First Quadrant L P CA increased its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 35.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 156,470 shares of the biotechnology company’s stock after buying an additional 40,534 shares during the period. Biogen makes up approximately 0.8% of First Quadrant L P CA’s portfolio, making the stock its 14th largest position. First Quadrant L P CA owned 0.07% of Biogen worth $42,460,000 as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in BIIB. Pathstone Family Office LLC acquired a new stake in shares of Biogen during the first quarter valued at $102,000. Prentiss Smith & Co. Inc. increased its stake in shares of Biogen by 14.9% in the second quarter. Prentiss Smith & Co. Inc. now owns 385 shares of the biotechnology company’s stock valued at $104,000 after buying an additional 50 shares in the last quarter. Crestwood Advisors Group LLC acquired a new stake in shares of Biogen during the first quarter valued at $106,000. Independent Portfolio Consultants Inc. boosted its position in shares of Biogen by 93.2% in the second quarter. Independent Portfolio Consultants Inc. now owns 454 shares of the biotechnology company’s stock valued at $123,000 after buying an additional 219 shares during the last quarter. Finally, Winfield Associates Inc. boosted its position in shares of Biogen by 16.8% in the first quarter. Winfield Associates Inc. now owns 467 shares of the biotechnology company’s stock valued at $128,000 after buying an additional 67 shares during the last quarter. Hedge funds and other institutional investors own 88.38% of the company’s stock.
Shares of Biogen Inc. (NASDAQ BIIB) traded down 0.93% during trading on Friday, hitting $281.77. 814,072 shares of the stock were exchanged. The firm has a 50 day moving average price of $283.10 and a 200 day moving average price of $274.37. The firm has a market capitalization of $59.57 billion, a P/E ratio of 18.49 and a beta of 0.79. Biogen Inc. has a 52 week low of $244.28 and a 52 week high of $304.23.
Biogen (NASDAQ:BIIB) last announced its quarterly earnings results on Tuesday, July 25th. The biotechnology company reported $5.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.36 by $0.68. The company had revenue of $3.08 billion for the quarter, compared to analyst estimates of $2.81 billion. Biogen had a net margin of 28.10% and a return on equity of 37.42%. The firm’s revenue was up 6.4% on a year-over-year basis. During the same period in the previous year, the firm posted $5.21 EPS. Analysts forecast that Biogen Inc. will post $21.44 EPS for the current fiscal year.
BIIB has been the topic of several research analyst reports. Barclays PLC reaffirmed an “overweight” rating and set a $360.00 price target (down previously from $380.00) on shares of Biogen in a research report on Sunday, April 23rd. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $310.00 price target on shares of Biogen in a research report on Tuesday, April 25th. Cantor Fitzgerald set a $278.00 price target on shares of Biogen and gave the stock a “hold” rating in a research report on Tuesday, April 25th. Cowen and Company reissued a “buy” rating and issued a $338.00 target price on shares of Biogen in a report on Tuesday, April 25th. Finally, Vetr cut shares of Biogen from a “strong-buy” rating to a “buy” rating and set a $310.46 target price on the stock. in a report on Tuesday, April 25th. Eleven research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and three have assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $328.81.
In related news, EVP Susan H. Alexander sold 4,974 shares of Biogen stock in a transaction that occurred on Tuesday, July 25th. The shares were sold at an average price of $290.01, for a total transaction of $1,442,509.74. Following the sale, the executive vice president now directly owns 22,258 shares in the company, valued at approximately $6,455,042.58. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Brian S. Posner sold 1,084 shares of Biogen stock in a transaction that occurred on Friday, June 9th. The stock was sold at an average price of $256.31, for a total transaction of $277,840.04. Following the sale, the director now owns 6,330 shares in the company, valued at $1,622,442.30. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 13,816 shares of company stock worth $3,931,380. 0.32% of the stock is owned by corporate insiders.
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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