Marshall Wace North America L.P. Takes $73.05 Million Position in Biogen Inc (BIIB)
Marshall Wace North America L.P. purchased a new stake in shares of Biogen Inc (NASDAQ:BIIB) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 206,768 shares of the biotechnology company’s stock, valued at approximately $73,053,000. Marshall Wace North America L.P. owned about 0.10% of Biogen at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Marshall Wace LLP bought a new position in Biogen in the third quarter valued at approximately $4,287,000. Reynders McVeigh Capital Management LLC boosted its stake in Biogen by 4.9% in the third quarter. Reynders McVeigh Capital Management LLC now owns 18,484 shares of the biotechnology company’s stock valued at $6,531,000 after acquiring an additional 860 shares during the last quarter. Belpointe Asset Management LLC bought a new position in Biogen in the third quarter valued at approximately $748,000. Standard Life Aberdeen plc boosted its stake in Biogen by 6.9% in the third quarter. Standard Life Aberdeen plc now owns 124,967 shares of the biotechnology company’s stock valued at $44,158,000 after acquiring an additional 8,097 shares during the last quarter. Finally, Rehmann Capital Advisory Group boosted its stake in Biogen by 35,621.0% in the third quarter. Rehmann Capital Advisory Group now owns 226,471 shares of the biotechnology company’s stock valued at $641,000 after acquiring an additional 225,837 shares during the last quarter. 87.16% of the stock is currently owned by institutional investors and hedge funds.
In related news, EVP Michael D. Ehlers sold 1,000 shares of the firm’s stock in a transaction on Wednesday, September 26th. The shares were sold at an average price of $350.00, for a total transaction of $350,000.00. Following the sale, the executive vice president now directly owns 4,281 shares in the company, valued at $1,498,350. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.29% of the company’s stock.
Biogen (NASDAQ:BIIB) last issued its quarterly earnings data on Tuesday, October 23rd. The biotechnology company reported $7.40 EPS for the quarter, topping analysts’ consensus estimates of $6.78 by $0.62. Biogen had a net margin of 24.08% and a return on equity of 38.70%. The business had revenue of $3.44 billion for the quarter, compared to analyst estimates of $3.33 billion. During the same period last year, the business posted $6.31 earnings per share. The firm’s quarterly revenue was up 11.7% on a year-over-year basis. Research analysts expect that Biogen Inc will post 25.82 earnings per share for the current fiscal year.
A number of equities analysts have issued reports on the stock. ValuEngine cut shares of Biogen from a “hold” rating to a “sell” rating in a research note on Friday, October 12th. Raymond James reaffirmed a “buy” rating on shares of Biogen in a research note on Wednesday, October 3rd. BidaskClub raised shares of Biogen from a “hold” rating to a “buy” rating in a research note on Friday, October 12th. Sanford C. Bernstein cut shares of Biogen from an “outperform” rating to a “market perform” rating and reduced their price target for the stock from $373.00 to $341.00 in a research report on Friday, October 19th. Finally, Leerink Swann set a $340.00 price target on shares of Biogen and gave the stock a “hold” rating in a research report on Wednesday, October 24th. Nine equities research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $382.58.
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Biogen Company Profile
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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