Los Angeles Capital Management & Equity Research Inc. lessened its holdings in shares of Biogen Inc (NASDAQ:BIIB) by 71.9% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 51,423 shares of the biotechnology company’s stock after selling 131,733 shares during the period. Los Angeles Capital Management & Equity Research Inc.’s holdings in Biogen were worth $18,168,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of BIIB. Private Advisor Group LLC increased its position in Biogen by 861.3% during the second quarter. Private Advisor Group LLC now owns 22,426 shares of the biotechnology company’s stock worth $6,528,000 after buying an additional 20,093 shares during the period. Kaizen Advisory LLC increased its position in Biogen by 145.8% during the second quarter. Kaizen Advisory LLC now owns 499 shares of the biotechnology company’s stock worth $145,000 after buying an additional 296 shares during the period. Acadian Asset Management LLC increased its position in Biogen by 2,188.6% during the third quarter. Acadian Asset Management LLC now owns 122,418 shares of the biotechnology company’s stock worth $43,254,000 after buying an additional 117,069 shares during the period. Rathbone Brothers plc increased its position in Biogen by 269.4% during the third quarter. Rathbone Brothers plc now owns 2,708 shares of the biotechnology company’s stock worth $957,000 after buying an additional 1,975 shares during the period. Finally, First Interstate Bank increased its position in Biogen by 112.2% during the second quarter. First Interstate Bank now owns 885 shares of the biotechnology company’s stock worth $257,000 after buying an additional 468 shares during the period. 87.55% of the stock is currently owned by institutional investors and hedge funds.
BIIB has been the topic of several research analyst reports. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $400.00 price target on shares of Biogen in a research report on Monday, October 1st. Citigroup cut their price target on Biogen from $483.00 to $470.00 and set a “buy” rating on the stock in a research report on Monday, October 8th. Oppenheimer set a $400.00 price target on Biogen and gave the stock a “buy” rating in a research report on Sunday, September 16th. BidaskClub raised Biogen from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 7th. Finally, Raymond James set a $400.00 price target on Biogen and gave the stock a “buy” rating in a research report on Tuesday, October 23rd. Nine equities research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $383.01.
NASDAQ:BIIB opened at $325.20 on Friday. The company has a market capitalization of $66.79 billion, a PE ratio of 14.91, a P/E/G ratio of 1.31 and a beta of 1.01. The company has a current ratio of 2.75, a quick ratio of 2.46 and a debt-to-equity ratio of 0.43. Biogen Inc has a 12-month low of $249.17 and a 12-month high of $388.67.
Biogen (NASDAQ:BIIB) last released its earnings results on Tuesday, October 23rd. The biotechnology company reported $7.40 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $6.78 by $0.62. The business had revenue of $3.44 billion for the quarter, compared to analyst estimates of $3.33 billion. Biogen had a return on equity of 38.70% and a net margin of 24.08%. The company’s revenue for the quarter was up 11.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $6.31 earnings per share. Equities analysts predict that Biogen Inc will post 25.71 earnings per share for the current year.
In other news, EVP Michael D. Ehlers sold 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 26th. The stock was sold at an average price of $350.00, for a total value of $350,000.00. Following the transaction, the executive vice president now owns 4,281 shares of the company’s stock, valued at $1,498,350. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.29% of the company’s stock.
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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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