Zurich Insurance Group Ltd FI Reduces Holdings in Biogen Inc. (BIIB)
Zurich Insurance Group Ltd FI trimmed its position in Biogen Inc. (NASDAQ:BIIB) by 2.6% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 31,423 shares of the biotechnology company’s stock after selling 843 shares during the period. Zurich Insurance Group Ltd FI’s holdings in Biogen were worth $8,527,000 as of its most recent SEC filing.
A number of other large investors have also recently made changes to their positions in the business. Waldron LP increased its stake in shares of Biogen by 17.0% in the 1st quarter. Waldron LP now owns 3,022 shares of the biotechnology company’s stock worth $826,000 after purchasing an additional 439 shares in the last quarter. Karp Capital Management Corp purchased a new position in Biogen during the first quarter valued at $26,224,000. Sei Investments Co. lifted its position in Biogen by 25.9% during the first quarter. Sei Investments Co. now owns 367,106 shares of the biotechnology company’s stock valued at $100,373,000 after purchasing an additional 75,587 shares in the last quarter. Endurance Wealth Management Inc. lifted its position in Biogen by 4.0% during the first quarter. Endurance Wealth Management Inc. now owns 5,200 shares of the biotechnology company’s stock valued at $1,422,000 after purchasing an additional 200 shares in the last quarter. Finally, Tdam USA Inc. lifted its position in Biogen by 16.2% during the first quarter. Tdam USA Inc. now owns 1,446 shares of the biotechnology company’s stock valued at $395,000 after purchasing an additional 202 shares in the last quarter. 87.65% of the stock is currently owned by institutional investors and hedge funds.
BIIB has been the subject of a number of analyst reports. UBS AG upgraded Biogen from a “sell” rating to a “neutral” rating and upped their price target for the stock from $262.00 to $270.00 in a research report on Monday, June 19th. Morgan Stanley reaffirmed an “equal weight” rating and set a $307.00 price objective on shares of Biogen in a research report on Wednesday, June 14th. Leerink Swann reiterated a “market perform” rating and set a $338.00 price objective (up from $304.00) on shares of Biogen in a research note on Wednesday, July 26th. Vetr lowered shares of Biogen from a “buy” rating to a “hold” rating and set a $298.30 target price for the company. in a report on Wednesday, July 26th. Finally, Goldman Sachs Group, Inc. (The) upgraded shares of Biogen from a “buy” rating to a “conviction-buy” rating and set a $338.00 target price on the stock in a research note on Wednesday, August 16th. Fourteen investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $328.16.
In other news, EVP Susan H. Alexander sold 7,758 shares of the company’s stock in a transaction 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 in the company, valued at approximately $7,761,120. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Susan H. Alexander sold 4,974 shares of the company’s stock in a transaction 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 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. 0.25% of the stock is currently owned by company insiders.
Shares of Biogen Inc. (BIIB) traded down 1.80% during midday trading on Wednesday, hitting $311.69. 208,412 shares of the stock were exchanged. The stock has a 50 day moving average price of $308.56 and a 200-day moving average price of $280.34. The company has a market cap of $65.90 billion, a PE ratio of 20.45 and a beta of 0.77. Biogen Inc. has a 12 month low of $244.28 and a 12 month high of $330.00.
Biogen (NASDAQ:BIIB) last announced its quarterly earnings results 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 firm had revenue of $3.08 billion during the quarter, compared to the consensus estimate of $2.81 billion. Biogen had a return on equity of 37.42% and a net margin of 28.10%. The firm’s quarterly 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 earnings per share. On average, analysts predict that Biogen Inc. will post $21.51 EPS for the current year.
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).
Want to see what other hedge funds are holding BIIB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Biogen Inc. (NASDAQ:BIIB).
Receive News & Ratings for Biogen Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Biogen Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.