Biogen Inc. (BIIB) Stake Lowered by Renaissance Group LLC
Renaissance Group LLC decreased its position in shares of Biogen Inc. (NASDAQ:BIIB) by 1.0% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 114,656 shares of the biotechnology company’s stock after selling 1,211 shares during the quarter. Renaissance Group LLC owned 0.05% of Biogen worth $31,113,000 as of its most recent filing with the Securities & Exchange Commission.
Several other large investors have also recently bought and sold shares of the company. Wrapmanager Inc. boosted its holdings in Biogen by 7.7% in the first quarter. Wrapmanager Inc. now owns 5,525 shares of the biotechnology company’s stock worth $1,511,000 after purchasing an additional 396 shares during the last quarter. Savant Capital LLC raised its position in Biogen by 3.7% in the first quarter. Savant Capital LLC now owns 846 shares of the biotechnology company’s stock worth $231,000 after acquiring an additional 30 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 acquiring an additional 342,568 shares during the period. Botty Investors LLC raised its position in Biogen by 75.0% in the second quarter. Botty Investors LLC now owns 11,232 shares of the biotechnology company’s stock worth $3,048,000 after acquiring an additional 4,812 shares during the period. Finally, Karp Capital Management Corp bought a new position in Biogen in the first quarter worth approximately $26,224,000. Hedge funds and other institutional investors own 87.26% of the company’s stock.
Several research firms have weighed in on BIIB. UBS AG upgraded shares of 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 report on Monday, June 19th. Vetr upgraded shares of Biogen from a “buy” rating to a “strong-buy” rating and set a $319.53 price target on the stock in a research report on Thursday, August 10th. Cowen and Company reiterated a “buy” rating on shares of Biogen in a research report on Thursday, July 27th. William Blair reiterated an “outperform” rating on shares of Biogen in a research report on Monday, June 26th. Finally, Goldman Sachs Group, Inc. (The) upgraded shares of Biogen from a “buy” rating to a “conviction-buy” rating and set a $338.00 price target on the stock in a research report on Wednesday, August 16th. Twelve investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $329.95.
Biogen Inc. (NASDAQ:BIIB) opened at 326.54 on Tuesday. Biogen Inc. has a 52 week low of $244.28 and a 52 week high of $329.95. The stock has a market capitalization of $69.04 billion, a PE ratio of 21.43 and a beta of 0.77. The firm has a 50 day moving average of $293.63 and a 200-day moving average of $276.83.
Biogen (NASDAQ:BIIB) last issued its earnings results on Tuesday, July 25th. The biotechnology company reported $5.04 EPS for the quarter, beating the Zacks’ consensus estimate of $4.36 by $0.68. The business had revenue of $3.08 billion during the quarter, compared to analysts’ expectations of $2.81 billion. Biogen had a net margin of 28.10% and a return on equity of 37.42%. The company’s quarterly revenue was up 6.4% compared to the same quarter last year. During the same period in the prior year, the business earned $5.21 earnings per share. On average, equities analysts predict that Biogen Inc. will post $21.44 EPS for the current year.
In other news, EVP Susan H. Alexander sold 4,974 shares of the stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $290.01, for a total value of $1,442,509.74. Following the completion of the sale, the executive vice president now directly owns 22,258 shares in the company, valued at $6,455,042.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Susan H. Alexander sold 7,758 shares of the stock in a transaction dated Wednesday, July 19th. The shares were sold at an average price of $285.00, for a total transaction of $2,211,030.00. Following the completion of the sale, the executive vice president now owns 27,232 shares of the company’s stock, valued at $7,761,120. The disclosure for this sale can be found here. 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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