Tokio Marine Asset Management Co. Ltd. reduced its position in shares of Biogen Inc. (NASDAQ:BIIB) by 32.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 10,515 shares of the biotechnology company’s stock after selling 5,055 shares during the period. Tokio Marine Asset Management Co. Ltd.’s holdings in Biogen were worth $2,875,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Norges Bank bought a new stake in shares of Biogen during the fourth quarter worth approximately $603,929,000. Bank of New York Mellon Corp boosted its stake in shares of Biogen by 0.9% in the first quarter. Bank of New York Mellon Corp now owns 2,038,169 shares of the biotechnology company’s stock worth $557,275,000 after buying an additional 17,313 shares during the period. Wells Fargo & Company MN boosted its stake in shares of Biogen by 19.6% in the first quarter. Wells Fargo & Company MN now owns 1,145,496 shares of the biotechnology company’s stock worth $313,202,000 after buying an additional 187,645 shares during the period. American Century Companies Inc. boosted its stake in shares of Biogen by 8.2% in the first quarter. American Century Companies Inc. now owns 1,078,876 shares of the biotechnology company’s stock worth $294,986,000 after buying an additional 81,527 shares during the period. Finally, Putnam Investments LLC boosted its stake in shares of Biogen by 11.8% in the fourth quarter. Putnam Investments LLC now owns 810,545 shares of the biotechnology company’s stock worth $229,854,000 after buying an additional 85,492 shares during the period. 87.39% of the stock is owned by institutional investors.

Institutional Ownership by Quarter for Biogen (NASDAQ:BIIB)

Shares of Biogen Inc. (NASDAQ:BIIB) opened at 280.32 on Monday. The company has a market cap of $59.46 billion, a PE ratio of 17.56 and a beta of 0.83. The stock’s 50 day moving average price is $256.84 and its 200-day moving average price is $275.20. Biogen Inc. has a 52 week low of $223.02 and a 52 week high of $333.65.

Biogen (NASDAQ:BIIB) last announced its earnings results on Tuesday, April 25th. The biotechnology company reported $5.20 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $4.97 by $0.23. The company had revenue of $2.81 billion for the quarter, compared to analysts’ expectations of $2.73 billion. Biogen had a return on equity of 38.17% and a net margin of 30.17%. Biogen’s quarterly revenue was up 3.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $4.79 earnings per share. Analysts expect that Biogen Inc. will post $20.46 EPS for the current year.

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A number of analysts have recently commented on BIIB shares. ValuEngine raised Biogen from a “hold” rating to a “buy” rating in a research note on Thursday. Leerink Swann cut Biogen from an “outperform” rating to a “market perform” rating and set a $300.00 price target for the company. in a research note on Thursday, March 16th. Vetr raised Biogen from a “buy” rating to a “strong-buy” rating and set a $310.17 price target for the company in a research note on Monday, March 20th. Mizuho lowered their price target on Biogen from $290.00 to $274.00 and set a “neutral” rating for the company in a research note on Wednesday, May 31st. Finally, Cantor Fitzgerald reaffirmed a “hold” rating and issued a $277.00 price target on shares of Biogen in a research note on Thursday, May 25th. Twelve investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $329.94.

In other Biogen news, Director Alexander J. Denner acquired 73,858 shares of the business’s stock in a transaction on Thursday, April 27th. The shares were acquired at an average price of $278.50 per share, with a total value of $20,569,453.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Brian S. Posner sold 1,084 shares of the business’s stock in a transaction on Friday, June 9th. The stock was sold at an average price of $256.31, for a total value of $277,840.04. Following the completion of the transaction, the director now directly owns 6,330 shares in the company, valued at approximately $1,622,442.30. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 12,957 shares of company stock worth $3,689,473. 0.32% of the stock is owned by insiders.

Biogen Company Profile

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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