Israel Discount Bank of New York Acquires Shares of 3,270 Biogen Inc. (NASDAQ:BIIB)
Israel Discount Bank of New York purchased a new stake in shares of Biogen Inc. (NASDAQ:BIIB) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 3,270 shares of the biotechnology company’s stock, valued at approximately $894,000.
A number of other hedge funds have also recently made changes to their positions in the company. Norges Bank purchased a new stake in shares of Biogen during the fourth quarter worth about $603,929,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main purchased a new stake in shares of Biogen during the fourth quarter worth about $179,141,000. Sarissa Capital Management LP purchased a new stake in shares of Biogen during the fourth quarter worth about $87,909,000. Alliancebernstein L.P. raised its stake in shares of 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 period. Finally, Los Angeles Capital Management & Equity Research Inc. increased its position in Biogen by 1,216.5% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 287,705 shares of the biotechnology company’s stock worth $78,664,000 after buying an additional 265,851 shares in the last quarter. Hedge funds and other institutional investors own 88.70% of the company’s stock.
Biogen Inc. (NASDAQ:BIIB) traded down 0.60% during mid-day trading on Tuesday, hitting $289.26. 921,570 shares of the company were exchanged. The stock has a market cap of $61.16 billion, a P/E ratio of 18.98 and a beta of 0.79. The company has a 50 day moving average of $278.73 and a 200 day moving average of $273.77. Biogen Inc. has a 12-month low of $244.28 and a 12-month high of $329.83.
Biogen (NASDAQ:BIIB) last announced its quarterly earnings results on Tuesday, July 25th. The biotechnology company reported $5.04 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 business had revenue of $3.08 billion during the quarter, compared to the consensus estimate of $2.81 billion. During the same quarter in the prior year, the company posted $5.21 earnings per share. Biogen’s revenue was up 6.4% compared to the same quarter last year. On average, equities research analysts expect that Biogen Inc. will post $21.44 earnings per share for the current fiscal year.
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A number of equities analysts have weighed in on the stock. BidaskClub raised shares of Biogen from a “hold” rating to a “buy” rating in a research note on Friday. Vetr raised shares of Biogen from a “hold” rating to a “buy” rating and set a $319.53 price target on the stock in a research note on Monday, July 31st. Cowen and Company reaffirmed a “buy” rating on shares of Biogen in a research note on Thursday, July 27th. BMO Capital Markets reaffirmed a “market perform” rating and set a $328.00 price target (up previously from $317.00) on shares of Biogen in a research note on Wednesday, July 26th. Finally, UBS AG reissued a “neutral” rating and issued a $285.00 target price (up previously from $270.00) on shares of Biogen in a research note on Wednesday, July 26th. Eleven analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus 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 company’s stock in a transaction on 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 completion of the transaction, the executive vice president now owns 27,232 shares in the company, valued at approximately $7,761,120. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Brian S. Posner sold 1,084 shares of the company’s stock in a transaction on Friday, June 9th. The shares were 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 owns 6,330 shares of the company’s stock, valued at approximately $1,622,442.30. The disclosure for this sale can be found here. Insiders have sold 13,816 shares of company stock valued at $3,931,380 in the last quarter. 0.32% of the stock is currently 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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