Patriot Financial Group Insurance Agency LLC increased its holdings in Biogen Inc (NASDAQ:BIIB) by 99.0% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 398 shares of the biotechnology company’s stock after acquiring an additional 198 shares during the quarter. Patriot Financial Group Insurance Agency LLC’s holdings in Biogen were worth $94,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors have also recently made changes to their positions in the company. Kentucky Retirement Systems acquired a new position in Biogen in the third quarter valued at approximately $5,456,000. Neuberger Berman Group LLC lifted its holdings in Biogen by 2.9% in the third quarter. Neuberger Berman Group LLC now owns 21,035 shares of the biotechnology company’s stock valued at $7,431,000 after buying an additional 583 shares during the period. Teachers Advisors LLC lifted its holdings in Biogen by 7.9% in the third quarter. Teachers Advisors LLC now owns 569,238 shares of the biotechnology company’s stock valued at $201,117,000 after buying an additional 41,637 shares during the period. Standard Life Aberdeen plc lifted its holdings in Biogen by 6.9% in the third quarter. Standard Life Aberdeen plc now owns 124,967 shares of the biotechnology company’s stock valued at $44,158,000 after buying an additional 8,097 shares during the period. Finally, Belpointe Asset Management LLC acquired a new position in Biogen in the third quarter valued at approximately $748,000. 88.33% of the stock is owned by institutional investors and hedge funds.
In other Biogen news, Director Alexander J. Denner bought 50,342 shares of Biogen stock in a transaction that occurred on Tuesday, April 30th. The stock was acquired at an average price of $229.25 per share, for a total transaction of $11,540,903.50. Following the completion of the acquisition, the director now owns 10,909 shares of the company’s stock, valued at approximately $2,500,888.25. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Alexander J. Denner bought 118,342 shares of Biogen stock in a transaction that occurred 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 acquisition, the director now directly owns 10,909 shares of the company’s stock, valued at approximately $2,508,415.46. The disclosure for this purchase can be found here. Insiders have purchased 173,035 shares of company stock valued at $39,759,632 in the last 90 days. 0.29% of the stock is currently owned by corporate insiders.
Several brokerages recently weighed in on BIIB. Canaccord Genuity lowered shares of Biogen from a “buy” rating to a “hold” rating and cut their price objective for the company from $396.00 to $275.00 in a report on Thursday, March 21st. Wells Fargo & Co downgraded shares of Biogen from an “outperform” rating to a “market perform” rating in a research note on Thursday, March 21st. JPMorgan Chase & Co. downgraded shares of Biogen from an “overweight” rating to a “neutral” rating and set a $244.00 target price for the company. in a research note on Thursday, March 21st. Argus reaffirmed a “hold” rating on shares of Biogen in a research note on Tuesday, May 7th. Finally, Citigroup reaffirmed a “neutral” rating on shares of Biogen in a research note on Thursday. Three research analysts have rated the stock with a sell rating, twenty-four have assigned a hold rating and seven have given a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $283.23.
Shares of BIIB stock traded down $2.05 during trading hours on Friday, hitting $227.06. 1,738,935 shares of the company were exchanged, compared to its average volume of 2,074,054. The company has a quick ratio of 2.60, a current ratio of 2.84 and a debt-to-equity ratio of 0.43. Biogen Inc has a 52 week low of $216.12 and a 52 week high of $388.67. The company has a market capitalization of $45.16 billion, a price-to-earnings ratio of 8.67, a P/E/G ratio of 1.04 and a beta of 1.01.
Biogen (NASDAQ:BIIB) last issued its quarterly earnings data on Wednesday, April 24th. The biotechnology company reported $6.98 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $6.88 by $0.10. Biogen had a net margin of 33.79% and a return on equity of 41.39%. The company had revenue of $3.49 billion during the quarter, compared to the consensus estimate of $3.38 billion. During the same quarter in the prior year, the firm earned $6.05 earnings per share. The firm’s revenue was up 11.5% compared to the same quarter last year. On average, equities analysts expect that Biogen Inc will post 29.58 EPS for the current year.
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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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