Appleton Partners Inc. MA boosted its position in Biogen Inc. (NASDAQ:BIIB) by 68.8% during the second quarter, Holdings Channel reports. The firm owned 5,724 shares of the biotechnology company’s stock after buying an additional 2,334 shares during the period. Appleton Partners Inc. MA’s holdings in Biogen were worth $1,553,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently added to or reduced their stakes in BIIB. Atria Investments LLC boosted its position in Biogen by 27.6% in the first quarter. Atria Investments LLC now owns 1,949 shares of the biotechnology company’s stock worth $533,000 after buying an additional 422 shares during the period. Arvest Bank Trust Division boosted its position in Biogen by 2.7% in the first quarter. Arvest Bank Trust Division now owns 44,436 shares of the biotechnology company’s stock worth $12,149,000 after buying an additional 1,151 shares during the period. American Research & Management Co. boosted its position in Biogen by 12.1% in the first quarter. American Research & Management Co. now owns 8,825 shares of the biotechnology company’s stock worth $2,413,000 after buying an additional 950 shares during the period. Berkshire Asset Management LLC PA boosted its position in Biogen by 9.4% in the first quarter. Berkshire Asset Management LLC PA now owns 2,197 shares of the biotechnology company’s stock worth $601,000 after buying an additional 189 shares during the period. Finally, Pinnacle Bank purchased a new position in Biogen during the first quarter worth about $223,000. Hedge funds and other institutional investors own 88.38% of the company’s stock.
Shares of Biogen Inc. (BIIB) traded up 0.48% during midday trading on Monday, reaching $285.05. 265,208 shares of the company’s stock traded hands. The stock has a 50-day moving average price of $281.49 and a 200 day moving average price of $273.98. The firm has a market cap of $60.27 billion, a PE ratio of 18.71 and a beta of 0.79. Biogen Inc. has a 12 month low of $244.28 and a 12 month high of $304.23.
Biogen (NASDAQ:BIIB) last released its earnings results 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. The firm had revenue of $3.08 billion for the quarter, compared to analysts’ expectations of $2.81 billion. Biogen had a net margin of 28.10% and a return on equity of 37.42%. The company’s quarterly revenue was up 6.4% on a year-over-year basis. During the same period in the previous year, the company earned $5.21 earnings per share. Equities research analysts predict that Biogen Inc. will post $21.44 earnings per share for the current year.
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BIIB has been the subject of a number of research reports. Robert W. Baird reiterated a “neutral” rating and set a $290.00 target price on shares of Biogen in a report on Tuesday, April 18th. Mizuho reiterated a “hold” rating and set a $290.00 target price on shares of Biogen in a report on Tuesday, April 18th. Barclays PLC reiterated an “overweight” rating and set a $360.00 target price (down previously from $380.00) on shares of Biogen in a report on Sunday, April 23rd. Sanford C. Bernstein reiterated an “outperform” rating and set a $310.00 target price on shares of Biogen in a report on Tuesday, April 25th. Finally, Cantor Fitzgerald set a $278.00 target price on Biogen and gave the stock a “hold” rating in a report on Tuesday, April 25th. Eleven investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. Biogen has a consensus rating of “Buy” and an average target price of $328.81.
In other Biogen news, EVP Susan H. Alexander sold 4,974 shares of the business’s 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 transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Susan H. Alexander sold 7,758 shares of the business’s stock in a transaction dated Wednesday, July 19th. The shares were sold at an average price of $285.00, for a total transaction of $2,211,030.00. Following the completion of the transaction, the executive vice president now owns 27,232 shares in the company, valued at $7,761,120. The disclosure for this sale can be found here. Over the last quarter, insiders sold 13,816 shares of company stock worth $3,931,380. Corporate 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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