Cim Investment Mangement Inc. Cuts Stake in Biogen Inc. (NASDAQ:BIIB)
Cim Investment Mangement Inc. lowered its position in Biogen Inc. (NASDAQ:BIIB) by 8.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,358 shares of the biotechnology company’s stock after selling 304 shares during the period. Cim Investment Mangement Inc.’s holdings in Biogen were worth $918,000 as of its most recent SEC filing.
Several other institutional investors also recently added to or reduced their stakes in BIIB. Crestwood Advisors Group LLC acquired a new stake in shares of Biogen during the first quarter worth $106,000. Winfield Associates Inc. raised its stake in shares of Biogen by 16.8% in the first quarter. Winfield Associates Inc. now owns 467 shares of the biotechnology company’s stock worth $128,000 after buying an additional 67 shares in the last quarter. Rational Advisors LLC raised its stake in shares of Biogen by 14.3% in the first quarter. Rational Advisors LLC now owns 593 shares of the biotechnology company’s stock worth $162,000 after buying an additional 74 shares in the last quarter. Stelac Advisory Services LLC acquired a new stake in shares of Biogen during the first quarter worth $164,000. Finally, Cohen Capital Management Inc. acquired a new stake in shares of Biogen during the first quarter worth $178,000. 87.47% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Biogen Inc. (NASDAQ:BIIB) opened at 281.95 on Thursday. The firm has a market capitalization of $59.81 billion, a P/E ratio of 17.66 and a beta of 0.78. The stock’s 50 day moving average price is $268.18 and its 200-day moving average price is $273.81. Biogen Inc. has a 12-month low of $244.28 and a 12-month high of $307.76.
Biogen (NASDAQ:BIIB) last released its earnings results on Tuesday, April 25th. The biotechnology company reported $5.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.97 by $0.23. Biogen had a net margin of 30.17% and a return on equity of 38.17%. The company had revenue of $2.81 billion during the quarter, compared to the consensus estimate of $2.73 billion. During the same quarter in the prior year, the firm earned $4.79 EPS. The company’s revenue was up 3.1% compared to the same quarter last year. On average, equities analysts expect that Biogen Inc. will post $20.42 EPS for the current year.
A number of equities research analysts have weighed in on the company. UBS AG raised Biogen from a “sell” rating to a “neutral” rating and lifted their price objective for the company from $262.00 to $270.00 in a report on Monday, June 19th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $310.00 price objective on shares of Biogen in a report on Tuesday, July 11th. Vetr raised Biogen from a “buy” rating to a “strong-buy” rating and set a $306.48 price objective on the stock in a report on Wednesday, July 12th. BMO Capital Markets reaffirmed a “hold” rating and issued a $318.00 price objective on shares of Biogen in a report on Tuesday. Finally, William Blair reaffirmed an “outperform” rating on shares of Biogen in a report on Monday, June 26th. Thirteen research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and two have given a strong buy rating to the stock. Biogen has an average rating of “Buy” and an average price target of $325.48.
In related news, CEO Michel Vounatsos bought 1,402 shares of the business’s stock in a transaction on Monday, May 1st. The stock was bought at an average price of $271.35 per share, for a total transaction of $380,432.70. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Brian S. Posner sold 1,084 shares of the stock in a transaction that occurred on Friday, June 9th. The stock was sold at an average price of $256.31, for a total transaction of $277,840.04. Following the completion of the sale, the director now owns 6,330 shares of the company’s stock, valued at approximately $1,622,442.30. The disclosure for this sale can be found here. 0.32% of the stock is owned by corporate 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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