Bessemer Group Inc. lowered its stake in Biogen Inc. (NASDAQ:BIIB) by 24.3% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,058 shares of the biotechnology company’s stock after selling 340 shares during the quarter. Bessemer Group Inc.’s holdings in Biogen were worth $331,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Greenwood Capital Associates LLC acquired a new position in shares of Biogen in the third quarter valued at $3,624,000. Sunbelt Securities Inc. acquired a new position in shares of Biogen in the third quarter valued at about $226,000. Advisor Partners LLC grew its stake in shares of Biogen by 5.9% in the third quarter. Advisor Partners LLC now owns 4,777 shares of the biotechnology company’s stock valued at $1,496,000 after acquiring an additional 266 shares in the last quarter. Principal Financial Group Inc. grew its stake in shares of Biogen by 9.1% in the third quarter. Principal Financial Group Inc. now owns 452,536 shares of the biotechnology company’s stock valued at $141,698,000 after acquiring an additional 37,715 shares in the last quarter. Finally, Greatmark Investment Partners Inc. grew its stake in Biogen by 97.9% during the third quarter. Greatmark Investment Partners Inc. now owns 2,385 shares of the biotechnology company’s stock worth $747,000 after buying an additional 1,180 shares in the last quarter. 88.30% of the stock is currently owned by hedge funds and other institutional investors.
Biogen Inc. (BIIB) traded down $1.95 during mid-day trading on Monday, reaching $317.40. The company’s stock had a trading volume of 908,712 shares, compared to its average volume of 1,489,042. Biogen Inc. has a 1-year low of $244.28 and a 1-year high of $348.84. The company has a quick ratio of 1.90, a current ratio of 2.19 and a debt-to-equity ratio of 0.46. The stock has a market cap of $67,120.00, a price-to-earnings ratio of 14.79, a PEG ratio of 1.99 and a beta of 0.73.
Biogen (NASDAQ:BIIB) last issued its quarterly earnings data on Tuesday, October 24th. The biotechnology company reported $6.31 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $5.70 by $0.61. The company had revenue of $3.08 billion during the quarter, compared to analyst estimates of $3.05 billion. Biogen had a return on equity of 38.51% and a net margin of 29.44%. Biogen’s revenue was up 4.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $5.19 earnings per share. sell-side analysts expect that Biogen Inc. will post 22.03 EPS for the current fiscal year.
BIIB has been the topic of a number of analyst reports. Vetr downgraded shares of Biogen from a “strong-buy” rating to a “buy” rating and set a $319.53 price objective on the stock. in a research note on Tuesday, August 29th. Cantor Fitzgerald reissued a “hold” rating and issued a $279.00 target price on shares of Biogen in a report on Tuesday, October 24th. Royal Bank Of Canada reiterated a “hold” rating and issued a $315.00 price objective on shares of Biogen in a report on Thursday, October 5th. Oppenheimer set a $350.00 price objective on shares of Biogen and gave the company a “buy” rating in a report on Tuesday, November 28th. Finally, Canaccord Genuity began coverage on shares of Biogen in a research report on Friday, October 27th. They set a “hold” rating and a $340.00 target price for the company. Twelve analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company. Biogen presently has a consensus rating of “Buy” and an average price target of $344.32.
In other news, Director Alexander J. Denner bought 30,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 29th. The stock was bought at an average price of $317.36 per share, for a total transaction of $9,520,800.00. Following the transaction, the director now directly owns 10,029 shares of the company’s stock, valued at approximately $3,182,803.44. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.25% of the company’s stock.
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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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