Tekla Capital Management LLC reduced its position in Biogen Inc (NASDAQ:BIIB) by 9.7% during the first quarter, according to its most recent disclosure with the SEC. The firm owned 484,974 shares of the biotechnology company’s stock after selling 52,376 shares during the period. Biogen accounts for about 5.1% of Tekla Capital Management LLC’s portfolio, making the stock its 3rd largest position. Tekla Capital Management LLC owned 0.23% of Biogen worth $132,602,000 as of its most recent SEC filing.
Several other hedge funds have also bought and sold shares of BIIB. Marshall Wace North America L.P. bought a new position in Biogen during the first quarter worth $38,414,000. Guardian Life Insurance Co. of America raised its position in Biogen by 0.7% in the first quarter. Guardian Life Insurance Co. of America now owns 839 shares of the biotechnology company’s stock worth $229,000 after buying an additional 6 shares during the last quarter. MARSHALL WACE ASIA Ltd bought a new position in Biogen during the first quarter worth $38,414,000. Putnam FL Investment Management Co. raised its position in shares of Biogen by 160.4% in the first quarter. Putnam FL Investment Management Co. now owns 3,588 shares of the biotechnology company’s stock valued at $981,000 after buying an additional 2,210 shares in the last quarter. Finally, Meeder Asset Management Inc. raised its position in shares of Biogen by 85.5% in the first quarter. Meeder Asset Management Inc. now owns 9,707 shares of the biotechnology company’s stock valued at $2,653,000 after buying an additional 4,475 shares in the last quarter. 87.50% of the stock is owned by hedge funds and other institutional investors.
Shares of Biogen Inc (NASDAQ:BIIB) traded down 0.18% during midday trading on Friday, hitting $287.44. 869,157 shares of the stock traded hands. The firm has a 50-day moving average price of $274.41 and a 200 day moving average price of $273.68. Biogen Inc has a one year low of $244.28 and a one year high of $307.76. The stock has a market cap of $60.77 billion, a price-to-earnings ratio of 18.86 and a beta of 0.78.
Biogen (NASDAQ:BIIB) last announced its quarterly earnings data on Tuesday, July 25th. The biotechnology company reported $5.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.36 by $0.68. Biogen had a net margin of 28.03% and a return on equity of 30.01%. The company had revenue of $3.08 billion during the quarter, compared to analysts’ expectations of $2.81 billion. During the same quarter in the prior year, the company posted $5.21 EPS. The business’s revenue was up 6.4% on a year-over-year basis. Analysts anticipate that Biogen Inc will post $21.33 earnings per share for the current year.
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Several brokerages recently weighed in on BIIB. BMO Capital Markets restated 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 lowered 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 reiterated a “buy” rating on shares of Biogen in a report on Thursday. Stifel Nicolaus lifted their price objective on Biogen from $265.00 to $280.00 and gave the stock a “hold” rating in a report on Wednesday, April 26th. Finally, UBS AG reiterated a “neutral” rating and issued a $285.00 price objective (up from $270.00) on shares of Biogen in a report on Wednesday. Fourteen 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’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $328.89.
In other news, EVP Susan H. Alexander sold 7,758 shares of the company’s stock in a transaction dated Wednesday, July 19th. The shares were sold at an average price of $285.00, for a total value of $2,211,030.00. Following the sale, the executive vice president now 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 the SEC website. Also, CEO Michel Vounatsos bought 1,402 shares of the stock in a transaction dated Monday, May 1st. The stock was purchased at an average cost of $271.35 per share, for a total transaction of $380,432.70. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 13,816 shares of company stock valued at $3,931,380. Corporate insiders own 0.32% of the company’s stock.
Biogen Company Profile
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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