Ballentine Partners LLC cut its position in Biogen Inc. (NASDAQ:BIIB) by 25.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,327 shares of the biotechnology company’s stock after selling 446 shares during the period. Ballentine Partners LLC’s holdings in Biogen were worth $364,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in BIIB. Bedell Frazier Investment Counseling LLC raised its stake in shares of Biogen by 7.2% in the first quarter. Bedell Frazier Investment Counseling LLC now owns 26,207 shares of the biotechnology company’s stock worth $7,166,000 after buying an additional 1,762 shares in the last quarter. Jacobi Capital Management LLC raised its stake in shares of Biogen by 1.9% in the first quarter. Jacobi Capital Management LLC now owns 1,559 shares of the biotechnology company’s stock worth $422,000 after buying an additional 29 shares in the last quarter. HM Payson & Co. raised its stake in shares of Biogen by 2.1% in the first quarter. HM Payson & Co. now owns 1,097 shares of the biotechnology company’s stock worth $300,000 after buying an additional 23 shares in the last quarter. Proficio Capital Partners LLC raised its stake in shares of Biogen by 3.6% in the first quarter. Proficio Capital Partners LLC now owns 2,559 shares of the biotechnology company’s stock worth $648,000 after buying an additional 89 shares in the last quarter. Finally, Boston Common Asset Management LLC raised its stake in shares of Biogen by 0.3% in the first quarter. Boston Common Asset Management LLC now owns 23,486 shares of the biotechnology company’s stock worth $6,422,000 after buying an additional 61 shares in the last quarter. Hedge funds and other institutional investors own 88.70% of the company’s stock.

Shares of Biogen Inc. (NASDAQ:BIIB) traded up 0.82% during midday trading on Monday, reaching $290.64. 233,834 shares of the company traded hands. The firm has a market capitalization of $61.45 billion, a PE ratio of 19.07 and a beta of 0.79. The stock has a 50 day moving average price of $276.09 and a 200 day moving average price of $273.47. Biogen Inc. has a 1-year low of $244.28 and a 1-year high of $304.23.

Biogen (NASDAQ:BIIB) last announced its earnings results on Tuesday, July 25th. The biotechnology company reported $5.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.36 by $0.68. Biogen had a return on equity of 37.42% and a net margin of 28.10%. The firm had revenue of $3.08 billion for the quarter, compared to analyst estimates of $2.81 billion. During the same quarter last year, the firm posted $5.21 EPS. The business’s revenue was up 6.4% on a year-over-year basis. Analysts expect that Biogen Inc. will post $21.44 earnings per share for the current fiscal year.

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A number of brokerages have recently commented on BIIB. BidaskClub upgraded shares of Biogen from a “hold” rating to a “buy” rating in a research note on Friday. Vetr upgraded shares of Biogen from a “hold” rating to a “buy” rating and set a $319.53 price target for the company in a research note on Monday, July 31st. Cowen and Company reiterated a “buy” rating on shares of Biogen in a research note on Thursday, July 27th. BMO Capital Markets reiterated a “market perform” rating and issued a $328.00 price target (up from $317.00) on shares of Biogen in a research note on Wednesday, July 26th. Finally, UBS AG reiterated a “neutral” rating and issued a $285.00 price target (up from $270.00) on shares of Biogen in a research note on Wednesday, July 26th. Eleven analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $329.74.

In other news, EVP Susan H. Alexander sold 4,974 shares of the stock in a transaction that occurred on Tuesday, July 25th. The stock was sold at an average price of $290.01, for a total transaction of $1,442,509.74. Following the transaction, the executive vice president now owns 22,258 shares in the company, valued at approximately $6,455,042.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Brian S. Posner sold 1,084 shares of the stock in a transaction that occurred on Friday, June 9th. The shares were sold at an average price of $256.31, for a total value of $277,840.04. Following the transaction, the director now owns 6,330 shares in the company, valued at approximately $1,622,442.30. The disclosure for this sale can be found here. Insiders have sold a total of 13,816 shares of company stock worth $3,931,380 in the last quarter. 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).

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Institutional Ownership by Quarter for Biogen (NASDAQ:BIIB)

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