Covenant Asset Management LLC lowered its position in shares of Biogen Inc. (NASDAQ:BIIB) by 9.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 5,960 shares of the biotechnology company’s stock after selling 650 shares during the period. Covenant Asset Management LLC’s holdings in Biogen were worth $1,617,000 as of its most recent filing with the SEC.

Other institutional investors have also bought and sold shares of the company. Regentatlantic Capital LLC boosted its position in Biogen by 2.6% in the first quarter. Regentatlantic Capital LLC now owns 5,168 shares of the biotechnology company’s stock worth $1,413,000 after buying an additional 132 shares during the last quarter. Atria Investments LLC boosted its position in Biogen by 27.6% in the first quarter. Atria Investments LLC now owns 1,949 shares of the biotechnology company’s stock worth $533,000 after buying an additional 422 shares during the last quarter. Arvest Bank Trust Division boosted its position in Biogen by 2.7% in the first quarter. Arvest Bank Trust Division now owns 44,436 shares of the biotechnology company’s stock worth $12,149,000 after buying an additional 1,151 shares during the last quarter. American Research & Management Co. boosted its position in Biogen by 12.1% in the first quarter. American Research & Management Co. now owns 8,825 shares of the biotechnology company’s stock worth $2,413,000 after buying an additional 950 shares during the last quarter. Finally, Berkshire Asset Management LLC PA boosted its position in Biogen by 9.4% in the first quarter. Berkshire Asset Management LLC PA now owns 2,197 shares of the biotechnology company’s stock worth $601,000 after buying an additional 189 shares during the last quarter. Institutional investors own 88.70% of the company’s stock.

Shares of Biogen Inc. (NASDAQ BIIB) traded up 0.90% on Friday, hitting $283.68. The stock had a trading volume of 727,172 shares. The company has a market cap of $59.98 billion, a price-to-earnings ratio of 18.62 and a beta of 0.79. The stock has a 50 day moving average price of $281.49 and a 200-day moving average price of $273.98. Biogen Inc. has a 12-month low of $244.28 and a 12-month high of $329.83.

Biogen (NASDAQ:BIIB) last posted 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. Biogen had a return on equity of 37.42% and a net margin of 28.10%. The business had revenue of $3.08 billion for the quarter, compared to analysts’ expectations of $2.81 billion. During the same quarter in the previous year, the firm earned $5.21 earnings per share. The business’s revenue was up 6.4% compared to the same quarter last year. On average, equities analysts expect that Biogen Inc. will post $21.44 earnings per share for the current year.

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BIIB has been the subject of a number of recent analyst reports. Robert W. Baird restated a “neutral” rating and set a $290.00 price objective on shares of Biogen in a report on Tuesday, April 18th. Mizuho restated a “hold” rating and set a $290.00 price objective on shares of Biogen in a report on Tuesday, April 18th. Barclays PLC restated an “overweight” rating and set a $360.00 price objective (down previously from $380.00) on shares of Biogen in a report on Sunday, April 23rd. Sanford C. Bernstein restated an “outperform” rating and set a $310.00 price objective on shares of Biogen in a report on Tuesday, April 25th. Finally, Cantor Fitzgerald set a $278.00 target price on Biogen and gave the stock a “hold” rating in a report on Tuesday, April 25th. Eleven analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company. Biogen has a consensus rating of “Buy” and a consensus target price of $328.81.

In other news, EVP Susan H. Alexander sold 7,758 shares of Biogen stock in a transaction dated Wednesday, July 19th. The stock was sold at an average price of $285.00, for a total transaction of $2,211,030.00. Following the sale, the executive vice president now owns 27,232 shares in the company, valued at $7,761,120. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Susan H. Alexander sold 4,974 shares of Biogen stock in a transaction dated 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 sale, the executive vice president now owns 22,258 shares in the company, valued at approximately $6,455,042.58. The disclosure for this sale can be found here. Insiders have sold 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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