WestEnd Advisors LLC trimmed its stake in Biogen (NASDAQ:BIIB) by 4.0% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 132,787 shares of the biotechnology company’s stock after selling 5,561 shares during the quarter. Biogen comprises 3.4% of WestEnd Advisors LLC’s portfolio, making the stock its 19th largest position. WestEnd Advisors LLC’s holdings in Biogen were worth $36,360,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently added to or reduced their stakes in BIIB. Alliancebernstein L.P. grew its stake in Biogen by 27.0% during the fourth quarter. Alliancebernstein L.P. now owns 3,414,672 shares of the biotechnology company’s stock worth $1,087,812,000 after buying an additional 727,007 shares during the period. Geode Capital Management LLC grew its stake in Biogen by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 2,443,559 shares of the biotechnology company’s stock worth $776,943,000 after buying an additional 24,753 shares during the period. Bank of New York Mellon Corp grew its stake in Biogen by 2.8% during the fourth quarter. Bank of New York Mellon Corp now owns 2,390,527 shares of the biotechnology company’s stock worth $761,552,000 after buying an additional 64,540 shares during the period. Massachusetts Financial Services Co. MA grew its stake in Biogen by 13.5% during the first quarter. Massachusetts Financial Services Co. MA now owns 2,076,215 shares of the biotechnology company’s stock worth $568,508,000 after buying an additional 246,436 shares during the period. Finally, Franklin Resources Inc. grew its stake in Biogen by 3.3% during the fourth quarter. Franklin Resources Inc. now owns 1,438,020 shares of the biotechnology company’s stock worth $458,114,000 after buying an additional 45,975 shares during the period. Hedge funds and other institutional investors own 89.74% of the company’s stock.
Several equities research analysts have issued reports on BIIB shares. HC Wainwright reiterated a “buy” rating and set a $363.00 price objective (up from $340.00) on shares of Biogen in a research note on Friday, January 26th. BidaskClub downgraded shares of Biogen from a “hold” rating to a “sell” rating in a research note on Saturday, February 24th. Citigroup reiterated an “outperform” rating and set a $380.00 price objective (up from $350.00) on shares of Biogen in a research note on Tuesday, January 16th. Sanford C. Bernstein set a $318.00 price objective on shares of Biogen and gave the stock a “buy” rating in a research note on Tuesday, April 10th. Finally, Credit Suisse Group set a $384.00 price objective on shares of Biogen and gave the stock a “buy” rating in a research note on Tuesday, April 17th. Eleven research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $353.71.
In related news, EVP Alfred Sandrock sold 743 shares of the company’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $292.00, for a total value of $216,956.00. Following the sale, the executive vice president now directly owns 6,553 shares of the company’s stock, valued at $1,913,476. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Alexander J. Denner purchased 48,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 25th. The stock was bought at an average cost of $269.91 per share, for a total transaction of $12,955,680.00. Following the completion of the acquisition, the director now directly owns 10,029 shares of the company’s stock, valued at $2,706,927.39. The disclosure for this purchase can be found here. Insiders sold 2,296 shares of company stock worth $678,993 over the last ninety days. 0.25% of the stock is currently owned by corporate insiders.
BIIB opened at $278.26 on Wednesday. The firm has a market capitalization of $59.58 billion, a P/E ratio of 12.66, a P/E/G ratio of 1.65 and a beta of 0.84. The company has a debt-to-equity ratio of 0.42, a quick ratio of 2.95 and a current ratio of 3.23. Biogen has a 12-month low of $277.28 and a 12-month high of $278.26.
Biogen (NASDAQ:BIIB) last posted its quarterly earnings results on Tuesday, April 24th. The biotechnology company reported $6.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.93 by $0.12. The firm had revenue of $3.13 billion for the quarter, compared to analysts’ expectations of $3.15 billion. Biogen had a net margin of 23.54% and a return on equity of 37.64%. The firm’s quarterly revenue was up 11.4% on a year-over-year basis. During the same period in the prior year, the company posted $5.20 earnings per share. equities research analysts anticipate that Biogen will post 23.9 EPS for the current fiscal year.
Biogen Inc discovers, develops, manufactures, and delivers therapies for the treatment of neurological and neurodegenerative diseases worldwide. The company offers TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, ZINBRYTA, and FAMPYRA for the treatment of multiple sclerosis (MS); FUMADERM for the treatment of plaque psoriasis; and SPINRAZA to treat spinal muscular atrophy.
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