Boltwood Capital Management Buys 100 Shares of Biogen Inc. (NASDAQ:BIIB)
Boltwood Capital Management increased its stake in Biogen Inc. (NASDAQ:BIIB) by 4.1% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,560 shares of the biotechnology company’s stock after buying an additional 100 shares during the period. Boltwood Capital Management’s holdings in Biogen were worth $694,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently modified their holdings of the company. BlackRock Inc. raised its stake in Biogen by 2,762.0% in the first quarter. BlackRock Inc. now owns 17,692,259 shares of the biotechnology company’s stock valued at $4,837,418,000 after buying an additional 17,074,075 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of 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 buying an additional 342,568 shares during the last quarter. State Street Corp raised its stake in shares of Biogen by 2.3% in the first quarter. State Street Corp now owns 9,580,383 shares of the biotechnology company’s stock worth $2,619,469,000 after buying an additional 219,502 shares during the last quarter. Clearbridge Investments LLC raised its stake in shares of Biogen by 4.0% in the first quarter. Clearbridge Investments LLC now owns 9,121,025 shares of the biotechnology company’s stock worth $2,493,871,000 after buying an additional 351,224 shares during the last quarter. Finally, Alliancebernstein L.P. raised its stake in shares of Biogen by 11.1% in the first quarter. Alliancebernstein L.P. now owns 2,937,319 shares of the biotechnology company’s stock worth $803,122,000 after buying an additional 294,308 shares during the last quarter. Institutional investors and hedge funds own 88.70% of the company’s stock.
Biogen Inc. (NASDAQ:BIIB) traded up 0.838% during trading on Friday, reaching $283.505. 405,883 shares of the company’s stock were exchanged. The stock has a market capitalization of $59.94 billion, a price-to-earnings ratio of 18.604 and a beta of 0.79. The company’s 50 day moving average price is $281.40 and its 200-day moving average price is $273.93. Biogen Inc. has a 52 week low of $244.28 and a 52 week high of $329.83.
Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Tuesday, July 25th. The biotechnology company reported $5.04 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $4.36 by $0.68. Biogen had a return on equity of 37.42% and a net margin of 28.10%. The company had revenue of $3.08 billion for the quarter, compared to analyst estimates of $2.81 billion. During the same period in the previous year, the company posted $5.21 earnings per share. The firm’s revenue was up 6.4% on a year-over-year basis. On average, equities analysts expect that Biogen Inc. will post $21.44 EPS for the current year.
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Several research firms have commented on BIIB. Vetr upgraded shares of Biogen from a “buy” rating to a “strong-buy” rating and set a $301.89 price target for the company in a research note on Monday, May 8th. Barclays PLC restated an “overweight” rating and issued a $360.00 price objective (down previously from $380.00) on shares of Biogen in a research note on Sunday, April 23rd. ValuEngine upgraded shares of Biogen from a “hold” rating to a “buy” rating in a research note on Thursday, June 22nd. Stifel Nicolaus upped their price objective on shares of Biogen from $265.00 to $280.00 and gave the company a “hold” rating in a research note on Wednesday, April 26th. Finally, Sanford C. Bernstein restated an “outperform” rating and issued a $310.00 price objective on shares of Biogen in a research note on Tuesday, April 25th. Eleven analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $329.74.
In other Biogen news, EVP Susan H. Alexander sold 7,758 shares of Biogen stock in a transaction on Wednesday, July 19th. The stock was sold at an average price of $285.00, for a total transaction of $2,211,030.00. Following the completion of the transaction, the executive vice president now owns 27,232 shares in the company, valued at $7,761,120. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Brian S. Posner sold 1,084 shares of Biogen stock in a transaction on Friday, June 9th. The shares were sold at an average price of $256.31, for a total value of $277,840.04. Following the transaction, the director now owns 6,330 shares of the company’s stock, valued at approximately $1,622,442.30. The disclosure for this sale can be found here. Insiders have sold 13,816 shares of company stock worth $3,931,380 over the last 90 days. 0.32% of the stock is currently 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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