Seven Bridges Advisors LLC cut its position in shares of Biogen Inc. (NASDAQ:BIIB) by 11.1% during the second quarter, Holdings Channel reports. The institutional investor owned 1,246 shares of the biotechnology company’s stock after selling 156 shares during the period. Seven Bridges Advisors LLC’s holdings in Biogen were worth $301,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Howard Hughes Medical Institute bought a new stake in Biogen during the first quarter valued at approximately $135,000. BLB&B Advisors LLC bought a new stake in Biogen during the second quarter valued at approximately $206,000. Rehmann Capital Advisory Group raised its stake in Biogen by 14.9% in the second quarter. Rehmann Capital Advisory Group now owns 886 shares of the biotechnology company’s stock valued at $214,000 after buying an additional 115 shares during the period. CT Financial Advisors LLC raised its stake in Biogen by 48.3% in the second quarter. CT Financial Advisors LLC now owns 891 shares of the biotechnology company’s stock valued at $215,000 after buying an additional 290 shares during the period. Finally, BKD Wealth Advisors LLC raised its stake in Biogen by 8.9% in the second quarter. BKD Wealth Advisors LLC now owns 941 shares of the biotechnology company’s stock valued at $228,000 after buying an additional 77 shares during the period. 86.21% of the stock is currently owned by institutional investors and hedge funds.

Shares of Biogen Inc. (NASDAQ:BIIB) traded up 1.61% during midday trading on Wednesday, hitting $312.00. The stock had a trading volume of 1,527,608 shares. The stock has a 50-day moving average price of $309.80 and a 200-day moving average price of $275.12. Biogen Inc. has a 12-month low of $223.02 and a 12-month high of $333.65. The stock has a market cap of $68.37 billion, a P/E ratio of 18.23 and a beta of 0.90.

Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Thursday, July 21st. The biotechnology company reported $5.21 earnings per share for the quarter, topping analysts’ consensus estimates of $4.69 by $0.52. The business had revenue of $2.89 billion for the quarter, compared to analysts’ expectations of $2.79 billion. Biogen had a return on equity of 40.59% and a net margin of 33.97%. The company’s revenue was up 11.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $4.22 EPS. Equities analysts forecast that Biogen Inc. will post $20.10 earnings per share for the current year.

BIIB has been the topic of several analyst reports. Morgan Stanley reaffirmed a “buy” rating on shares of Biogen in a report on Thursday, June 30th. Sanford C. Bernstein initiated coverage on Biogen in a report on Wednesday, June 29th. They set an “outperform” rating and a $282.00 target price on the stock. Vetr raised Biogen from a “buy” rating to a “strong-buy” rating and set a $346.47 target price on the stock in a report on Monday, September 12th. Citigroup Inc. lowered Biogen from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $345.00 to $295.00 in a report on Tuesday, June 7th. Finally, Piper Jaffray Cos. reaffirmed a “neutral” rating and set a $333.00 target price (up from $293.00) on shares of Biogen in a report on Tuesday, August 16th. Eleven research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $346.22.

In related news, CEO George A. Scangos sold 157 shares of the company’s stock in a transaction that occurred on Thursday, July 21st. The stock was sold at an average price of $280.00, for a total value of $43,960.00. Following the sale, the chief executive officer now owns 54,779 shares in the company, valued at approximately $15,338,120. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.32% of the stock is owned by corporate insiders.

About Biogen

Biogen Inc, formerly Biogen Idec Inc, is a biopharmaceutical company. The Company operates in discovering, developing, manufacturing and delivering therapies to patients for the treatment of neurodegenerative diseases, hematologic conditions and autoimmune disorders segment. The Company markets products, including TECFIDERA, AVONEX, PLEGRIDY, TYSABRI and FAMPYRA for multiple sclerosis (MS), ELOCTATE for hemophilia A and ALPROLIX for hemophilia B, and FUMADERM for the treatment of severe plaque psoriasis.

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