Biogen Inc (BIIB) Holdings Lessened by Montecito Bank & Trust

Montecito Bank & Trust trimmed its position in Biogen Inc (NASDAQ:BIIB) by 51.1% in the third quarter, Holdings Channel reports. The fund owned 859 shares of the biotechnology company’s stock after selling 896 shares during the period. Montecito Bank & Trust’s holdings in Biogen were worth $303,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Northern Trust Corp increased its holdings in shares of Biogen by 0.7% in the 2nd quarter. Northern Trust Corp now owns 2,892,559 shares of the biotechnology company’s stock valued at $839,536,000 after acquiring an additional 19,730 shares during the last quarter. Bank of New York Mellon Corp grew its stake in Biogen by 3.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,362,136 shares of the biotechnology company’s stock worth $685,588,000 after buying an additional 72,668 shares during the last quarter. Massachusetts Financial Services Co. MA grew its stake in Biogen by 0.9% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,095,005 shares of the biotechnology company’s stock worth $608,054,000 after buying an additional 18,790 shares during the last quarter. Morgan Stanley grew its stake in Biogen by 61.1% during the 2nd quarter. Morgan Stanley now owns 1,751,109 shares of the biotechnology company’s stock worth $508,240,000 after buying an additional 664,096 shares during the last quarter. Finally, Janus Henderson Group PLC grew its stake in Biogen by 1.9% during the 2nd quarter. Janus Henderson Group PLC now owns 1,595,986 shares of the biotechnology company’s stock worth $463,220,000 after buying an additional 30,353 shares during the last quarter. Institutional investors and hedge funds own 87.46% of the company’s stock.

In other news, EVP Michael D. Ehlers sold 1,000 shares of the stock in a transaction on Wednesday, September 26th. The stock was sold at an average price of $350.00, for a total value of $350,000.00. Following the completion of the transaction, the executive vice president now owns 4,281 shares of the company’s stock, valued at $1,498,350. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 0.29% of the company’s stock.

A number of research analysts recently commented on the company. Cantor Fitzgerald set a $293.00 price objective on Biogen and gave the stock a “hold” rating in a research note on Wednesday, July 25th. UBS Group upped their price objective on Biogen from $354.00 to $395.00 and gave the stock a “buy” rating in a research note on Thursday, July 26th. Citigroup upped their price objective on Biogen to $483.00 and gave the stock a “positive” rating in a research note on Thursday, July 26th. Barclays upped their price objective on Biogen from $295.00 to $320.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 25th. Finally, Robert W. Baird upped their price objective on Biogen from $323.00 to $348.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 25th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty-three have given a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $381.31.

NASDAQ:BIIB opened at $330.94 on Friday. Biogen Inc has a 1 year low of $249.17 and a 1 year high of $388.67. The firm has a market capitalization of $71.17 billion, a PE ratio of 15.17, a price-to-earnings-growth ratio of 1.36 and a beta of 0.86. The company has a quick ratio of 2.06, a current ratio of 2.36 and a debt-to-equity ratio of 0.48.

Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Tuesday, July 24th. The biotechnology company reported $5.80 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $5.22 by $0.58. Biogen had a return on equity of 38.17% and a net margin of 23.06%. The company had revenue of $3.36 billion during the quarter, compared to analysts’ expectations of $3.25 billion. During the same quarter in the prior year, the business posted $5.04 earnings per share. The company’s revenue for the quarter was up 9.1% compared to the same quarter last year. As a group, sell-side analysts predict that Biogen Inc will post 25.34 earnings per share for the current year.

Biogen Company Profile

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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Institutional Ownership by Quarter for Biogen (NASDAQ:BIIB)

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