Summit Trail Advisors LLC trimmed its holdings in shares of Biogen Inc (NASDAQ:BIIB) by 66.4% during the second quarter, HoldingsChannel.com reports. The fund owned 2,610 shares of the biotechnology company’s stock after selling 5,169 shares during the quarter. Summit Trail Advisors LLC’s holdings in Biogen were worth $757,000 as of its most recent filing with the SEC.

Other large investors have also added to or reduced their stakes in the company. Global X Management Co. LLC increased its stake in Biogen by 13.2% during the first quarter. Global X Management Co. LLC now owns 5,014 shares of the biotechnology company’s stock worth $1,373,000 after acquiring an additional 586 shares during the last quarter. FDx Advisors Inc. increased its stake in Biogen by 31.7% during the first quarter. FDx Advisors Inc. now owns 6,046 shares of the biotechnology company’s stock worth $1,656,000 after acquiring an additional 1,455 shares during the last quarter. Daiwa Securities Group Inc. increased its stake in Biogen by 20.4% during the first quarter. Daiwa Securities Group Inc. now owns 9,575 shares of the biotechnology company’s stock worth $2,622,000 after acquiring an additional 1,625 shares during the last quarter. D.B. Root & Company LLC acquired a new stake in Biogen during the first quarter worth $467,000. Finally, Contrarius Investment Management Ltd increased its stake in Biogen by 16.0% during the first quarter. Contrarius Investment Management Ltd now owns 17,642 shares of the biotechnology company’s stock worth $4,831,000 after acquiring an additional 2,439 shares during the last quarter. 87.26% of the stock is currently owned by institutional investors and hedge funds.

Several equities research analysts have issued reports on the company. BidaskClub cut Biogen from a “strong-buy” rating to a “buy” rating in a research note on Wednesday. Stifel Nicolaus initiated coverage on Biogen in a research note on Tuesday, August 7th. They issued a “buy” rating and a $394.00 price objective for the company. Mizuho reaffirmed a “buy” rating and issued a $427.00 price objective on shares of Biogen in a research note on Tuesday, July 31st. Oppenheimer set a $400.00 price objective on Biogen and gave the company a “buy” rating in a research note on Sunday, July 29th. Finally, Citigroup lifted their price objective on Biogen to $483.00 and gave the company a “positive” rating in a research note on Thursday, July 26th. Nine equities research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $374.50.

NASDAQ:BIIB traded down $0.68 during midday trading on Friday, reaching $352.06. The company had a trading volume of 2,246 shares, compared to its average volume of 1,026,328. The firm has a market cap of $69.60 billion, a PE ratio of 16.09, a price-to-earnings-growth ratio of 1.33 and a beta of 0.89. Biogen Inc has a 12-month low of $249.17 and a 12-month high of $388.67. The company has a current ratio of 2.36, a quick ratio of 2.06 and a debt-to-equity ratio of 0.48.

Biogen (NASDAQ:BIIB) last released its earnings results on Tuesday, July 24th. The biotechnology company reported $5.80 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $5.22 by $0.58. The firm had revenue of $3.36 billion during the quarter, compared to analyst estimates of $3.25 billion. Biogen had a return on equity of 38.17% and a net margin of 23.06%. Biogen’s revenue was up 9.1% compared to the same quarter last year. During the same period last year, the business posted $5.04 earnings per share. equities analysts forecast that Biogen Inc will post 25.34 EPS for the current year.

About Biogen

Biogen Inc discovers, develops, manufactures, and delivers therapies for the treatment of neurological and neurodegenerative diseases worldwide. The company offers TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, ZINBRYTA, and FAMPYRA for the treatment of multiple sclerosis (MS); FUMADERM for the treatment of plaque psoriasis; and SPINRAZA to treat spinal muscular atrophy.

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Institutional Ownership by Quarter for Biogen (NASDAQ:BIIB)

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