American Research & Management Co. Purchases 1,890 Shares of Biogen Inc. (BIIB)
American Research & Management Co. boosted its stake in Biogen Inc. (NASDAQ:BIIB) by 38.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,815 shares of the biotechnology company’s stock after buying an additional 1,890 shares during the period. American Research & Management Co.’s holdings in Biogen were worth $1,648,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Primecap Management Co. CA increased its position in shares of Biogen by 2.8% in the first quarter. Primecap Management Co. CA now owns 16,246,726 shares of the biotechnology company’s stock worth $4,229,348,000 after buying an additional 436,101 shares in the last quarter. Jackson Square Partners LLC increased its position in shares of Biogen by 10.7% in the first quarter. Jackson Square Partners LLC now owns 2,809,422 shares of the biotechnology company’s stock worth $806,152,000 after buying an additional 271,970 shares in the last quarter. UBS Asset Management Americas Inc. increased its position in shares of Biogen by 17.4% in the first quarter. UBS Asset Management Americas Inc. now owns 1,124,950 shares of the biotechnology company’s stock worth $292,847,000 after buying an additional 166,534 shares in the last quarter. Adage Capital Partners GP L.L.C. increased its position in shares of Biogen by 66.3% in the first quarter. Adage Capital Partners GP L.L.C. now owns 374,324 shares of the biotechnology company’s stock valued at $97,444,000 after buying an additional 149,200 shares during the period. Finally, Renaissance Technologies LLC acquired a new position in shares of Biogen during the first quarter valued at $33,233,000. Institutional investors own 86.21% of the company’s stock.
Biogen Inc. (NASDAQ:BIIB) traded up 1.33% during midday trading on Tuesday, hitting $295.56. The stock had a trading volume of 952,764 shares. Biogen Inc. has a 12-month low of $223.02 and a 12-month high of $333.65. The firm has a market cap of $64.76 billion, a P/E ratio of 17.27 and a beta of 0.95. The stock has a 50-day moving average price of $305.50 and a 200 day moving average price of $281.57.
Biogen (NASDAQ:BIIB) last announced its quarterly earnings data on Thursday, July 21st. The biotechnology company reported $5.21 EPS for the quarter, beating the Zacks’ consensus estimate of $4.69 by $0.52. The firm earned $2.89 billion during the quarter, compared to the consensus estimate of $2.79 billion. Biogen had a net margin of 33.97% and a return on equity of 40.59%. The firm’s revenue was up 11.7% compared to the same quarter last year. During the same quarter last year, the firm earned $4.22 earnings per share. On average, equities analysts anticipate that Biogen Inc. will post $20.08 earnings per share for the current fiscal year.
Several research analysts recently weighed in on the company. Credit Suisse Group AG set a $322.00 target price on Biogen and gave the stock a “hold” rating in a research note on Sunday, September 18th. Vetr upgraded Biogen from a “sell” rating to a “hold” rating and set a $317.79 target price on the stock in a research note on Wednesday, August 3rd. Zacks Investment Research downgraded Biogen from a “buy” rating to a “hold” rating in a research note on Tuesday, July 12th. Morgan Stanley restated a “buy” rating and set a $385.00 target price on shares of Biogen in a research note on Wednesday, August 3rd. Finally, Leerink Swann boosted their target price on Biogen from $360.00 to $367.00 and gave the stock a “market perform” rating in a research note on Monday, August 1st. Ten equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $347.34.
In related news, Director Caroline Dorsa sold 27,570 shares of the firm’s stock in a transaction dated Thursday, September 22nd. The shares were sold at an average price of $314.00, for a total value of $8,656,980.00. Following the completion of the sale, the director now owns 19,663 shares in the company, valued at $6,174,182. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO George A. Scangos sold 157 shares of Biogen stock in a transaction that occurred on Thursday, July 21st. The shares were sold at an average price of $280.00, for a total transaction of $43,960.00. Following the sale, the chief executive officer now owns 54,779 shares of the company’s stock, valued at $15,338,120. The disclosure for this sale can be found here. 0.32% of the stock is currently owned by corporate insiders.
Biogen Company Profile
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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