Brandywine Global Investment Management LLC decreased its stake in Biogen Inc (NASDAQ:BIIB) by 1.0% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 191,818 shares of the biotechnology company’s stock after selling 1,962 shares during the quarter. Brandywine Global Investment Management LLC owned approximately 0.10% of Biogen worth $57,722,000 at the end of the most recent quarter.
Other hedge funds also recently added to or reduced their stakes in the company. Portfolio Solutions LLC bought a new position in shares of Biogen during the 4th quarter valued at $26,000. Doyle Wealth Management bought a new position in shares of Biogen during the 4th quarter valued at $32,000. IMS Capital Management bought a new position in shares of Biogen during the 3rd quarter valued at $38,000. Jackson Grant Investment Advisers Inc. bought a new position in shares of Biogen during the 4th quarter valued at $40,000. Finally, Moody National Bank Trust Division bought a new position in shares of Biogen during the 4th quarter valued at $41,000. Institutional investors own 88.14% of the company’s stock.
NASDAQ BIIB opened at $329.87 on Friday. The company has a current ratio of 2.32, a quick ratio of 2.04 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $61.51 billion, a price-to-earnings ratio of 12.59, a P/E/G ratio of 1.18 and a beta of 1.09. Biogen Inc has a 52-week low of $249.17 and a 52-week high of $388.67.
Biogen (NASDAQ:BIIB) last posted its quarterly earnings results on Tuesday, January 29th. The biotechnology company reported $6.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.72 by $0.27. The company had revenue of $3.53 billion for the quarter, compared to analyst estimates of $3.39 billion. Biogen had a net margin of 32.94% and a return on equity of 40.53%. The business’s quarterly revenue was up 6.6% on a year-over-year basis. During the same period last year, the business posted $5.26 EPS. Research analysts forecast that Biogen Inc will post 28.68 EPS for the current fiscal year.
BIIB has been the topic of a number of recent research reports. BMO Capital Markets began coverage on shares of Biogen in a report on Friday, February 22nd. They set a “market perform” rating and a $322.00 price target on the stock. Mizuho set a $427.00 target price on shares of Biogen and gave the company a “buy” rating in a research note on Tuesday, January 29th. Oppenheimer lowered their target price on shares of Biogen from $380.00 to $372.00 and set an “outperform” rating on the stock in a research note on Tuesday, December 18th. Royal Bank of Canada lowered their target price on shares of Biogen to $338.00 and set a “sector perform” rating on the stock in a research note on Monday, November 26th. Finally, ValuEngine lowered shares of Biogen from a “hold” rating to a “sell” rating in a research note on Wednesday, December 19th. Ten equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $370.28.
In related news, Director Alexander J. Denner purchased 30,000 shares of the firm’s stock in a transaction on Wednesday, January 30th. The shares were bought at an average cost of $324.86 per share, for a total transaction of $9,745,800.00. Following the transaction, the director now directly owns 10,909 shares of the company’s stock, valued at approximately $3,543,897.74. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Alexander J. Denner purchased 7,000 shares of the firm’s stock in a transaction on Friday, February 1st. The stock was bought at an average price of $328.45 per share, for a total transaction of $2,299,150.00. Following the completion of the transaction, the director now directly owns 10,909 shares in the company, valued at $3,583,061.05. The disclosure for this purchase can be found here. Company insiders own 0.29% of the company’s stock.
Biogen Company Profile
Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases worldwide. The company offers TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for the treatment of multiple sclerosis (MS); SPINRAZA for the treatment of spinal muscular atrophy; and FUMADERM for the treatment of plaque psoriasis.
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