Letko Brosseau & Associates Inc. Grows Holdings in Biogen Inc. (BIIB)
Letko Brosseau & Associates Inc. grew its holdings in shares of Biogen Inc. (NASDAQ:BIIB) by 0.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 216,948 shares of the biotechnology company’s stock after buying an additional 1,072 shares during the quarter. Letko Brosseau & Associates Inc. owned 0.10% of Biogen worth $58,871,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in BIIB. BlackRock Inc. grew its stake in Biogen by 2,762.0% during the first quarter. BlackRock Inc. now owns 17,692,259 shares of the biotechnology company’s stock worth $4,837,418,000 after buying an additional 17,074,075 shares during the period. Janus Capital Management LLC grew its stake in Biogen by 204.8% during the first quarter. Janus Capital Management LLC now owns 1,936,719 shares of the biotechnology company’s stock worth $529,524,000 after buying an additional 1,301,251 shares during the period. Massachusetts Financial Services Co. MA grew its stake in Biogen by 2,288.0% during 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 buying an additional 1,295,540 shares during the period. Winslow Capital Management LLC purchased a new stake in Biogen during the first quarter worth approximately $345,143,000. Finally, Manning & Napier Advisors LLC grew its stake in Biogen by 563.8% during the second quarter. Manning & Napier Advisors LLC now owns 814,369 shares of the biotechnology company’s stock worth $220,986,000 after buying an additional 691,694 shares during the period. Institutional investors own 87.65% of the company’s stock.
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Biogen Inc. (NASDAQ:BIIB) opened at 318.46 on Friday. The stock’s 50 day moving average is $300.47 and its 200 day moving average is $278.47. The company has a market cap of $67.33 billion, a price-to-earnings ratio of 20.90 and a beta of 0.77. Biogen Inc. has a 52-week low of $244.28 and a 52-week high of $330.00.
Biogen (NASDAQ:BIIB) last issued its quarterly earnings data on Tuesday, July 25th. The biotechnology company reported $5.04 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $4.36 by $0.68. The company had revenue of $3.08 billion during the quarter, compared to analysts’ expectations of $2.81 billion. Biogen had a return on equity of 37.42% and a net margin of 28.10%. The business’s revenue was up 6.4% on a year-over-year basis. During the same period last year, the business earned $5.21 earnings per share. On average, analysts predict that Biogen Inc. will post $21.51 earnings per share for the current fiscal year.
Several brokerages have recently weighed in on BIIB. Vetr downgraded shares of Biogen from a “strong-buy” rating to a “buy” rating and set a $319.53 target price for the company. in a research note on Tuesday, August 29th. ValuEngine upgraded shares of Biogen from a “hold” rating to a “buy” rating in a research note on Thursday, June 22nd. Mizuho decreased their target price on shares of Biogen from $290.00 to $274.00 and set a “neutral” rating for the company in a research note on Wednesday, May 31st. Cowen and Company restated an “outperform” rating and issued a $271.00 target price on shares of Biogen in a research note on Monday, July 3rd. Finally, William Blair restated an “outperform” rating on shares of Biogen in a research note on Monday, June 26th. Fourteen investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $328.16.
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 directly owns 27,232 shares of the company’s stock, valued at $7,761,120. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Susan H. Alexander sold 4,974 shares of Biogen stock in a transaction on Tuesday, July 25th. The shares were sold at an average price of $290.01, for a total value of $1,442,509.74. Following the transaction, the executive vice president now directly owns 22,258 shares of the company’s stock, valued at $6,455,042.58. The disclosure for this sale can be found here. 0.32% of the stock is currently owned by company 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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