Regal Investment Advisors LLC Reduces Stake in Biogen Inc. (BIIB)
Regal Investment Advisors LLC cut its position in Biogen Inc. (NASDAQ:BIIB) by 12.3% during the first quarter, Holdings Channel reports. The institutional investor owned 8,732 shares of the biotechnology company’s stock after selling 1,226 shares during the period. Regal Investment Advisors LLC’s holdings in Biogen were worth $2,388,000 as of its most recent SEC filing.
A number of other institutional investors have also recently added to or reduced their stakes in the company. Pathstone Family Office LLC purchased a new position in Biogen during the first quarter worth approximately $102,000. Crestwood Advisors Group LLC purchased a new position in Biogen during the first quarter worth approximately $106,000. Winfield Associates Inc. increased its position in 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 increased its position in 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. Finally, Stelac Advisory Services LLC purchased a new position in Biogen during the first quarter worth approximately $164,000. Hedge funds and other institutional investors own 87.50% of the company’s stock.
Biogen Inc. (NASDAQ:BIIB) opened at 282.92 on Monday. Biogen Inc. has a 12 month low of $244.28 and a 12 month high of $307.76. The company has a 50-day moving average price of $269.15 and a 200 day moving average price of $273.86. The company has a market capitalization of $60.01 billion, a PE ratio of 17.72 and a beta of 0.77.
Biogen (NASDAQ:BIIB) last issued its quarterly earnings data on Tuesday, April 25th. The biotechnology company reported $5.20 EPS for the quarter, beating analysts’ consensus estimates of $4.97 by $0.23. Biogen had a return on equity of 38.17% and a net margin of 30.17%. The firm had revenue of $2.81 billion for the quarter, compared to analyst estimates of $2.73 billion. During the same period in the prior year, the firm posted $4.79 EPS. The company’s revenue for the quarter was up 3.1% on a year-over-year basis. On average, equities research analysts forecast that Biogen Inc. will post $20.42 EPS for the current fiscal year.
A number of equities analysts recently commented on BIIB shares. Citigroup Inc. increased their price objective on Biogen from $305.00 to $315.00 and gave the stock a “buy” rating in a report on Tuesday, April 4th. Cowen and Company restated a “buy” rating and issued a $338.00 price objective on shares of Biogen in a report on Tuesday, April 25th. Vetr downgraded Biogen from a “strong-buy” rating to a “buy” rating and set a $310.46 price objective on the stock. in a report on Tuesday, April 25th. Piper Jaffray Companies set a $442.00 price objective on Biogen and gave the stock a “buy” rating in a report on Monday, May 15th. Finally, ValuEngine upgraded Biogen from a “hold” rating to a “buy” rating in a report on Thursday, June 22nd. Thirteen research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and two have issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $325.48.
In related news, CEO Michel Vounatsos bought 1,402 shares of the business’s stock in a transaction dated Monday, May 1st. The stock was purchased at an average cost of $271.35 per share, for a total transaction of $380,432.70. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Paul J. Clancy sold 9,892 shares of the company’s stock in a transaction on Tuesday, April 25th. The shares were sold at an average price of $290.00, for a total value of $2,868,680.00. Following the sale, the vice president now owns 10,813 shares of the company’s stock, valued at $3,135,770. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,734 shares of company stock worth $5,357,550. Insiders own 0.32% of the company’s stock.
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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