Oakbrook Investments LLC reduced its position in shares of Biogen Inc. (NASDAQ:BIIB) by 11.0% during the second quarter, Holdings Channel reports. The institutional investor owned 12,575 shares of the biotechnology company’s stock after selling 1,550 shares during the period. Oakbrook Investments LLC’s holdings in Biogen were worth $3,412,000 at the end of the most recent quarter.
Other hedge funds have also recently made changes to their positions in the company. Hills Bank & Trust Co. boosted its stake in shares of Biogen by 3.1% in the first quarter. Hills Bank & Trust Co. now owns 4,707 shares of the biotechnology company’s stock worth $1,287,000 after buying an additional 143 shares in the last quarter. Boltwood Capital Management boosted its stake in shares of Biogen by 18.3% in the first quarter. Boltwood Capital Management now owns 2,460 shares of the biotechnology company’s stock worth $672,000 after buying an additional 380 shares in the last quarter. West Oak Capital LLC boosted its stake in shares of Biogen by 5.9% in the first quarter. West Oak Capital LLC now owns 4,558 shares of the biotechnology company’s stock worth $1,246,000 after buying an additional 252 shares in the last quarter. Manning & Napier Advisors LLC purchased a new stake in shares of Biogen during the first quarter worth approximately $33,540,000. Finally, Watch Point Trust Co boosted its stake in shares of Biogen by 1.9% in the first quarter. Watch Point Trust Co now owns 6,059 shares of the biotechnology company’s stock worth $1,657,000 after buying an additional 115 shares in the last quarter. Hedge funds and other institutional investors own 87.50% of the company’s stock.
Biogen Inc. (BIIB) traded down 0.18% during midday trading on Friday, hitting $287.44. 869,157 shares of the stock were exchanged. The company has a market capitalization of $60.77 billion, a P/E ratio of 18.86 and a beta of 0.78. The company’s 50 day moving average is $274.41 and its 200 day moving average is $273.68. Biogen Inc. has a 1-year low of $244.28 and a 1-year high of $307.76.
Biogen (NASDAQ:BIIB) last posted its quarterly earnings data on Tuesday, July 25th. The biotechnology company reported $5.04 earnings per share for the quarter, beating the Zacks’ consensus estimate of $4.36 by $0.68. Biogen had a return on equity of 37.42% and a net margin of 28.10%. The firm had revenue of $3.08 billion for the quarter, compared to analysts’ expectations of $2.81 billion. During the same period in the previous year, the firm earned $5.21 EPS. The business’s quarterly revenue was up 6.4% on a year-over-year basis. Analysts predict that Biogen Inc. will post $21.33 earnings per share for the current fiscal year.
A number of brokerages have commented on BIIB. BMO Capital Markets reiterated a “market perform” rating and issued a $328.00 price target (up previously from $317.00) on shares of Biogen in a research note on Wednesday. Vetr cut shares of Biogen from a “buy” rating to a “hold” rating and set a $298.30 price target for the company. in a research note on Wednesday. Cowen and Company restated a “buy” rating on shares of Biogen in a research note on Thursday. Stifel Nicolaus raised their target price on shares of Biogen from $265.00 to $280.00 and gave the stock a “hold” rating in a research note on Wednesday, April 26th. Finally, UBS AG restated a “neutral” rating and set a $285.00 target price (up previously from $270.00) on shares of Biogen in a research note on Wednesday. Fourteen investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $328.89.
In other news, EVP Susan H. Alexander sold 7,758 shares of Biogen stock in a transaction dated Wednesday, July 19th. The stock was sold at an average price of $285.00, for a total transaction of $2,211,030.00. Following the transaction, the executive vice president now directly owns 27,232 shares of the company’s stock, valued at approximately $7,761,120. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Susan H. Alexander sold 4,974 shares of Biogen stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $290.01, for a total value of $1,442,509.74. Following the transaction, the executive vice president now directly owns 22,258 shares in the company, valued at $6,455,042.58. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 13,816 shares of company stock worth $3,931,380. Insiders own 0.32% of the company’s stock.
About Biogen
Biogen Inc is a biopharmaceutical company. The Company focuses on discovering, developing, manufacturing and delivering therapies to people living with serious neurological, rare and autoimmune diseases. The Company markets products, including TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, ZINBRYTA and FAMPYRA for multiple sclerosis (MS), FUMADERM for the treatment of severe plaque psoriasis and SPINRAZA for the treatment of spinal muscular atrophy (SMA).
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