Welch & Forbes LLC reduced its stake in Biogen Inc. (NASDAQ:BIIB) by 1.8% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,973 shares of the biotechnology company’s stock after selling 270 shares during the period. Welch & Forbes LLC’s holdings in Biogen were worth $4,687,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Quadrant Capital Group LLC increased its stake in shares of Biogen by 7.8% in the third quarter. Quadrant Capital Group LLC now owns 470 shares of the biotechnology company’s stock valued at $136,000 after buying an additional 34 shares in the last quarter. Winfield Associates Inc. increased its stake in shares of Biogen by 10.0% in the third quarter. Winfield Associates Inc. now owns 440 shares of the biotechnology company’s stock valued at $138,000 after buying an additional 40 shares in the last quarter. Kings Point Capital Management bought a new stake in shares of Biogen during the second quarter valued at about $145,000. Signaturefd LLC increased its stake in shares of Biogen by 217.7% in the second quarter. Signaturefd LLC now owns 718 shares of the biotechnology company’s stock valued at $174,000 after buying an additional 492 shares in the last quarter. Finally, Simmons Bank bought a new stake in shares of Biogen during the third quarter valued at about $200,000. 88.08% of the stock is currently owned by institutional investors and hedge funds.
Shares of Biogen Inc. (NASDAQ:BIIB) opened at 278.21 on Friday. The company’s 50-day moving average price is $285.72 and its 200 day moving average price is $297.00. The company has a market cap of $60.53 billion, a PE ratio of 15.73 and a beta of 0.74. Biogen Inc. has a one year low of $223.02 and a one year high of $333.65.
Biogen (NASDAQ:BIIB) last posted its earnings results on Thursday, January 26th. The biotechnology company reported $5.04 earnings per share for the quarter, beating the Zacks’ consensus estimate of $4.96 by $0.08. The business had revenue of $2.87 billion for the quarter, compared to analysts’ expectations of $2.94 billion. Biogen had a net margin of 32.34% and a return on equity of 39.20%. The firm’s revenue for the quarter was up 1.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.50 earnings per share. Equities analysts forecast that Biogen Inc. will post $20.99 EPS for the current fiscal year.
Several brokerages recently issued reports on BIIB. Cantor Fitzgerald set a $293.00 price target on Biogen and gave the company a “hold” rating in a report on Thursday. Morgan Stanley increased their price target on Biogen to $369.00 in a report on Friday. Credit Suisse Group set a $314.00 price target on Biogen and gave the company a “hold” rating in a report on Tuesday, January 24th. BMO Capital Markets reiterated a “market perform” rating and issued a $336.00 price target on shares of Biogen in a report on Tuesday, January 24th. Finally, Jefferies Group LLC reiterated a “hold” rating and issued a $313.00 price target on shares of Biogen in a report on Tuesday, January 24th. Eleven equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $332.52.
In related news, Director Robert W. Pangia sold 5,450 shares of the company’s stock in a transaction dated Monday, January 9th. The shares were sold at an average price of $295.39, for a total value of $1,609,875.50. Following the sale, the director now owns 22,078 shares of the company’s stock, valued at $6,521,620.42. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.32% of the company’s stock.
Biogen Company Profile
Biogen Inc, formerly Biogen Idec Inc, is a biopharmaceutical company. The Company operates in discovering, developing, manufacturing and delivering therapies to patients for the treatment of neurodegenerative diseases, hematologic conditions and autoimmune disorders segment. The Company markets products, including TECFIDERA, AVONEX, PLEGRIDY, TYSABRI and FAMPYRA for multiple sclerosis (MS), ELOCTATE for hemophilia A and ALPROLIX for hemophilia B, and FUMADERM for the treatment of severe plaque psoriasis.
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).