Biogen Inc (NASDAQ:BIIB) Stock Position Decreased by Kornitzer Capital Management Inc. KS

Kornitzer Capital Management Inc. KS lessened its holdings in shares of Biogen Inc (NASDAQ:BIIB) by 7.3% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 13,326 shares of the biotechnology company’s stock after selling 1,050 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Biogen were worth $3,103,000 at the end of the most recent reporting period.

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

A number of equities research analysts recently commented on BIIB shares. ValuEngine raised Biogen from a “strong sell” rating to a “sell” rating in a research report on Wednesday, October 2nd. Jefferies Financial Group increased their price target on Biogen from $255.00 to $310.00 and gave the company a “hold” rating in a research report on Tuesday, October 22nd. Cowen increased their price target on Biogen from $275.00 to $325.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Mizuho reissued a “hold” rating and issued a $235.00 price target on shares of Biogen in a research report on Tuesday, October 22nd. Finally, BMO Capital Markets increased their price target on Biogen from $250.00 to $297.00 and gave the company a “market perform” rating in a research report on Wednesday, October 23rd. Five investment analysts have rated the stock with a sell rating, twenty have assigned a hold rating and nine have issued a buy rating to the company’s stock. Biogen currently has an average rating of “Hold” and an average price target of $288.33.

Shares of Biogen stock traded up $6.38 during trading hours on Friday, hitting $293.25. 1,476,900 shares of the company’s stock traded hands, compared to its average volume of 1,920,335. The stock has a market capitalization of $52.72 billion, a price-to-earnings ratio of 11.19, a PEG ratio of 1.58 and a beta of 1.07. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.91 and a quick ratio of 1.74. The company has a fifty day simple moving average of $251.07 and a 200-day simple moving average of $236.17. Biogen Inc has a 12-month low of $215.77 and a 12-month high of $344.00.

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

Recommended Story: When is a capital gain realized?

Want to see what other hedge funds are holding BIIB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Biogen Inc (NASDAQ:BIIB).

Institutional Ownership by Quarter for Biogen (NASDAQ:BIIB)

Receive News & Ratings for Biogen Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Biogen and related companies with MarketBeat.com's FREE daily email newsletter.