Hendershot Investments Inc. Cuts Position in Biogen Inc. (BIIB)
Hendershot Investments Inc. cut its position in shares of Biogen Inc. (NASDAQ:BIIB) by 5.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,261 shares of the biotechnology company’s stock after selling 930 shares during the period. Biogen accounts for 2.0% of Hendershot Investments Inc.’s holdings, making the stock its 20th largest position. Hendershot Investments Inc.’s holdings in Biogen were worth $4,413,000 as of its most recent filing with the SEC.
Several other hedge funds have also made changes to their positions in BIIB. Watch Point Trust Co raised its stake in shares of Biogen by 2.0% in the second quarter. Watch Point Trust Co now owns 6,179 shares of the biotechnology company’s stock worth $1,677,000 after buying an additional 120 shares during the period. Canal Capital Management LLC raised its stake in shares of Biogen by 21.8% in the second quarter. Canal Capital Management LLC now owns 1,846 shares of the biotechnology company’s stock worth $501,000 after buying an additional 330 shares during the period. TNB Financial raised its stake in shares of Biogen by 6.0% in the second quarter. TNB Financial now owns 23,998 shares of the biotechnology company’s stock worth $6,512,000 after buying an additional 1,360 shares during the period. BerganKDV Wealth Management LLC acquired a new stake in shares of Biogen during the second quarter worth $687,000. Finally, Horan Capital Management raised its stake in shares of Biogen by 220.0% in the second quarter. Horan Capital Management now owns 20,468 shares of the biotechnology company’s stock worth $5,554,000 after buying an additional 14,072 shares during the period. Institutional investors own 87.47% of the company’s stock.
Biogen Inc. (NASDAQ:BIIB) traded up 0.53% during midday trading on Friday, reaching $282.92. The company’s stock had a trading volume of 985,437 shares. Biogen Inc. has a 52-week low of $244.28 and a 52-week high of $307.76. The firm has a market cap of $60.01 billion, a P/E ratio of 17.72 and a beta of 0.78. The firm has a 50 day moving average of $269.15 and a 200 day moving average of $273.86.
Biogen (NASDAQ:BIIB) last announced its quarterly earnings results on Tuesday, April 25th. The biotechnology company reported $5.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.97 by $0.23. The business had revenue of $2.81 billion for the quarter, compared to analyst estimates of $2.73 billion. Biogen had a return on equity of 38.17% and a net margin of 30.17%. The company’s quarterly revenue was up 3.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $4.79 earnings per share. Analysts anticipate that Biogen Inc. will post $20.44 earnings per share for the current fiscal year.
COPYRIGHT VIOLATION NOTICE: “Hendershot Investments Inc. Cuts Position in Biogen Inc. (BIIB)” was posted by Daily Political and is owned by of Daily Political. If you are reading this article on another website, it was illegally copied and republished in violation of international trademark and copyright laws. The original version of this article can be read at https://www.dailypolitical.com/2017/07/22/hendershot-investments-inc-cuts-position-in-biogen-inc-biib.html.
A number of brokerages recently commented on BIIB. BMO Capital Markets reiterated a “hold” rating and issued a $318.00 price objective on shares of Biogen in a research report on Tuesday. Credit Suisse Group AG set a $300.00 price objective on Biogen and gave the stock a “hold” rating in a research report on Friday, July 14th. Vetr upgraded Biogen from a “buy” rating to a “strong-buy” rating and set a $306.48 price objective for the company in a research report on Wednesday, July 12th. Jefferies Group LLC reiterated a “hold” rating and issued a $310.00 price objective on shares of Biogen in a research report on Tuesday, July 11th. Finally, Morgan Stanley reiterated an “equal weight” rating on shares of Biogen in a research report on Monday, July 10th. Thirteen equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and two have issued a strong buy rating to the stock. The company has an average rating of “Buy” and an average price target of $325.48.
In other news, Director Alexander J. Denner purchased 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, for a total transaction of $20,569,453.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Paul J. Clancy sold 9,892 shares of the stock in a transaction that occurred on Tuesday, April 25th. The stock was sold at an average price of $290.00, for a total value of $2,868,680.00. Following the completion of the transaction, the vice president now owns 10,813 shares in the company, valued at approximately $3,135,770. The disclosure for this sale can be found here. In the last quarter, insiders sold 18,734 shares of company stock worth $5,357,550. Corporate insiders own 0.32% of the company’s stock.
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).
Want to see what other hedge funds are holding BIIB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Biogen Inc. (NASDAQ:BIIB).
Receive News & Ratings for Biogen Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Biogen Inc. and related companies with MarketBeat.com's FREE daily email newsletter.