $20.47 Million Stock Position in Biogen Inc. (NASDAQ:BIIB)

Glenmede Trust Co. NA reduced its stake in Biogen Inc. (NASDAQ:BIIB – Get Rating) by 29.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 76,667 shares of the biotechnology company’s stock after selling 32,762 shares during the quarter. Glenmede Trust Co. NA owned about 0.05% of Biogen worth $20,468,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Captrust Financial Advisors lifted its stake in Biogen by 9.1% in the third quarter. Captrust Financial Advisors now owns 7,758 shares of the biotechnology company’s stock valued at $2,071,000 after buying an additional 650 shares during the period. Kentucky Retirement Systems Insurance Trust Fund lifted its stake in Biogen by 3.9% in the third quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 5,200 shares of the biotechnology company’s stock valued at $1,388,000 after buying an additional 196 shares during the period. Kentucky Retirement Systems lifted its stake in Biogen by 4.5% in the third quarter. Kentucky Retirement Systems now owns 11,359 shares of the biotechnology company’s stock valued at $3,033,000 after buying an additional 490 shares during the period. Alpha DNA Investment Management LLC acquired a new position in Biogen in the third quarter valued at approximately $978,000. Finally, Alpha Paradigm Partners LLC acquired a new position in Biogen in the third quarter valued at approximately $77,000. 84.40% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Biogen news, EVP Susan H. Alexander sold 5,532 shares of the firm’s stock in a transaction dated Thursday, October 27th. The stock was sold at an average price of $280.70, for a total value of $1,552,832.40. Following the sale, the executive vice president now owns 39,396 shares of the company’s stock, valued at approximately $11,058,457.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Biogen news, EVP Ginger Gregory sold 5,610 shares of the firm’s stock in a transaction dated Monday, November 14th. The stock was sold at an average price of $300.11, for a total value of $1,683,617.10. Following the sale, the executive vice president now owns 5,711 shares of the company’s stock, valued at approximately $1,713,928.21. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Susan H. Alexander sold 5,532 shares of the firm’s stock in a transaction dated Thursday, October 27th. The shares were sold at an average price of $280.70, for a total value of $1,552,832.40. Following the completion of the sale, the executive vice president now directly owns 39,396 shares in the company, valued at approximately $11,058,457.20. The disclosure for this sale can be found here. 0.65% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on BIIB shares. Guggenheim boosted their price target on Biogen from $265.00 to $270.00 and gave the company a “neutral” rating in a research note on Friday, November 11th. StockNews.com started coverage on Biogen in a research report on Wednesday, October 12th. They set a “strong-buy” rating on the stock. HC Wainwright upped their target price on Biogen from $240.00 to $325.00 and gave the stock a “buy” rating in a research report on Wednesday, October 26th. Canaccord Genuity Group upped their target price on Biogen from $285.00 to $325.00 and gave the stock a “buy” rating in a research report on Wednesday, October 26th. Finally, Wedbush upped their target price on Biogen from $218.00 to $247.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 30th. Eight investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $306.46.

Biogen Price Performance

BIIB traded down $1.96 during trading on Wednesday, reaching $289.92. 103,676 shares of the company were exchanged, compared to its average volume of 1,287,061. The company’s 50-day moving average is $288.07 and its two-hundred day moving average is $252.73. The company has a market cap of $41.75 billion, a price-to-earnings ratio of 14.86, a P/E/G ratio of 1.84 and a beta of 0.23. The company has a quick ratio of 2.14, a current ratio of 2.49 and a debt-to-equity ratio of 0.49. Biogen Inc. has a 12-month low of $187.16 and a 12-month high of $311.88.

Biogen (NASDAQ:BIIB – Get Rating) last issued its quarterly earnings data on Tuesday, October 25th. The biotechnology company reported $4.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.13 by $0.64. The business had revenue of $2.51 billion for the quarter, compared to analysts’ expectations of $2.47 billion. Biogen had a return on equity of 21.31% and a net margin of 27.64%. The firm’s quarterly revenue was down 9.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $4.77 EPS. Research analysts forecast that Biogen Inc. will post 17.03 earnings per share for the current fiscal year.

Biogen Company Profile

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Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases. The company offers TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; and FUMADERM to treat plaque psoriasis.