ZWJ Investment Counsel Inc. Invests $474,000 in Biogen Inc. (BIIB)
ZWJ Investment Counsel Inc. bought a new position in shares of Biogen Inc. (NASDAQ:BIIB) during the first quarter, according to its most recent disclosure with the SEC. The fund bought 1,734 shares of the biotechnology company’s stock, valued at approximately $474,000.
A number of other large investors also recently bought and sold shares of the stock. Alliancebernstein L.P. raised its stake in Biogen by 11.1% in the first quarter. Alliancebernstein L.P. now owns 2,937,319 shares of the biotechnology company’s stock worth $803,122,000 after buying an additional 294,308 shares during the last quarter. Norges Bank acquired a new position in shares of Biogen during the fourth quarter worth $603,929,000. Bank of New York Mellon Corp raised its position in shares of Biogen by 0.9% in the first quarter. Bank of New York Mellon Corp now owns 2,038,169 shares of the biotechnology company’s stock worth $557,275,000 after buying an additional 17,313 shares in the last quarter. Wells Fargo & Company MN raised its position in shares of Biogen by 19.6% in the first quarter. Wells Fargo & Company MN now owns 1,145,496 shares of the biotechnology company’s stock worth $313,202,000 after buying an additional 187,645 shares in the last quarter. Finally, American Century Companies Inc. raised its position in shares of Biogen by 8.2% in the first quarter. American Century Companies Inc. now owns 1,078,876 shares of the biotechnology company’s stock worth $294,986,000 after buying an additional 81,527 shares in the last quarter. 88.75% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Biogen Inc. (BIIB) traded down 0.66% during midday trading on Thursday, hitting $286.09. 882,802 shares of the company’s stock traded hands. The firm has a market capitalization of $60.49 billion, a price-to-earnings ratio of 18.77 and a beta of 0.78. The company has a 50 day moving average price of $276.09 and a 200 day moving average price of $273.47. Biogen Inc. has a 1-year low of $244.28 and a 1-year high of $304.23.
Biogen (NASDAQ:BIIB) last released its quarterly earnings data on Tuesday, July 25th. The biotechnology company reported $5.04 EPS for the quarter, topping the consensus estimate of $4.36 by $0.68. Biogen had a return on equity of 37.42% and a net margin of 28.10%. The company had revenue of $3.08 billion during the quarter, compared to the consensus estimate of $2.81 billion. During the same period last year, the company earned $5.21 EPS. Biogen’s revenue for the quarter was up 6.4% on a year-over-year basis. Equities analysts anticipate that Biogen Inc. will post $21.44 earnings per share for the current year.
A number of brokerages have weighed in on BIIB. UBS AG raised Biogen from a “sell” rating to a “neutral” rating and increased their price target for the stock from $262.00 to $270.00 in a research note on Monday, June 19th. Morgan Stanley restated an “equal weight” rating and set a $311.00 price objective (up from $301.00) on shares of Biogen in a report on Wednesday, July 26th. BMO Capital Markets restated a “market perform” rating and set a $328.00 price objective (up from $317.00) on shares of Biogen in a report on Wednesday, July 26th. Vetr downgraded Biogen from a “buy” rating to a “hold” rating and set a $298.30 price objective for the company. in a report on Wednesday, July 26th. Finally, Leerink Swann restated a “market perform” rating and set a $338.00 price objective (up from $304.00) on shares of Biogen in a report on Wednesday, July 26th. Twelve investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $329.74.
In other Biogen news, EVP Susan H. Alexander sold 7,758 shares of the firm’s stock in a transaction dated Wednesday, July 19th. The stock was sold at an average price of $285.00, for a total value of $2,211,030.00. Following the transaction, the executive vice president now directly owns 27,232 shares of the company’s stock, valued at $7,761,120. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Brian S. Posner sold 1,084 shares of the firm’s stock in a transaction dated Friday, June 9th. The stock was sold at an average price of $256.31, for a total value of $277,840.04. Following the completion of the transaction, the director now directly owns 6,330 shares in the company, valued at $1,622,442.30. The disclosure for this sale can be found here. Insiders sold a total of 13,816 shares of company stock valued at $3,931,380 over the last quarter. 0.32% of the stock is owned by corporate insiders.
Biogen Inc is a biopharmaceutical company. The Company focuses on discovering, developing, manufacturing and delivering therapies to people living with serious neurological, rare and autoimmune diseases. The Company markets products, including TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, ZINBRYTA and FAMPYRA for multiple sclerosis (MS), FUMADERM for the treatment of severe plaque psoriasis and SPINRAZA for the treatment of spinal muscular atrophy (SMA).
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