Asset Management One Co. Ltd. Cuts Stake in Biogen Inc. (BIIB)

Asset Management One Co. Ltd. lessened its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 1.3% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 362,566 shares of the biotechnology company’s stock after selling 4,795 shares during the quarter. Asset Management One Co. Ltd. owned about 0.17% of Biogen worth $113,472,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Janus Henderson Group PLC raised its stake in Biogen by 4,585.3% in the 2nd quarter. Janus Henderson Group PLC now owns 1,445,560 shares of the biotechnology company’s stock worth $392,265,000 after purchasing an additional 1,414,707 shares in the last quarter. Ameriprise Financial Inc. raised its stake in Biogen by 35.1% in the 3rd quarter. Ameriprise Financial Inc. now owns 2,309,394 shares of the biotechnology company’s stock worth $723,142,000 after purchasing an additional 600,384 shares in the last quarter. FMR LLC raised its stake in Biogen by 10.1% in the 2nd quarter. FMR LLC now owns 6,104,026 shares of the biotechnology company’s stock worth $1,656,390,000 after purchasing an additional 561,436 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Biogen by 24.0% in the 3rd quarter. Bank of New York Mellon Corp now owns 2,325,987 shares of the biotechnology company’s stock worth $728,314,000 after purchasing an additional 450,207 shares in the last quarter. Finally, TIAA CREF Investment Management LLC raised its stake in Biogen by 28.8% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 1,906,820 shares of the biotechnology company’s stock worth $517,434,000 after purchasing an additional 426,821 shares in the last quarter. Institutional investors own 88.30% of the company’s stock.

Several brokerages have weighed in on BIIB. Goldman Sachs Group upgraded shares of Biogen from a “buy” rating to a “conviction-buy” rating and set a $338.00 price objective for the company in a research note on Wednesday, August 16th. Royal Bank Of Canada lifted their price objective on shares of Biogen to $321.00 and gave the stock a “sector perform” rating in a research note on Tuesday. SunTrust Banks started coverage on shares of Biogen in a report on Wednesday, September 20th. They issued a “buy” rating and a $360.00 target price on the stock. Mizuho reissued a “neutral” rating and issued a $319.00 target price (up from $274.00) on shares of Biogen in a report on Wednesday, September 13th. Finally, Raymond James Financial lowered shares of Biogen from a “strong-buy” rating to a “market perform” rating and raised their target price for the company from $244.28 to $319.00 in a report on Thursday, September 21st. Twelve equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $344.60.

Shares of Biogen Inc. (BIIB) opened at $319.87 on Wednesday. The stock has a market cap of $67,122.77, a P/E ratio of 14.70, a P/E/G ratio of 1.98 and a beta of 0.73. The company has a current ratio of 2.19, a quick ratio of 1.90 and a debt-to-equity ratio of 0.46. Biogen Inc. has a 1-year low of $244.28 and a 1-year high of $348.84.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings results on Tuesday, October 24th. The biotechnology company reported $6.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.70 by $0.61. The company had revenue of $3.08 billion for the quarter, compared to analyst estimates of $3.05 billion. Biogen had a net margin of 29.44% and a return on equity of 38.51%. The firm’s revenue was up 4.1% on a year-over-year basis. During the same period in the previous year, the firm posted $5.19 EPS. research analysts anticipate that Biogen Inc. will post 22.03 earnings per share for the current fiscal year.

In related news, Director Alexander J. Denner purchased 30,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 29th. The shares were bought at an average cost of $317.36 per share, with a total value of $9,520,800.00. Following the acquisition, the director now owns 10,029 shares of the company’s stock, valued at approximately $3,182,803.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.25% of the company’s stock.

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Biogen 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).

Institutional Ownership by Quarter for Biogen (NASDAQ:BIIB)

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