Assenagon Asset Management S.A. Invests $123.49 Million in Biogen Inc. (BIIB) Stock
Assenagon Asset Management S.A. bought a new position in shares of Biogen Inc. (NASDAQ:BIIB) in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 394,397 shares of the biotechnology company’s stock, valued at approximately $123,494,000. Biogen accounts for 1.1% of Assenagon Asset Management S.A.’s investment portfolio, making the stock its 9th biggest position. Assenagon Asset Management S.A. owned about 0.19% of Biogen at the end of the most recent quarter.
Other institutional investors also recently made changes to their positions in the company. Botty Investors LLC boosted its position in Biogen by 75.0% during the second quarter. Botty Investors LLC now owns 11,232 shares of the biotechnology company’s stock worth $3,048,000 after purchasing an additional 4,812 shares during the period. BB&T Securities LLC boosted its position in Biogen by 25.0% during the second quarter. BB&T Securities LLC now owns 12,989 shares of the biotechnology company’s stock worth $3,524,000 after purchasing an additional 2,598 shares during the period. Vanguard Group Inc. boosted its position in Biogen by 2.4% during the first quarter. Vanguard Group Inc. now owns 14,352,490 shares of the biotechnology company’s stock worth $3,924,258,000 after purchasing an additional 342,568 shares during the period. Israel Discount Bank of New York bought a new stake in Biogen during the first quarter worth approximately $894,000. Finally, Neuberger Berman Group LLC boosted its position in Biogen by 18.6% during the second quarter. Neuberger Berman Group LLC now owns 27,974 shares of the biotechnology company’s stock worth $7,591,000 after purchasing an additional 4,389 shares during the period. 87.62% of the stock is owned by hedge funds and other institutional investors.
In other news, EVP Susan H. Alexander sold 4,974 shares of the business’s stock in a transaction 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 completion of the transaction, the executive vice president now owns 22,258 shares of the company’s stock, valued at approximately $6,455,042.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.25% of the stock is currently owned by insiders.
A number of brokerages have issued reports on BIIB. Bank of America Corporation upped their target price on Biogen from $358.00 to $365.00 and gave the stock a “buy” rating in a research report on Wednesday. Morgan Stanley reaffirmed a “buy” rating on shares of Biogen in a research report on Tuesday, October 17th. Mizuho raised Biogen from a “neutral” rating to a “buy” rating and upped their target price for the stock from $319.00 to $400.00 in a research report on Tuesday, October 17th. Stifel Nicolaus raised Biogen from a “hold” rating to a “buy” rating and increased their price objective for the company from $300.00 to $415.00 in a research report on Tuesday, October 17th. Finally, Royal Bank Of Canada reissued a “hold” rating and issued a $315.00 price objective on shares of Biogen in a research report on Thursday, October 5th. Eleven investment 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 company’s stock. The company presently has an average rating of “Buy” and an average price target of $340.67.
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Shares of Biogen Inc. (NASDAQ BIIB) traded down 1.26% during mid-day trading on Friday, hitting $338.10. The stock had a trading volume of 1,909,267 shares. Biogen Inc. has a 1-year low of $244.28 and a 1-year high of $348.84. The company has a market capitalization of $71.48 billion, a P/E ratio of 22.19 and a beta of 0.77. The stock’s 50-day moving average price is $324.65 and its 200 day moving average price is $285.82.
Biogen (NASDAQ:BIIB) last released its earnings results on Tuesday, July 25th. The biotechnology company reported $5.04 earnings per share for the quarter, beating analysts’ consensus estimates of $4.36 by $0.68. The firm had revenue of $3.08 billion during the quarter, compared to the consensus estimate of $2.81 billion. Biogen had a return on equity of 37.42% and a net margin of 28.10%. The company’s revenue was up 6.4% compared to the same quarter last year. During the same period in the prior year, the company posted $5.21 EPS. On average, analysts predict that Biogen Inc. will post $21.63 EPS for the current fiscal year.
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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