Ontario Teachers Pension Plan Board Raises Stake in Biogen Inc. (BIIB)
Ontario Teachers Pension Plan Board lifted its position in Biogen Inc. (NASDAQ:BIIB) by 82.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 9,648 shares of the biotechnology company’s stock after purchasing an additional 4,350 shares during the quarter. Ontario Teachers Pension Plan Board’s holdings in Biogen were worth $2,618,000 at the end of the most recent reporting period.
Other hedge funds have also recently modified their holdings of the company. BlackRock Inc. boosted its stake in Biogen by 2.3% during the second quarter. BlackRock Inc. now owns 18,107,358 shares of the biotechnology company’s stock valued at $4,913,612,000 after buying an additional 415,099 shares during the last quarter. Vanguard Group Inc. grew its holdings in Biogen by 1.3% during the 2nd quarter. Vanguard Group Inc. now owns 14,534,827 shares of the biotechnology company’s stock valued at $3,944,171,000 after buying an additional 182,337 shares in the last quarter. State Street Corp grew its holdings in Biogen by 2.3% during the 1st quarter. State Street Corp now owns 9,580,383 shares of the biotechnology company’s stock valued at $2,619,469,000 after buying an additional 219,502 shares in the last quarter. Clearbridge Investments LLC grew its holdings in Biogen by 4.0% during the 1st quarter. Clearbridge Investments LLC now owns 9,121,025 shares of the biotechnology company’s stock valued at $2,493,871,000 after buying an additional 351,224 shares in the last quarter. Finally, FMR LLC grew its holdings in Biogen by 10.1% during the 2nd quarter. FMR LLC now owns 6,104,026 shares of the biotechnology company’s stock valued at $1,656,390,000 after buying an additional 561,436 shares in the last quarter. 87.65% of the stock is currently owned by hedge funds and other institutional investors.
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In other Biogen news, EVP Susan H. Alexander sold 7,758 shares of the firm’s stock in a transaction that occurred on Wednesday, July 19th. The shares were sold at an average price of $285.00, for a total value of $2,211,030.00. Following the completion of the transaction, the executive vice president now owns 27,232 shares of the company’s stock, valued at approximately $7,761,120. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Susan H. Alexander sold 4,974 shares of the firm’s stock in a transaction that occurred on Tuesday, July 25th. The shares were sold at an average price of $290.01, for a total transaction of $1,442,509.74. Following the completion of the transaction, the executive vice president now directly owns 22,258 shares of the company’s stock, valued at approximately $6,455,042.58. The disclosure for this sale can be found here. Company insiders own 0.25% of the company’s stock.
Several analysts have recently issued reports on the company. Vetr cut Biogen from a “strong-buy” rating to a “buy” rating and set a $319.53 price objective on the stock. in a report on Tuesday, August 29th. ValuEngine upgraded Biogen from a “hold” rating to a “buy” rating in a research report on Thursday, June 22nd. Cowen and Company reissued an “outperform” rating and issued a $271.00 target price on shares of Biogen in a report on Monday, July 3rd. William Blair reissued an “outperform” rating on shares of Biogen in a report on Monday, June 26th. Finally, Jefferies Group LLC restated a “hold” rating and issued a $310.00 price target on shares of Biogen in a research report on Tuesday, July 11th. Fourteen investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $328.16.
Biogen Inc. (BIIB) opened at 313.12 on Monday. The company has a 50-day moving average of $300.47 and a 200-day moving average of $278.47. Biogen Inc. has a 52 week low of $244.28 and a 52 week high of $330.00. The company has a market cap of $66.20 billion, a P/E ratio of 20.55 and a beta of 0.77.
Biogen (NASDAQ:BIIB) last issued its quarterly earnings results on Tuesday, July 25th. The biotechnology company reported $5.04 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $4.36 by $0.68. The company had revenue of $3.08 billion for the quarter, compared to analyst estimates of $2.81 billion. Biogen had a net margin of 28.10% and a return on equity of 37.42%. The business’s revenue for the quarter was up 6.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $5.21 earnings per share. On average, equities research 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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