The Manufacturers Life Insurance Company Has $226.37 Million Stake in Biogen Inc (BIIB)
The Manufacturers Life Insurance Company lessened its holdings in shares of Biogen Inc (NASDAQ:BIIB) by 1.7% during the 4th quarter, HoldingsChannel.com reports. The firm owned 710,568 shares of the biotechnology company’s stock after selling 12,001 shares during the period. The Manufacturers Life Insurance Company ‘s holdings in Biogen were worth $226,366,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also modified their holdings of the company. Harel Insurance Investments & Financial Services Ltd. increased its stake in Biogen by 77.0% in the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 400 shares of the biotechnology company’s stock worth $127,000 after acquiring an additional 174 shares during the last quarter. Horan Capital Advisors LLC. purchased a new position in shares of Biogen in the 3rd quarter worth approximately $128,000. Massey Quick Simon & CO. LLC boosted its holdings in shares of Biogen by 84.8% in the 3rd quarter. Massey Quick Simon & CO. LLC now owns 425 shares of the biotechnology company’s stock worth $133,000 after purchasing an additional 195 shares during the period. Gs Investments Inc. purchased a new position in shares of Biogen in the 2nd quarter worth approximately $136,000. Finally, Patten Group Inc. boosted its holdings in shares of Biogen by 4,308.7% in the 3rd quarter. Patten Group Inc. now owns 20,368 shares of the biotechnology company’s stock worth $145,000 after purchasing an additional 19,906 shares during the period. 87.79% of the stock is currently owned by institutional investors.
A number of brokerages have recently commented on BIIB. JPMorgan Chase & Co. reiterated a “buy” rating on shares of Biogen in a report on Thursday, February 8th. Canaccord Genuity reiterated a “hold” rating and issued a $350.00 target price on shares of Biogen in a report on Wednesday, February 7th. Oppenheimer lifted their target price on Biogen from $380.00 to $400.00 and gave the stock a “buy” rating in a report on Friday, January 26th. Mizuho reiterated a “buy” rating and issued a $433.00 target price (up previously from $400.00) on shares of Biogen in a report on Sunday, February 4th. Finally, Credit Suisse Group upgraded Biogen to a “buy” rating and set a $384.00 target price for the company in a report on Wednesday, February 7th. Eight analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $368.99.
Biogen (NASDAQ:BIIB) last announced its quarterly earnings data on Thursday, January 25th. The biotechnology company reported $5.26 earnings per share for the quarter, missing analysts’ consensus estimates of $5.44 by ($0.18). The firm had revenue of $3.31 billion during the quarter, compared to analyst estimates of $3.08 billion. Biogen had a net margin of 20.69% and a return on equity of 38.32%. The firm’s revenue for the quarter was up 15.1% on a year-over-year basis. During the same period in the prior year, the company posted $5.04 earnings per share. sell-side analysts anticipate that Biogen Inc will post 24.88 EPS for the current fiscal year.
In related news, Director Alexander J. Denner bought 30,000 shares of the stock in a transaction dated Wednesday, November 29th. The shares were purchased at an average price of $317.36 per share, for a total transaction of $9,520,800.00. Following the completion of the purchase, the director now directly owns 10,029 shares of the company’s stock, valued at $3,182,803.44. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Michel Vounatsos bought 780 shares of the stock in a transaction dated Friday, December 29th. The stock was bought at an average price of $320.55 per share, for a total transaction of $250,029.00. The disclosure for this purchase can be found here. Insiders bought 31,560 shares of company stock worth $10,020,858 over the last three months. Corporate insiders own 0.25% 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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