Public Employees Retirement Association of Colorado decreased its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 0.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 41,136 shares of the biotechnology company’s stock after selling 275 shares during the period. Public Employees Retirement Association of Colorado’s holdings in Biogen were worth $11,163,000 at the end of the most recent quarter.
Other institutional investors have also bought and sold shares of the company. BlackRock Inc. raised its position in Biogen by 2,762.0% in the first quarter. BlackRock Inc. now owns 17,692,259 shares of the biotechnology company’s stock valued at $4,837,418,000 after buying an additional 17,074,075 shares during the period. Vanguard Group Inc. raised its position in Biogen by 2.4% in the first quarter. Vanguard Group Inc. now owns 14,352,490 shares of the biotechnology company’s stock valued at $3,924,258,000 after buying an additional 342,568 shares during the period. State Street Corp raised its position in Biogen by 2.3% in the first quarter. State Street Corp now owns 9,580,383 shares of the biotechnology company’s stock valued at $2,619,469,000 after buying an additional 219,502 shares during the period. Clearbridge Investments LLC raised its position in Biogen by 4.0% in the first quarter. Clearbridge Investments LLC now owns 9,121,025 shares of the biotechnology company’s stock valued at $2,493,871,000 after buying an additional 351,224 shares during the period. Finally, Alliancebernstein L.P. raised its position in Biogen by 11.1% in the first quarter. Alliancebernstein L.P. now owns 2,937,319 shares of the biotechnology company’s stock valued at $803,122,000 after buying an additional 294,308 shares during the period. Institutional investors own 88.38% of the company’s stock.
Biogen Inc. (BIIB) opened at 281.77 on Friday. The company has a market cap of $59.57 billion, a price-to-earnings ratio of 18.49 and a beta of 0.79. Biogen Inc. has a 12 month low of $244.28 and a 12 month high of $304.23. The company’s 50-day moving average is $283.10 and its 200 day moving average is $274.37.
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, topping analysts’ consensus estimates of $4.36 by $0.68. Biogen had a return on equity of 37.42% and a net margin of 28.10%. The company had revenue of $3.08 billion for the quarter, compared to analysts’ expectations of $2.81 billion. During the same quarter in the prior year, the business posted $5.21 EPS. The business’s revenue was up 6.4% compared to the same quarter last year. Equities analysts forecast that Biogen Inc. will post $21.44 earnings per share for the current fiscal year.
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Several equities analysts have recently weighed in on BIIB shares. ValuEngine upgraded shares of Biogen from a “hold” rating to a “buy” rating in a research report on Thursday, June 22nd. Mizuho reduced their price objective on shares of Biogen from $290.00 to $274.00 and set a “neutral” rating for the company in a research report on Wednesday, May 31st. Vetr lowered shares of Biogen from a “strong-buy” rating to a “buy” rating and set a $310.46 price objective for the company. in a research report on Tuesday, April 25th. Cowen and Company restated an “outperform” rating and set a $271.00 price objective on shares of Biogen in a research report on Monday, July 3rd. Finally, William Blair restated an “outperform” rating on shares of Biogen in a research report on Monday, June 26th. Eleven research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and three have issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $328.81.
In related news, EVP Susan H. Alexander sold 4,974 shares of the 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 sale, the executive vice president now owns 22,258 shares in the company, valued at approximately $6,455,042.58. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Brian S. Posner sold 1,084 shares of the stock in a transaction on Friday, June 9th. The shares were sold at an average price of $256.31, for a total value of $277,840.04. Following the completion of the sale, the director now owns 6,330 shares in the company, valued at approximately $1,622,442.30. The disclosure for this sale can be found here. In the last quarter, insiders have 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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