First Republic Investment Management Inc. grew its stake in shares of Biogen Inc (NASDAQ:BIIB) by 11.3% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 59,242 shares of the biotechnology company’s stock after buying an additional 6,005 shares during the quarter. First Republic Investment Management Inc.’s holdings in Biogen were worth $20,931,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Honkamp Krueger Financial Services Inc. bought a new stake in shares of Biogen during the third quarter worth $103,000. LeJeune Puetz Investment Counsel LLC bought a new stake in shares of Biogen in the third quarter worth $107,000. NEXT Financial Group Inc bought a new stake in shares of Biogen in the third quarter worth $133,000. Harvest Fund Management Co. Ltd grew its stake in shares of Biogen by 122.0% in the third quarter. Harvest Fund Management Co. Ltd now owns 384 shares of the biotechnology company’s stock worth $136,000 after purchasing an additional 211 shares during the last quarter. Finally, Gs Investments Inc. bought a new stake in shares of Biogen in the second quarter worth $145,000. 87.16% of the stock is currently owned by hedge funds and other institutional investors.
In related news, EVP Michael D. Ehlers sold 1,000 shares of the business’s stock in a transaction on Wednesday, September 26th. The shares were 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 in the company, valued at $1,498,350. The transaction was disclosed in a document filed with the SEC, which is available through this link. 0.29% of the stock is owned by insiders.
Several analysts recently weighed in on BIIB shares. Cantor Fitzgerald reissued an “overweight” rating and issued a $400.00 price objective on shares of Biogen in a research note on Monday, October 1st. Citigroup reduced their price objective on shares of Biogen from $483.00 to $470.00 and set a “buy” rating on the stock in a research note on Monday, October 8th. Raymond James set a $400.00 price objective on shares of Biogen and gave the stock a “buy” rating in a research note on Tuesday, October 23rd. Oppenheimer set a $400.00 price objective on shares of Biogen and gave the stock a “buy” rating in a research note on Sunday, September 16th. Finally, BidaskClub raised shares of Biogen from a “buy” rating to a “strong-buy” rating in a research note on Friday, September 7th. Nine research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company’s stock. Biogen presently has an average rating of “Buy” and a consensus price target of $382.58.
BIIB stock opened at $316.73 on Friday. The firm has a market capitalization of $65.82 billion, a P/E ratio of 14.52, a PEG ratio of 1.26 and a beta of 0.95. 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 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 net margin of 24.08% and a return on equity of 38.70%. Biogen’s revenue for the quarter was up 11.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $6.31 earnings per share. Equities analysts anticipate that Biogen Inc will post 25.82 earnings per share for the current fiscal year.
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Biogen Company Profile
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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