Janney Montgomery Scott LLC reduced its position in Biogen Inc (NASDAQ:BIIB) by 2.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 35,750 shares of the biotechnology company’s stock after selling 752 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Biogen were worth $11,194,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of the stock. Valeo Financial Advisors LLC bought a new position in Biogen in the third quarter worth $176,000. Ladenburg Thalmann Financial Services Inc. lifted its position in Biogen by 6.0% in the third quarter. Ladenburg Thalmann Financial Services Inc. now owns 9,549 shares of the biotechnology company’s stock worth $2,990,000 after purchasing an additional 544 shares during the period. Balentine LLC lifted its position in Biogen by 42.1% in the third quarter. Balentine LLC now owns 715 shares of the biotechnology company’s stock worth $224,000 after purchasing an additional 212 shares during the period. Cubist Systematic Strategies LLC lifted its position in Biogen by 151.3% in the third quarter. Cubist Systematic Strategies LLC now owns 10,646 shares of the biotechnology company’s stock worth $3,333,000 after purchasing an additional 6,409 shares during the period. Finally, Beacon Investment Advisory Services Inc. bought a new position in Biogen in the third quarter worth $801,000. 88.30% of the stock is owned by hedge funds and other institutional investors.
Shares of Biogen Inc (NASDAQ:BIIB) opened at $328.03 on Tuesday. 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 company has a market capitalization of $68,892.83, a PE ratio of 15.09, a P/E/G ratio of 2.03 and a beta of 0.73. Biogen Inc has a 12-month low of $244.28 and a 12-month high of $348.84.
Biogen (NASDAQ:BIIB) last announced its quarterly earnings data on Tuesday, October 24th. The biotechnology company reported $6.31 EPS for the quarter, topping the Zacks’ consensus estimate of $5.70 by $0.61. The firm 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%. The company’s revenue was up 4.1% on a year-over-year basis. During the same period last year, the company earned $5.19 earnings per share. analysts anticipate that Biogen Inc will post 22.03 EPS for the current year.
In other news, Director Alexander J. Denner acquired 30,000 shares of the stock in a transaction that occurred on Wednesday, November 29th. The stock was purchased at an average cost of $317.36 per share, for a total transaction of $9,520,800.00. Following the completion of the transaction, the director now directly owns 10,029 shares in the company, valued at $3,182,803.44. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.25% of the stock is owned by company insiders.
A number of brokerages have issued reports on BIIB. Bank of America lifted their price objective on Biogen from $358.00 to $365.00 and gave the company a “buy” rating in a report on Wednesday, October 18th. Citigroup cut Biogen from a “buy” rating to a “neutral” rating in a report on Monday, October 23rd. Piper Jaffray Companies reissued an “overweight” rating and set a $390.00 price objective on shares of Biogen in a report on Monday, October 23rd. Stifel Nicolaus raised Biogen from a “hold” rating to a “buy” rating and lifted their price objective for the company from $300.00 to $415.00 in a report on Tuesday, October 17th. Finally, Mizuho raised Biogen from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $319.00 to $400.00 in a report on Tuesday, October 17th. Twelve equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Biogen presently has a consensus rating of “Buy” and an average price target of $344.60.
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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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