Cypress Capital Group boosted its position in Biogen Inc (NASDAQ:BIIB) by 22.1% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,760 shares of the biotechnology company’s stock after purchasing an additional 319 shares during the quarter. Cypress Capital Group’s holdings in Biogen were worth $482,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Captrust Financial Advisors acquired a new position in Biogen in the 4th quarter valued at $113,000. Rainier Group Investment Advisory LLC acquired a new position in Biogen in the 1st quarter valued at $100,000. Point72 Asia Hong Kong Ltd acquired a new position in Biogen in the 1st quarter valued at $105,000. Prentiss Smith & Co. Inc. acquired a new position in Biogen in the 4th quarter valued at $123,000. Finally, Certified Advisory Corp raised its stake in Biogen by 445.2% in the 1st quarter. Certified Advisory Corp now owns 398 shares of the biotechnology company’s stock valued at $108,000 after purchasing an additional 325 shares during the last quarter. 87.26% of the stock is owned by hedge funds and other institutional investors.
BIIB has been the subject of several recent research reports. Mizuho set a $433.00 price objective on Biogen and gave the company a “buy” rating in a research note on Wednesday, April 11th. Piper Jaffray Companies reduced their price objective on Biogen and set an “overweight” rating for the company in a research note on Tuesday, April 24th. Barclays downgraded Biogen from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $395.00 to $295.00 in a research note on Thursday, April 5th. Credit Suisse Group reissued a “buy” rating and issued a $384.00 price objective on shares of Biogen in a research note on Monday, March 12th. Finally, Guggenheim set a $400.00 price objective on Biogen and gave the company a “buy” rating in a research note on Friday, March 2nd. Ten investment analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company’s stock. Biogen has an average rating of “Buy” and an average target price of $353.18.
Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Tuesday, April 24th. The biotechnology company reported $6.05 earnings per share for the quarter, topping analysts’ consensus estimates of $5.93 by $0.12. The business had revenue of $3.13 billion during the quarter, compared to analysts’ expectations of $3.15 billion. Biogen had a return on equity of 37.64% and a net margin of 23.54%. The company’s revenue was up 11.4% compared to the same quarter last year. During the same period in the prior year, the business posted $5.20 EPS. equities analysts expect that Biogen Inc will post 23.87 earnings per share for the current year.
In other Biogen news, Director Alexander J. Denner purchased 48,000 shares of the stock in a transaction dated Wednesday, April 25th. The stock was acquired at an average cost of $269.91 per share, for a total transaction of $12,955,680.00. Following the acquisition, the director now owns 10,029 shares in the company, valued at approximately $2,706,927.39. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.29% of the company’s stock.
Biogen Inc discovers, develops, manufactures, and delivers therapies for the treatment of neurological and neurodegenerative diseases worldwide. The company offers TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, ZINBRYTA, and FAMPYRA for the treatment of multiple sclerosis (MS); FUMADERM for the treatment of plaque psoriasis; and SPINRAZA to treat spinal muscular atrophy.
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