CIBC Asset Management Inc Reduces Position in Biogen Inc. (BIIB)
CIBC Asset Management Inc reduced its position in shares of Biogen Inc. (NASDAQ:BIIB) by 1.1% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 28,263 shares of the biotechnology company’s stock after selling 306 shares during the quarter. CIBC Asset Management Inc’s holdings in Biogen were worth $8,850,000 at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of the stock. Guardian Life Insurance Co. of America raised its stake in Biogen by 0.7% during the 1st quarter. Guardian Life Insurance Co. of America now owns 839 shares of the biotechnology company’s stock worth $229,000 after buying an additional 6 shares during the period. Carroll Financial Associates Inc. raised its stake in shares of Biogen by 1.2% in the second quarter. Carroll Financial Associates Inc. now owns 496 shares of the biotechnology company’s stock worth $134,000 after purchasing an additional 6 shares during the last quarter. RMB Capital Management LLC raised its stake in shares of Biogen by 1.1% in the first quarter. RMB Capital Management LLC now owns 814 shares of the biotechnology company’s stock worth $223,000 after purchasing an additional 9 shares during the last quarter. New Amsterdam Partners LLC NY raised its stake in shares of Biogen by 0.8% in the second quarter. New Amsterdam Partners LLC NY now owns 1,471 shares of the biotechnology company’s stock worth $399,000 after purchasing an additional 11 shares during the last quarter. Finally, Alta Capital Management LLC grew its holdings in shares of Biogen by 0.8% in the second quarter. Alta Capital Management LLC now owns 1,880 shares of the biotechnology company’s stock valued at $510,000 after acquiring an additional 15 shares in the last quarter. 88.35% of the stock is currently owned by institutional investors and hedge funds.
Several equities analysts have recently issued reports on the company. UBS AG reaffirmed a “neutral” rating and issued a $285.00 target price (up from $270.00) on shares of Biogen in a report on Wednesday, July 26th. Mizuho set a $400.00 target price on Biogen and gave the company a “buy” rating in a report on Monday. Goldman Sachs Group, Inc. (The) raised Biogen from a “buy” rating to a “conviction-buy” rating and set a $338.00 price objective for the company in a report on Wednesday, August 16th. Vetr lowered Biogen from a “buy” rating to a “hold” rating and set a $316.82 price objective for the company. in a report on Monday, September 4th. Finally, Morgan Stanley raised Biogen from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $311.00 to $375.00 in a report on Thursday, October 5th. Twelve investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $341.89.
Shares of Biogen Inc. (BIIB) traded down $3.28 during midday trading on Tuesday, hitting $312.43. 182,221 shares of the stock traded hands, compared to its average volume of 1,518,202. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.19 and a quick ratio of 1.90. The stock has a market cap of $66,770.00, a PE ratio of 14.38, a price-to-earnings-growth ratio of 1.94 and a beta of 0.72. Biogen Inc. has a 52-week low of $244.28 and a 52-week high of $348.84.
Biogen (NASDAQ:BIIB) last announced its earnings results on Tuesday, October 24th. The biotechnology company reported $6.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.70 by $0.61. The firm had revenue of $3.08 billion for the quarter, compared to analysts’ expectations of $3.05 billion. Biogen had a net margin of 29.44% and a return on equity of 38.51%. The business’s revenue was up 4.1% compared to the same quarter last year. During the same period in the prior year, the company earned $5.19 EPS. equities analysts forecast that Biogen Inc. will post 22.03 EPS for the current fiscal year.
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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