E&G Advisors LP Continues to Hold Position in Biogen Inc. (BIIB)
E&G Advisors LP maintained its position in Biogen Inc. (NASDAQ:BIIB) during the second quarter, Holdings Channel reports. The firm owned 2,205 shares of the biotechnology company’s stock at the end of the second quarter. E&G Advisors LP’s holdings in Biogen were worth $533,000 as of its most recent filing with the SEC.
Other institutional investors have also added to or reduced their stakes in the company. Primecap Management Co. CA increased its stake in shares of Biogen by 2.8% in the first quarter. Primecap Management Co. CA now owns 16,246,726 shares of the biotechnology company’s stock worth $4,229,348,000 after buying an additional 436,101 shares during the last quarter. Jackson Square Partners LLC increased its stake in shares of Biogen by 10.7% in the first quarter. Jackson Square Partners LLC now owns 2,809,422 shares of the biotechnology company’s stock worth $806,152,000 after buying an additional 271,970 shares during the last quarter. NN Investment Partners Holdings N.V. purchased a new stake in shares of Biogen during the first quarter worth about $49,410,000. UBS Asset Management Americas Inc. increased its stake in shares of Biogen by 17.4% in the first quarter. UBS Asset Management Americas Inc. now owns 1,124,950 shares of the biotechnology company’s stock worth $292,847,000 after buying an additional 166,534 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. increased its stake in shares of Biogen by 66.3% in the first quarter. Adage Capital Partners GP L.L.C. now owns 374,324 shares of the biotechnology company’s stock worth $97,444,000 after buying an additional 149,200 shares during the last quarter. Institutional investors and hedge funds own 86.23% of the company’s stock.
Biogen Inc. (NASDAQ:BIIB) traded down 0.33% during mid-day trading on Monday, reaching $303.50. 1,108,344 shares of the company traded hands. Biogen Inc. has a 12-month low of $223.02 and a 12-month high of $333.65. The company’s 50-day moving average is $310.17 and its 200-day moving average is $274.54. The stock has a market capitalization of $66.50 billion, a price-to-earnings ratio of 17.73 and a beta of 0.90.
Biogen (NASDAQ:BIIB) last released its earnings results on Thursday, July 21st. The biotechnology company reported $5.21 earnings per share for the quarter, topping the Zacks’ consensus estimate of $4.69 by $0.52. The company earned $2.89 billion during the quarter, compared to the consensus estimate of $2.79 billion. Biogen had a return on equity of 40.59% and a net margin of 33.97%. Biogen’s quarterly revenue was up 11.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $4.22 EPS. Equities analysts predict that Biogen Inc. will post $20.10 earnings per share for the current fiscal year.
A number of equities research analysts have issued reports on BIIB shares. Vetr upgraded shares of Biogen from a “hold” rating to a “buy” rating and set a $326.73 price objective on the stock in a research note on Tuesday, August 30th. JPMorgan Chase & Co. reiterated a “buy” rating and set a $386.00 price objective on shares of Biogen in a research note on Friday. Piper Jaffray Cos. reiterated a “hold” rating and set a $293.00 price objective on shares of Biogen in a research note on Tuesday, June 7th. HC Wainwright reiterated a “buy” rating and set a $360.00 price objective on shares of Biogen in a research note on Thursday, September 8th. Finally, Robert W. Baird reissued a “neutral” rating and issued a $268.00 target price on shares of Biogen in a report on Wednesday, June 22nd. Eleven equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the company. Biogen has an average rating of “Buy” and an average price target of $346.22.
In other Biogen news, CEO George A. Scangos sold 157 shares of the business’s stock in a transaction that occurred on Thursday, July 21st. The stock was sold at an average price of $280.00, for a total value of $43,960.00. Following the completion of the sale, the chief executive officer now owns 54,779 shares in the company, valued at $15,338,120. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.32% of the stock is owned by corporate insiders.
Biogen Company Profile
Biogen Inc, formerly Biogen Idec Inc, is a biopharmaceutical company. The Company operates in discovering, developing, manufacturing and delivering therapies to patients for the treatment of neurodegenerative diseases, hematologic conditions and autoimmune disorders segment. The Company markets products, including TECFIDERA, AVONEX, PLEGRIDY, TYSABRI and FAMPYRA for multiple sclerosis (MS), ELOCTATE for hemophilia A and ALPROLIX for hemophilia B, and FUMADERM for the treatment of severe plaque psoriasis.
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