CNB Bank Lowers Stock Position in Biogen Inc (NASDAQ:BIIB)

CNB Bank lessened its holdings in Biogen Inc (NASDAQ:BIIB) by 34.4% in the 3rd quarter, Holdings Channel.com reports. The firm owned 1,115 shares of the biotechnology company’s stock after selling 584 shares during the quarter. CNB Bank’s holdings in Biogen were worth $260,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in BIIB. Thomasville National Bank boosted its position in Biogen by 4.5% during the second quarter. Thomasville National Bank now owns 24,384 shares of the biotechnology company’s stock valued at $5,703,000 after buying an additional 1,052 shares during the period. Pensionfund DSM Netherlands boosted its holdings in shares of Biogen by 20.4% during the second quarter. Pensionfund DSM Netherlands now owns 11,200 shares of the biotechnology company’s stock worth $2,619,000 after purchasing an additional 1,900 shares during the period. Pensionfund Sabic boosted its holdings in shares of Biogen by 23.0% during the second quarter. Pensionfund Sabic now owns 7,500 shares of the biotechnology company’s stock worth $1,754,000 after purchasing an additional 1,400 shares during the period. Fulton Bank N.A. boosted its holdings in shares of Biogen by 4.1% during the second quarter. Fulton Bank N.A. now owns 1,199 shares of the biotechnology company’s stock worth $281,000 after purchasing an additional 47 shares during the period. Finally, Swedbank boosted its holdings in shares of Biogen by 21.9% during the second quarter. Swedbank now owns 156,323 shares of the biotechnology company’s stock worth $36,559,000 after purchasing an additional 28,088 shares during the period. 88.52% of the stock is owned by hedge funds and other institutional investors.

A number of analysts have recently weighed in on BIIB shares. Royal Bank of Canada set a $242.00 target price on shares of Biogen and gave the stock a “hold” rating in a report on Friday, September 6th. Mizuho reiterated a “hold” rating and set a $235.00 target price on shares of Biogen in a report on Tuesday, October 22nd. UBS Group increased their target price on shares of Biogen from $280.00 to $334.00 and gave the stock a “positive” rating in a report on Tuesday, October 22nd. JPMorgan Chase & Co. increased their target price on shares of Biogen from $244.00 to $260.00 and gave the stock a “neutral” rating in a report on Wednesday, October 23rd. Finally, Jefferies Financial Group increased their target price on shares of Biogen from $255.00 to $310.00 and gave the stock a “hold” rating in a report on Tuesday, October 22nd. Five research analysts have rated the stock with a sell rating, twenty have issued a hold rating and nine have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $288.33.

BIIB stock opened at $293.25 on Friday. Biogen Inc has a 1 year low of $215.77 and a 1 year high of $344.00. The company has a market cap of $52.72 billion, a P/E ratio of 11.19, a PEG ratio of 1.58 and a beta of 1.07. The firm has a 50-day moving average of $251.07 and a 200 day moving average of $236.17. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.91 and a quick ratio of 1.74.

Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Tuesday, October 22nd. The biotechnology company reported $9.17 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $8.27 by $0.90. Biogen had a net margin of 37.91% and a return on equity of 46.14%. The company had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.53 billion. During the same period in the prior year, the firm earned $7.40 earnings per share. Biogen’s revenue was up 4.7% on a year-over-year basis. On average, equities research analysts expect that Biogen Inc will post 33.19 earnings per share for the current fiscal year.

Biogen Company Profile

Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases worldwide. The company offers TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for the treatment of multiple sclerosis (MS); SPINRAZA for the treatment of spinal muscular atrophy; and FUMADERM for the treatment of plaque psoriasis.

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Institutional Ownership by Quarter for Biogen (NASDAQ:BIIB)

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