Biogen Inc. (BIIB) Position Boosted by Janney Montgomery Scott LLC
Janney Montgomery Scott LLC boosted its position in shares of Biogen Inc. (NASDAQ:BIIB) by 7.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 36,502 shares of the biotechnology company’s stock after buying an additional 2,673 shares during the period. Janney Montgomery Scott LLC’s holdings in Biogen were worth $9,905,000 as of its most recent SEC filing.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. BlackRock Inc. raised its position in Biogen by 2,762.0% in the first quarter. BlackRock Inc. now owns 17,692,259 shares of the biotechnology company’s stock worth $4,837,418,000 after buying an additional 17,074,075 shares during the period. Vanguard Group Inc. raised its position in Biogen by 2.4% in the first quarter. Vanguard Group Inc. now owns 14,352,490 shares of the biotechnology company’s stock worth $3,924,258,000 after buying an additional 342,568 shares during the period. State Street Corp raised its position in Biogen by 2.3% in the first quarter. State Street Corp now owns 9,580,383 shares of the biotechnology company’s stock worth $2,619,469,000 after buying an additional 219,502 shares during the period. Clearbridge Investments LLC raised its position in Biogen by 4.0% in the first quarter. Clearbridge Investments LLC now owns 9,121,025 shares of the biotechnology company’s stock worth $2,493,871,000 after buying an additional 351,224 shares during the period. Finally, Alliancebernstein L.P. raised its position 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 period. Hedge funds and other institutional investors own 88.38% of the company’s stock.
Shares of Biogen Inc. (BIIB) opened at 281.77 on Monday. Biogen Inc. has a 12 month low of $244.28 and a 12 month high of $304.23. The stock’s 50 day moving average is $283.10 and its 200 day moving average is $274.37. The company has a market cap of $59.57 billion, a P/E ratio of 18.49 and a beta of 0.79.
Biogen (NASDAQ:BIIB) last released its quarterly earnings data on Tuesday, July 25th. The biotechnology company reported $5.04 earnings per share for the quarter, beating the consensus estimate of $4.36 by $0.68. The company 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%. Biogen’s revenue for the quarter was up 6.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $5.21 EPS. On average, analysts anticipate that Biogen Inc. will post $21.44 EPS for the current fiscal year.
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A number of equities analysts have recently issued reports on the stock. ValuEngine upgraded shares of Biogen from a “hold” rating to a “buy” rating in a research report on Thursday, June 22nd. Mizuho reduced their target price 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 lowered shares of Biogen from a “strong-buy” rating to a “buy” rating and set a $310.46 target price on the stock. in a research report on Tuesday, April 25th. Cowen and Company reiterated an “outperform” rating and set a $271.00 target price on shares of Biogen in a research report on Monday, July 3rd. Finally, William Blair reiterated an “outperform” rating on shares of Biogen in a research report on Monday, June 26th. Eleven analysts have rated the stock with a hold rating, fourteen have issued a buy rating and three have assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $328.81.
In other news, EVP Susan H. Alexander sold 7,758 shares of Biogen stock in a transaction on Wednesday, July 19th. The shares were sold at an average price of $285.00, for a total value of $2,211,030.00. Following the completion of the sale, the executive vice president now owns 27,232 shares in the company, valued at approximately $7,761,120. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Brian S. Posner sold 1,084 shares of Biogen stock in a transaction on Friday, June 9th. The shares were sold at an average price of $256.31, for a total transaction of $277,840.04. Following the completion of the sale, 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 sold a total of 13,816 shares of company stock valued at $3,931,380 in the last quarter. 0.32% of the stock is currently owned by company 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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