Capstone Asset Management Co. Decreases Stake in Biogen Inc. (NASDAQ:BIIB)
Capstone Asset Management Co. decreased its stake in Biogen Inc. (NASDAQ:BIIB) by 3.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 17,024 shares of the biotechnology company’s stock after selling 550 shares during the period. Capstone Asset Management Co.’s holdings in Biogen were worth $4,620,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Deane Retirement Strategies Inc. purchased a new position in Biogen during the second quarter valued at $1,265,000. Hellman Jordan Management Co. Inc. MA purchased a new position in Biogen during the second quarter valued at $566,000. Prentiss Smith & Co. Inc. increased its position in Biogen by 14.9% in the second quarter. Prentiss Smith & Co. Inc. now owns 385 shares of the biotechnology company’s stock valued at $104,000 after buying an additional 50 shares during the last quarter. Factory Mutual Insurance Co. increased its position in Biogen by 34.7% in the second quarter. Factory Mutual Insurance Co. now owns 108,700 shares of the biotechnology company’s stock valued at $29,497,000 after buying an additional 28,000 shares during the last quarter. Finally, Boltwood Capital Management increased its position in Biogen by 4.1% in the second quarter. Boltwood Capital Management now owns 2,560 shares of the biotechnology company’s stock valued at $694,000 after buying an additional 100 shares during the last quarter. Institutional investors own 88.70% of the company’s stock.
Shares of Biogen Inc. (BIIB) traded up 0.90% during midday trading on Friday, hitting $283.68. The stock had a trading volume of 727,172 shares. The company’s 50 day moving average is $281.49 and its 200 day moving average is $273.98. The company has a market cap of $59.98 billion, a PE ratio of 18.62 and a beta of 0.79. Biogen Inc. has a 52-week low of $244.28 and a 52-week high of $329.83.
Biogen (NASDAQ:BIIB) last issued its quarterly earnings results on Tuesday, July 25th. The biotechnology company reported $5.04 earnings per share for the quarter, topping the 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 firm had revenue of $3.08 billion for the quarter, compared to the consensus estimate of $2.81 billion. During the same period in the prior year, the business posted $5.21 earnings per share. The company’s revenue for the quarter was up 6.4% on a year-over-year basis. On average, analysts anticipate that Biogen Inc. will post $21.44 earnings per share for the current year.
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Several research analysts have recently weighed in on the company. Vetr upgraded Biogen from a “buy” rating to a “strong-buy” rating and set a $319.53 price target for the company in a research note on Thursday. BidaskClub upgraded Biogen from a “hold” rating to a “buy” rating in a research note on Friday, August 4th. Cowen and Company restated a “buy” rating on shares of Biogen in a research note on Thursday, July 27th. BMO Capital Markets restated a “market perform” rating and issued a $328.00 target price (up previously from $317.00) on shares of Biogen in a research note on Wednesday, July 26th. Finally, UBS AG restated a “neutral” rating and issued a $285.00 target price (up previously from $270.00) on shares of Biogen in a research note on Wednesday, July 26th. Eleven equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $329.74.
In other news, EVP Susan H. Alexander sold 4,974 shares of the stock in a transaction that occurred on Tuesday, July 25th. The stock was sold at an average price of $290.01, for a total value of $1,442,509.74. Following the sale, the executive vice president now directly owns 22,258 shares in the company, valued at $6,455,042.58. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Brian S. Posner sold 1,084 shares of the stock in a transaction that occurred on Friday, June 9th. The stock was sold at an average price of $256.31, for a total value of $277,840.04. Following the completion of the sale, the director now owns 6,330 shares in the company, valued at $1,622,442.30. The disclosure for this sale can be found here. Over the last quarter, insiders sold 13,816 shares of company stock worth $3,931,380. Company insiders own 0.32% of the company’s stock.
Biogen Company Profile
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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