Investors Asset Management of Georgia Inc. GA ADV continued to hold its stake in Biogen Inc. (NASDAQ:BIIB) during the second quarter, Holdings Channel reports. The institutional investor owned 1,232 shares of the biotechnology company’s stock at the end of the second quarter. Investors Asset Management of Georgia Inc. GA ADV’s holdings in Biogen were worth $334,000 at the end of the most recent quarter.
Several other hedge funds also recently added to or reduced their stakes in the company. Pathstone Family Office LLC bought a new stake in Biogen during the first quarter valued at about $102,000. Prentiss Smith & Co. Inc. raised its stake in 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 during the period. Crestwood Advisors Group LLC acquired a new stake in Biogen during the first quarter valued at $106,000. Independent Portfolio Consultants Inc. raised its stake in 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 period. Finally, Winfield Associates Inc. raised its stake in 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 period. 88.38% of the stock is currently owned by institutional investors.
Shares of Biogen Inc. (NASDAQ BIIB) opened at 281.77 on Friday. Biogen Inc. has a 1-year low of $244.28 and a 1-year high of $304.23. The company’s 50-day moving average price is $283.10 and its 200 day moving average price is $274.37. The firm has a market cap of $59.57 billion, a PE ratio of 18.49 and a beta of 0.79.
Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Tuesday, July 25th. The biotechnology company reported $5.04 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $4.36 by $0.68. The firm had revenue of $3.08 billion for the quarter, compared to the consensus estimate of $2.81 billion. Biogen had a return on equity of 37.42% and a net margin of 28.10%. The company’s revenue for the quarter was up 6.4% on a year-over-year basis. During the same period last year, the business posted $5.21 EPS. On average, analysts predict that Biogen Inc. will post $21.44 EPS for the current year.
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Several analysts recently weighed in on the company. Morgan Stanley reaffirmed an “equal weight” rating and issued a $307.00 price objective on shares of Biogen in a research note on Wednesday, June 14th. UBS AG raised Biogen from a “sell” rating to a “neutral” rating and raised their price objective for the company from $262.00 to $270.00 in a research note on Monday, June 19th. Leerink Swann reaffirmed a “market perform” rating and issued a $338.00 price objective (up from $304.00) on shares of Biogen in a research note on Wednesday, July 26th. Vetr lowered Biogen from a “buy” rating to a “hold” rating and set a $298.30 price objective on the stock. in a research note on Wednesday, July 26th. Finally, Goldman Sachs Group, Inc. (The) raised Biogen from a “buy” rating to a “conviction-buy” rating and set a $338.00 price objective on the stock in a research note on Wednesday. Eleven analysts have rated the stock with a hold rating, fourteen have issued a buy rating and three have issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $328.81.
In other news, EVP Susan H. Alexander sold 7,758 shares of the firm’s stock in a transaction on Wednesday, July 19th. The stock was sold at an average price of $285.00, for a total value of $2,211,030.00. Following the transaction, the executive vice president now directly owns 27,232 shares in the company, valued at approximately $7,761,120. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Susan H. Alexander sold 4,974 shares of the firm’s stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $290.01, for a total value of $1,442,509.74. Following the completion of the transaction, the executive vice president now 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 90 days, insiders sold 13,816 shares of company stock worth $3,931,380. Company 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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