Biogen Inc. (BIIB) Shares Sold by Prudential Financial Inc.
Prudential Financial Inc. lowered its position in Biogen Inc. (NASDAQ:BIIB) by 3.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 788,583 shares of the biotechnology company’s stock after selling 28,841 shares during the period. Prudential Financial Inc. owned about 0.36% of Biogen worth $246,850,000 at the end of the most recent reporting period.
Other hedge funds have also recently bought and sold shares of the company. Assetmark Inc. increased its stake in shares of Biogen by 10.4% in the third quarter. Assetmark Inc. now owns 415 shares of the biotechnology company’s stock valued at $130,000 after buying an additional 39 shares in the last quarter. Winfield Associates Inc. increased its stake in shares of Biogen by 10.0% in the third quarter. Winfield Associates Inc. now owns 440 shares of the biotechnology company’s stock valued at $138,000 after buying an additional 40 shares in the last quarter. Quadrant Capital Group LLC increased its stake in shares of Biogen by 7.8% in the third quarter. Quadrant Capital Group LLC now owns 470 shares of the biotechnology company’s stock valued at $136,000 after buying an additional 34 shares in the last quarter. Penserra Capital Management LLC bought a new stake in shares of Biogen during the third quarter valued at about $184,000. Finally, Kings Point Capital Management bought a new stake in shares of Biogen during the second quarter valued at about $145,000. Institutional investors own 86.43% of the company’s stock.
Shares of Biogen Inc. (NASDAQ:BIIB) opened at 302.77 on Wednesday. Biogen Inc. has a 52-week low of $223.02 and a 52-week high of $333.65. The company has a 50-day moving average price of $299.83 and a 200 day moving average price of $287.80. The firm has a market capitalization of $65.87 billion, a PE ratio of 17.12 and a beta of 0.75.
Biogen (NASDAQ:BIIB) last posted its quarterly earnings results on Wednesday, October 26th. The biotechnology company reported $5.19 EPS for the quarter, beating the consensus estimate of $4.97 by $0.22. The firm earned $2.96 billion during the quarter, compared to analysts’ expectations of $2.91 billion. Biogen had a return on equity of 40.02% and a net margin of 34.03%. The company’s revenue for the quarter was up 6.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $4.48 EPS. Analysts expect that Biogen Inc. will post $20.22 EPS for the current fiscal year.
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BIIB has been the topic of several recent analyst reports. Piper Jaffray Cos. reiterated a “neutral” rating on shares of Biogen in a research report on Wednesday, August 3rd. Leerink Swann upgraded Biogen from a “market perform” rating to an “outperform” rating in a research report on Monday, November 7th. Vetr upgraded Biogen from a “hold” rating to a “buy” rating and set a $316.41 target price on the stock in a research report on Monday. Jefferies Group reduced their target price on Biogen from $323.00 to $316.00 and set a “hold” rating on the stock in a research report on Wednesday, October 5th. Finally, Credit Suisse Group AG reiterated a “hold” rating and set a $322.00 target price on shares of Biogen in a research report on Wednesday, August 3rd. Ten analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $338.60.
In other news, EVP Adriana Karaboutis sold 262 shares of the company’s stock in a transaction that occurred on Tuesday, October 4th. The stock was sold at an average price of $311.94, for a total value of $81,728.28. Following the sale, the executive vice president now directly owns 7,579 shares in the company, valued at approximately $2,364,193.26. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Caroline Dorsa sold 27,570 shares of the company’s stock in a transaction that occurred on Thursday, September 22nd. The shares were sold at an average price of $314.00, for a total value of $8,656,980.00. Following the completion of the sale, the director now owns 19,663 shares in the company, valued at $6,174,182. The disclosure for this sale can be found here. 0.32% of the stock is owned by company insiders.
Biogen Inc, formerly Biogen Idec Inc, is a biopharmaceutical company. The Company operates in discovering, developing, manufacturing and delivering therapies to patients for the treatment of neurodegenerative diseases, hematologic conditions and autoimmune disorders segment. The Company markets products, including TECFIDERA, AVONEX, PLEGRIDY, TYSABRI and FAMPYRA for multiple sclerosis (MS), ELOCTATE for hemophilia A and ALPROLIX for hemophilia B, and FUMADERM for the treatment of severe plaque psoriasis.
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