BlackRock Inc. grew its stake in shares of Biogen (NASDAQ:BIIB) by 2.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 17,268,339 shares of the biotechnology company’s stock after purchasing an additional 463,656 shares during the quarter. BlackRock Inc. owned 8.18% of Biogen worth $4,728,416,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently modified their holdings of the company. SeaCrest Wealth Management LLC acquired a new position in shares of Biogen during the fourth quarter worth about $504,000. Pin Oak Investment Advisors Inc. acquired a new position in shares of Biogen in the fourth quarter worth about $261,000. Beech Hill Advisors Inc. lifted its stake in shares of Biogen by 35.2% in the fourth quarter. Beech Hill Advisors Inc. now owns 1,987 shares of the biotechnology company’s stock worth $633,000 after acquiring an additional 517 shares in the last quarter. Banco de Sabadell S.A acquired a new position in shares of Biogen in the fourth quarter worth about $7,061,000. Finally, Alliancebernstein L.P. lifted its stake in shares of Biogen by 27.0% in the fourth quarter. Alliancebernstein L.P. now owns 3,414,672 shares of the biotechnology company’s stock worth $1,087,812,000 after acquiring an additional 727,007 shares in the last quarter. Institutional investors own 89.74% of the company’s stock.
Several research analysts recently commented on BIIB shares. Mizuho set a $433.00 price target on Biogen and gave the stock a “buy” rating in a research note on Wednesday, April 11th. UBS upgraded Biogen from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $352.59 to $410.00 in a research note on Wednesday, January 31st. Piper Jaffray Companies cut their price target on Biogen and set an “overweight” rating on the stock in a research note on Tuesday, April 24th. Argus cut Biogen from a “buy” rating to a “hold” rating in a research note on Friday, February 16th. Finally, Barclays cut Biogen from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $395.00 to $295.00 in a research note on Thursday, April 5th. Eleven analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company. Biogen currently has a consensus rating of “Buy” and an average price target of $353.71.
In related news, Director Alexander J. Denner bought 48,000 shares of the stock in a transaction dated Wednesday, April 25th. The stock was bought at an average cost of $269.91 per share, with a total value of $12,955,680.00. Following the completion of the acquisition, the director now owns 10,029 shares of the company’s stock, valued at $2,706,927.39. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Alfred Sandrock sold 743 shares of the company’s stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 6,553 shares of the company’s stock, valued at $1,913,476. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by corporate insiders.
Shares of Biogen opened at $280.40 on Monday, MarketBeat.com reports. The company has a debt-to-equity ratio of 0.42, a current ratio of 3.23 and a quick ratio of 2.95. The stock has a market capitalization of $59.17 billion, a P/E ratio of 12.86, a PEG ratio of 1.64 and a beta of 0.84. Biogen has a fifty-two week low of $244.28 and a fifty-two week high of $370.57.
Biogen (NASDAQ:BIIB) last posted its earnings results on Tuesday, April 24th. The biotechnology company reported $6.05 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $5.93 by $0.12. The company had revenue of $3.13 billion during the quarter, compared to analyst estimates of $3.15 billion. Biogen had a return on equity of 37.64% and a net margin of 23.54%. The business’s revenue was up 11.4% compared to the same quarter last year. During the same period in the prior year, the company earned $5.20 earnings per share. equities research analysts anticipate that Biogen will post 23.9 earnings per share for the current fiscal 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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