Atria Investments LLC Boosts Position in Biogen Inc. (NASDAQ:BIIB)
Atria Investments LLC raised its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 49.1% during the second quarter, Holdings Channel reports. The fund owned 2,906 shares of the biotechnology company’s stock after buying an additional 957 shares during the period. Atria Investments LLC’s holdings in Biogen were worth $789,000 at the end of the most recent quarter.
A number of other hedge funds have also bought and sold shares of the stock. DnB Asset Management AS increased its position in Biogen by 35.5% in the first quarter. DnB Asset Management AS now owns 49,313 shares of the biotechnology company’s stock worth $13,483,000 after buying an additional 12,915 shares in the last quarter. Capital Investment Advisors LLC increased its position in Biogen by 24.5% in the first quarter. Capital Investment Advisors LLC now owns 945 shares of the biotechnology company’s stock worth $259,000 after buying an additional 186 shares in the last quarter. Cohen Capital Management Inc. purchased a new position in Biogen during the first quarter worth about $178,000. Farmers & Merchants Investments Inc. increased its position in Biogen by 31.7% in the first quarter. Farmers & Merchants Investments Inc. now owns 15,671 shares of the biotechnology company’s stock worth $4,285,000 after buying an additional 3,773 shares in the last quarter. Finally, Reilly Financial Advisors LLC increased its position in Biogen by 5.1% in the first quarter. Reilly Financial Advisors LLC now owns 1,130 shares of the biotechnology company’s stock worth $309,000 after buying an additional 55 shares in the last quarter. 88.70% of the stock is owned by institutional investors and hedge funds.
Shares of Biogen Inc. (BIIB) traded up 0.90% during midday trading on Friday, hitting $283.68. The stock had a trading volume of 727,172 shares. The firm has a market cap of $59.98 billion, a price-to-earnings ratio of 18.62 and a beta of 0.79. The stock’s 50 day moving average price is $281.49 and its 200 day moving average price is $273.98. Biogen Inc. has a 12 month low of $244.28 and a 12 month high of $329.83.
Biogen (NASDAQ:BIIB) last announced its earnings results on Tuesday, July 25th. The biotechnology company reported $5.04 EPS for the quarter, topping the Zacks’ consensus estimate of $4.36 by $0.68. The firm had revenue of $3.08 billion during the quarter, compared to analysts’ expectations of $2.81 billion. Biogen had a return on equity of 37.42% and a net margin of 28.10%. The company’s quarterly revenue was up 6.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $5.21 EPS. On average, equities analysts forecast that Biogen Inc. will post $21.44 EPS for the current fiscal year.
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A number of equities analysts have issued reports on BIIB shares. Vetr raised shares of Biogen from a “buy” rating to a “strong-buy” rating and set a $311.67 price objective on the stock in a report on Tuesday, June 27th. Deutsche Bank AG started coverage on shares of Biogen in a report on Friday, June 23rd. They set a “buy” rating and a $315.00 price objective on the stock. Cowen and Company reaffirmed a “buy” rating and set a $338.00 price objective on shares of Biogen in a report on Tuesday, April 25th. Barclays PLC reaffirmed an “overweight” rating and set a $360.00 price objective (down from $380.00) on shares of Biogen in a report on Sunday, April 23rd. Finally, Credit Suisse Group set a $300.00 price objective on shares of Biogen and gave the stock a “hold” rating in a report on Friday, July 14th. Eleven research analysts have rated the stock with a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company’s stock. Biogen presently has a consensus rating of “Buy” and a consensus target price of $328.81.
In other news, EVP Susan H. Alexander sold 4,974 shares of Biogen stock in a transaction that occurred on Tuesday, July 25th. The stock was sold at an average price of $290.01, for a total value of $1,442,509.74. Following the completion of 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 document filed with the SEC, which is available through the SEC website. Also, Director Brian S. Posner sold 1,084 shares of Biogen 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 completion of the transaction, 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. In the last quarter, insiders sold 13,816 shares of company stock valued at $3,931,380. Company 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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