Employees Retirement System of Texas Lowers Holdings in Biogen Inc. (BIIB)
Employees Retirement System of Texas lessened its position in shares of Biogen Inc. (NASDAQ:BIIB) by 18.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 72,800 shares of the biotechnology company’s stock after selling 16,000 shares during the period. Employees Retirement System of Texas’ holdings in Biogen were worth $19,755,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in the business. BlackRock Inc. raised its holdings in shares of 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 purchasing an additional 17,074,075 shares during the last quarter. Janus Capital Management LLC lifted its position in shares of Biogen by 204.8% in the first quarter. Janus Capital Management LLC now owns 1,936,719 shares of the biotechnology company’s stock worth $529,524,000 after purchasing an additional 1,301,251 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its position in shares of Biogen by 2,288.0% in the first quarter. Massachusetts Financial Services Co. MA now owns 1,352,164 shares of the biotechnology company’s stock worth $369,709,000 after purchasing an additional 1,295,540 shares in the last quarter. Winslow Capital Management LLC bought a new stake in shares of Biogen in the first quarter worth $345,143,000. Finally, Manning & Napier Advisors LLC lifted its position in shares of Biogen by 563.8% in the second quarter. Manning & Napier Advisors LLC now owns 814,369 shares of the biotechnology company’s stock worth $220,986,000 after purchasing an additional 691,694 shares in the last quarter. Hedge funds and other institutional investors own 87.65% of the company’s stock.
In other Biogen news, EVP Susan H. Alexander sold 4,974 shares of the stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $290.01, for a total transaction of $1,442,509.74. Following the sale, the executive vice president now owns 22,258 shares in the company, valued at $6,455,042.58. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Susan H. Alexander sold 7,758 shares of the stock in a transaction on Wednesday, July 19th. The stock was sold at an average price of $285.00, for a total value of $2,211,030.00. Following the sale, the executive vice president now owns 27,232 shares in the company, valued at approximately $7,761,120. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by insiders.
BIIB has been the subject of several recent research reports. UBS AG upgraded shares of Biogen from a “sell” rating to a “neutral” rating and increased their target price for the stock from $262.00 to $270.00 in a report on Monday, June 19th. Morgan Stanley reiterated an “equal weight” rating and issued a $307.00 price target on shares of Biogen in a research note on Wednesday, June 14th. Leerink Swann reiterated a “market perform” rating and issued a $338.00 price target (up from $304.00) on shares of Biogen in a research note on Wednesday, July 26th. Vetr cut shares of Biogen from a “buy” rating to a “hold” rating and set a $298.30 price target on the stock. in a research report on Wednesday, July 26th. Finally, Goldman Sachs Group, Inc. (The) raised shares of Biogen from a “buy” rating to a “conviction-buy” rating and set a $338.00 price target on the stock in a research report on Wednesday, August 16th. Fourteen investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. Biogen has an average rating of “Buy” and a consensus price target of $328.16.
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Shares of Biogen Inc. (BIIB) opened at 308.22 on Wednesday. Biogen Inc. has a 12 month low of $244.28 and a 12 month high of $330.00. The company’s 50-day moving average price is $308.56 and its 200-day moving average price is $280.34. The firm has a market cap of $65.17 billion, a P/E ratio of 20.23 and a beta of 0.77.
Biogen (NASDAQ:BIIB) last announced its quarterly earnings results on Tuesday, July 25th. The biotechnology company reported $5.04 EPS for the quarter, beating the Zacks’ consensus estimate of $4.36 by $0.68. The company had revenue of $3.08 billion for the quarter, compared to analysts’ expectations of $2.81 billion. Biogen had a net margin of 28.10% and a return on equity of 37.42%. Biogen’s revenue was up 6.4% compared to the same quarter last year. During the same period in the prior year, the company posted $5.21 EPS. On average, analysts predict that Biogen Inc. will post $21.51 EPS for the current 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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