Rafferty Asset Management LLC Cuts Stake in Biogen Inc. (NASDAQ:BIIB)

Rafferty Asset Management LLC lowered its holdings in shares of Biogen Inc. (NASDAQ:BIIBGet Rating) by 13.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 54,935 shares of the biotechnology company’s stock after selling 8,299 shares during the quarter. Rafferty Asset Management LLC’s holdings in Biogen were worth $11,203,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. FMR LLC grew its position in shares of Biogen by 164.5% during the second quarter. FMR LLC now owns 1,026,166 shares of the biotechnology company’s stock worth $209,277,000 after purchasing an additional 638,196 shares in the last quarter. Korea Investment CORP boosted its stake in Biogen by 32.4% during the second quarter. Korea Investment CORP now owns 228,271 shares of the biotechnology company’s stock valued at $46,554,000 after buying an additional 55,847 shares during the last quarter. Grantham Mayo Van Otterloo & Co. LLC boosted its stake in Biogen by 10.7% during the second quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 141,200 shares of the biotechnology company’s stock valued at $28,796,000 after buying an additional 13,700 shares during the last quarter. Roberts Glore & Co. Inc. IL boosted its stake in Biogen by 15.2% during the second quarter. Roberts Glore & Co. Inc. IL now owns 6,161 shares of the biotechnology company’s stock valued at $1,256,000 after buying an additional 813 shares during the last quarter. Finally, United Capital Financial Advisers LLC boosted its stake in Biogen by 1.5% during the second quarter. United Capital Financial Advisers LLC now owns 202,761 shares of the biotechnology company’s stock valued at $41,351,000 after buying an additional 2,942 shares during the last quarter. Hedge funds and other institutional investors own 83.45% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Susan H. Alexander sold 5,532 shares of Biogen stock in a transaction on Thursday, October 27th. The stock was sold at an average price of $280.70, for a total value of $1,552,832.40. Following the transaction, the executive vice president now directly owns 39,396 shares in the company, valued at approximately $11,058,457.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.65% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on BIIB. HC Wainwright increased their price target on Biogen from $240.00 to $325.00 and gave the company a “buy” rating in a research note on Wednesday, October 26th. JPMorgan Chase & Co. increased their price target on Biogen from $221.00 to $275.00 and gave the company a “neutral” rating in a research note on Friday, September 30th. Cowen increased their price target on Biogen from $270.00 to $300.00 in a research note on Wednesday, October 26th. Stifel Nicolaus raised Biogen from a “hold” rating to a “buy” rating and raised their price objective for the company from $223.00 to $299.00 in a research note on Wednesday, October 12th. Finally, Robert W. Baird raised Biogen from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $224.00 to $340.00 in a research note on Wednesday, September 28th. Eight research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $299.75.

Biogen Trading Down 1.1 %

BIIB traded down $3.27 during trading on Thursday, hitting $303.45. 997,998 shares of the stock were exchanged, compared to its average volume of 1,254,074. The firm has a 50 day simple moving average of $262.34 and a 200 day simple moving average of $226.10. The firm has a market cap of $43.70 billion, a price-to-earnings ratio of 15.45, a P/E/G ratio of 1.80 and a beta of 0.19. Biogen Inc. has a 1 year low of $187.16 and a 1 year high of $307.40. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.14 and a current ratio of 2.49.

Biogen (NASDAQ:BIIBGet Rating) last released its quarterly earnings data on Tuesday, October 25th. The biotechnology company reported $4.77 EPS for the quarter, topping the consensus estimate of $4.16 by $0.61. The company had revenue of $2.51 billion for the quarter, compared to the consensus estimate of $2.47 billion. Biogen had a return on equity of 21.31% and a net margin of 27.64%. Biogen’s quarterly revenue was down 9.7% on a year-over-year basis. During the same period last year, the business posted $4.77 EPS. As a group, equities analysts expect that Biogen Inc. will post 17.03 EPS for the current year.

About Biogen

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Biogen, Inc is a biopharmaceutical company, which engages in discovering, developing, and delivering therapies for neurological and neurodegenerative diseases. It offers TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for the treatment of multiple sclerosis, SPINRAZA for the treatment of spinal muscular atrophy, and FUMADERM for the treatment of severe plaque psoriasis.

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Institutional Ownership by Quarter for Biogen (NASDAQ:BIIB)

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