Swedbank trimmed its holdings in Biogen Inc (NASDAQ:BIIB) by 67.8% in the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 128,235 shares of the biotechnology company’s stock after selling 270,174 shares during the quarter. Swedbank owned about 0.07% of Biogen worth $30,312,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in BIIB. BTIM Corp. grew its stake in shares of Biogen by 132.0% during the 4th quarter. BTIM Corp. now owns 6,054 shares of the biotechnology company’s stock valued at $1,822,000 after purchasing an additional 3,445 shares during the period. Commerzbank Aktiengesellschaft FI grew its stake in shares of Biogen by 4.3% during the 4th quarter. Commerzbank Aktiengesellschaft FI now owns 135,222 shares of the biotechnology company’s stock valued at $40,691,000 after purchasing an additional 5,587 shares during the period. Gotham Asset Management LLC grew its stake in shares of Biogen by 34.3% during the 4th quarter. Gotham Asset Management LLC now owns 106,435 shares of the biotechnology company’s stock valued at $32,028,000 after purchasing an additional 27,164 shares during the period. Smith Asset Management Group LP grew its stake in shares of Biogen by 31.5% during the 4th quarter. Smith Asset Management Group LP now owns 115,491 shares of the biotechnology company’s stock valued at $34,872,000 after purchasing an additional 27,672 shares during the period. Finally, Triangle Securities Wealth Management grew its stake in shares of Biogen by 0.9% during the 1st quarter. Triangle Securities Wealth Management now owns 6,813 shares of the biotechnology company’s stock valued at $1,610,000 after purchasing an additional 60 shares during the period. Institutional investors own 88.33% of the company’s stock.
NASDAQ BIIB traded down $2.05 during trading hours on Friday, reaching $227.06. The company’s stock had a trading volume of 1,738,935 shares, compared to its average volume of 2,074,054. The company has a current ratio of 2.84, a quick ratio of 2.60 and a debt-to-equity ratio of 0.43. Biogen Inc has a 1 year low of $216.12 and a 1 year high of $388.67. The stock has a market cap of $45.16 billion, a PE ratio of 8.67, a P/E/G ratio of 1.04 and a beta of 1.01.
Biogen (NASDAQ:BIIB) last posted its quarterly earnings results on Wednesday, April 24th. The biotechnology company reported $6.98 EPS for the quarter, topping the Zacks’ consensus estimate of $6.88 by $0.10. Biogen had a return on equity of 41.39% and a net margin of 33.79%. The company had revenue of $3.49 billion for the quarter, compared to analysts’ expectations of $3.38 billion. During the same period in the previous year, the firm earned $6.05 EPS. The firm’s revenue was up 11.5% compared to the same quarter last year. On average, analysts forecast that Biogen Inc will post 29.58 EPS for the current fiscal year.
In other news, Director Alexander J. Denner acquired 118,342 shares of Biogen stock in a transaction on Thursday, May 2nd. The shares were acquired at an average price of $229.94 per share, with a total value of $27,211,559.48. Following the purchase, the director now directly owns 10,909 shares in the company, valued at approximately $2,508,415.46. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Robert W. Pangia sold 6,114 shares of Biogen stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $328.55, for a total value of $2,008,754.70. Following the completion of the sale, the director now directly owns 24,701 shares in the company, valued at approximately $8,115,513.55. The disclosure for this sale can be found here. Over the last three months, insiders purchased 173,035 shares of company stock worth $39,759,632. 0.29% of the stock is owned by insiders.
A number of equities research analysts have issued reports on the company. Cowen cut their price target on Biogen from $400.00 to $275.00 and set an “outperform” rating for the company in a research note on Thursday, March 21st. JPMorgan Chase & Co. downgraded Biogen from an “overweight” rating to a “neutral” rating and set a $244.00 price target for the company. in a research note on Thursday, March 21st. Oppenheimer lowered their price objective on Biogen from $380.00 to $375.00 and set an “outperform” rating on the stock in a research report on Thursday, February 14th. Canaccord Genuity cut Biogen from a “buy” rating to a “hold” rating and lowered their price objective for the company from $396.00 to $275.00 in a research report on Thursday, March 21st. Finally, UBS Group cut Biogen from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $395.00 to $242.00 in a research report on Friday, March 22nd. Three investment analysts have rated the stock with a sell rating, twenty-four have assigned a hold rating and seven have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $283.23.
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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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