Provident Investment Management Inc. grew its position in shares of Biogen Inc. (NASDAQ:BIIB) by 1.6% in the second quarter, according to its most recent filing with the SEC. The fund owned 66,356 shares of the biotechnology company’s stock after acquiring an additional 1,044 shares during the quarter. Biogen comprises approximately 3.3% of Provident Investment Management Inc.’s holdings, making the stock its 19th largest holding. Provident Investment Management Inc.’s holdings in Biogen were worth $18,006,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Beacon Trust Co. boosted its position in shares of Biogen by 0.5% during the 1st quarter. Beacon Trust Co. now owns 1,135 shares of the biotechnology company’s stock valued at $328,000 after acquiring an additional 6 shares during the last quarter. Guardian Life Insurance Co. of America boosted its position in shares of Biogen by 0.7% during the 1st quarter. Guardian Life Insurance Co. of America now owns 839 shares of the biotechnology company’s stock valued at $229,000 after acquiring an additional 6 shares during the last quarter. Carroll Financial Associates Inc. boosted its position in shares of Biogen by 1.2% during the 2nd quarter. Carroll Financial Associates Inc. now owns 496 shares of the biotechnology company’s stock valued at $134,000 after acquiring an additional 6 shares during the last quarter. Trust Co. of Vermont boosted its position in shares of Biogen by 0.3% during the 1st quarter. Trust Co. of Vermont now owns 2,412 shares of the biotechnology company’s stock valued at $660,000 after acquiring an additional 7 shares during the last quarter. Finally, Buckingham Capital Management Inc. boosted its position in shares of Biogen by 0.3% during the 1st quarter. Buckingham Capital Management Inc. now owns 2,452 shares of the biotechnology company’s stock valued at $670,000 after acquiring an additional 8 shares during the last quarter. Hedge funds and other institutional investors own 87.65% of the company’s stock.

Biogen Inc. (BIIB) opened at 321.26 on Monday. The firm has a 50-day moving average price of $298.79 and a 200 day moving average price of $278.33. The stock has a market cap of $67.92 billion, a price-to-earnings ratio of 21.08 and a beta of 0.77. Biogen Inc. has a 1-year low of $244.28 and a 1-year high of $330.00.

Biogen (NASDAQ:BIIB) last posted its earnings results on Tuesday, July 25th. The biotechnology company reported $5.04 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 firm had revenue of $3.08 billion for the quarter, compared to analyst estimates of $2.81 billion. During the same quarter in the prior year, the company earned $5.21 EPS. Biogen’s revenue was up 6.4% on a year-over-year basis. On average, equities research analysts anticipate that Biogen Inc. will post $21.48 EPS for the current fiscal year.

In other Biogen news, EVP Susan H. Alexander sold 7,758 shares of the company’s 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 approximately $7,761,120. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Susan H. Alexander sold 4,974 shares of the company’s 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. 0.32% of the stock is owned by corporate insiders.

A number of research firms have recently commented on BIIB. BMO Capital Markets increased their target price on Biogen from $328.00 to $377.00 and gave the company a “market perform” rating in a research report on Wednesday, September 13th. Mizuho reiterated a “neutral” rating and set a $319.00 target price (up from $274.00) on shares of Biogen in a research report on Wednesday, September 13th. Vetr upgraded Biogen from a “hold” rating to a “buy” rating and set a $346.83 target price for the company in a research report on Thursday, September 7th. Royal Bank Of Canada began coverage on Biogen in a research report on Thursday. They set a “sector perform” rating and a $319.00 target price for the company. Finally, ValuEngine downgraded Biogen from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Thirteen research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $331.53.

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Biogen 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).

Institutional Ownership by Quarter for Biogen (NASDAQ:BIIB)

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