Berkshire Asset Management LLC PA cut its stake in Biogen Inc. (NASDAQ:BIIB) by 10.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,967 shares of the biotechnology company’s stock after selling 230 shares during the period. Berkshire Asset Management LLC PA’s holdings in Biogen were worth $534,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. Dillon & Associates Inc. raised its stake in shares of Biogen by 0.3% in the first quarter. Dillon & Associates Inc. now owns 1,785 shares of the biotechnology company’s stock valued at $487,000 after buying an additional 5 shares during the period. Beacon Trust Co. raised its stake in shares of Biogen by 0.5% in the first quarter. Beacon Trust Co. now owns 1,135 shares of the biotechnology company’s stock valued at $328,000 after buying an additional 6 shares during the period. Guardian Life Insurance Co. of America raised its stake in shares of Biogen by 0.7% in the first quarter. Guardian Life Insurance Co. of America now owns 839 shares of the biotechnology company’s stock valued at $229,000 after buying an additional 6 shares during the period. Trust Co. of Vermont raised its stake in shares of Biogen by 0.3% in the first quarter. Trust Co. of Vermont now owns 2,412 shares of the biotechnology company’s stock valued at $660,000 after buying an additional 7 shares during the period. Finally, Buckingham Capital Management Inc. raised its stake in shares of Biogen by 0.3% in the first quarter. Buckingham Capital Management Inc. now owns 2,452 shares of the biotechnology company’s stock valued at $670,000 after buying an additional 8 shares during the period. 88.70% of the stock is owned by institutional investors.

Shares of Biogen Inc. (NASDAQ BIIB) traded down 0.352% during trading on Tuesday, reaching $289.985. The company’s stock had a trading volume of 328,004 shares. The company has a 50 day moving average of $276.09 and a 200-day moving average of $273.47. The stock has a market cap of $61.31 billion, a price-to-earnings ratio of 19.029 and a beta of 0.79. Biogen Inc. has a 12-month low of $244.28 and a 12-month high of $304.24.

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

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BIIB has been the subject of a number of recent analyst reports. Morgan Stanley reaffirmed an “equal weight” rating and set a $307.00 target price on shares of Biogen in a report on Wednesday, June 14th. UBS AG raised Biogen from a “sell” rating to a “neutral” rating and lifted their target price for the company from $262.00 to $270.00 in a report on Monday, June 19th. Leerink Swann reaffirmed a “market perform” rating and set a $338.00 target price (up previously from $304.00) on shares of Biogen in a report on Wednesday, July 26th. Vetr lowered Biogen from a “buy” rating to a “hold” rating and set a $298.30 target price for the company. in a report on Wednesday, July 26th. Finally, Sanford C. Bernstein reaffirmed an “outperform” rating and set a $310.00 target price on shares of Biogen in a report on Tuesday, April 25th. Eleven analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. Biogen has a consensus rating of “Buy” and an average price target of $329.74.

In other news, EVP Susan H. Alexander sold 7,758 shares of the firm’s stock in a transaction that occurred on Wednesday, July 19th. The stock was sold at an average price of $285.00, for a total value of $2,211,030.00. Following the completion of the sale, the executive vice president now directly owns 27,232 shares of the company’s stock, valued at approximately $7,761,120. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Brian S. Posner sold 1,084 shares of the firm’s stock in a transaction that occurred 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 sale, the director now directly owns 6,330 shares of the company’s stock, valued at $1,622,442.30. The disclosure for this sale can be found here. Insiders sold a total of 13,816 shares of company stock valued at $3,931,380 over the last ninety days. Corporate insiders own 0.32% of the company’s stock.

About Biogen

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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