Flagship Harbor Advisors LLC Cuts Stake in Biogen Inc. (NASDAQ:BIIB)
Flagship Harbor Advisors LLC cut its position in shares of Biogen Inc. (NASDAQ:BIIB) by 0.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,510 shares of the biotechnology company’s stock after selling 4 shares during the period. Flagship Harbor Advisors LLC’s holdings in Biogen were worth $412,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of the stock. Pathstone Family Office LLC purchased a new stake in shares of Biogen during the first quarter worth approximately $102,000. Crestwood Advisors Group LLC bought a new position in Biogen during the first quarter worth about $106,000. Winfield Associates Inc. boosted its position in Biogen by 16.8% in the first quarter. Winfield Associates Inc. now owns 467 shares of the biotechnology company’s stock worth $128,000 after buying an additional 67 shares during the period. Rational Advisors LLC boosted its position in Biogen by 14.3% in the first quarter. Rational Advisors LLC now owns 593 shares of the biotechnology company’s stock worth $162,000 after buying an additional 74 shares during the period. Finally, Stelac Advisory Services LLC bought a new position in Biogen during the first quarter worth about $164,000. Institutional investors and hedge funds own 88.38% of the company’s stock.
Biogen Inc. (NASDAQ:BIIB) traded down 0.93% during trading on Friday, hitting $281.77. 814,072 shares of the company’s stock were exchanged. The company has a market cap of $59.57 billion, a price-to-earnings ratio of 18.49 and a beta of 0.79. The firm has a 50 day moving average price of $283.10 and a 200 day moving average price of $274.37. Biogen Inc. has a 52-week low of $244.28 and a 52-week high of $304.23.
Biogen (NASDAQ:BIIB) last released its 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. The firm had revenue of $3.08 billion during the quarter, compared to analyst estimates of $2.81 billion. Biogen had a net margin of 28.10% and a return on equity of 37.42%. The business’s revenue was up 6.4% on a year-over-year basis. During the same quarter last year, the business earned $5.21 EPS. On average, equities research analysts predict that Biogen Inc. will post $21.44 earnings per share for the current year.
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BIIB has been the topic of a number of research analyst reports. ValuEngine raised shares of Biogen from a “hold” rating to a “buy” rating in a research report on Thursday, June 22nd. Mizuho dropped their price target on shares of Biogen from $290.00 to $274.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 31st. Vetr cut shares of Biogen from a “strong-buy” rating to a “buy” rating and set a $310.46 price target on the stock. in a research report on Tuesday, April 25th. Cowen and Company reiterated an “outperform” rating and issued a $271.00 price objective on shares of Biogen in a research note on Monday, July 3rd. Finally, William Blair reiterated an “outperform” rating on shares of Biogen in a research note on Monday, June 26th. Eleven equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and three have assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $328.81.
In other news, Director Brian S. Posner sold 1,084 shares of the firm’s stock in a transaction dated 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 sale, the director now owns 6,330 shares in the company, valued at approximately $1,622,442.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Susan H. Alexander sold 4,974 shares of the firm’s stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $290.01, for a total transaction of $1,442,509.74. Following the completion of the sale, the executive vice president now owns 22,258 shares of the company’s stock, valued at approximately $6,455,042.58. 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 in the last 90 days. Company insiders own 0.32% of the company’s stock.
Biogen Company Profile
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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