Biogen Inc. (NASDAQ:BIIB) Shares Sold by Estabrook Capital Management

Estabrook Capital Management lowered its position in shares of Biogen Inc. (NASDAQ:BIIB) by 49.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,033 shares of the biotechnology company’s stock after selling 2,000 shares during the period. Estabrook Capital Management’s holdings in Biogen were worth $565,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Envestnet Asset Management Inc. boosted its stake in Biogen by 771.2% in the first quarter. Envestnet Asset Management Inc. now owns 2,556,583 shares of the biotechnology company’s stock valued at $90,400,000 after acquiring an additional 2,263,120 shares in the last quarter. Norges Bank acquired a new position in Biogen in the fourth quarter valued at $362,129,000. Marshall Wace LLP boosted its stake in Biogen by 726.3% in the fourth quarter. Marshall Wace LLP now owns 1,244,150 shares of the biotechnology company’s stock valued at $344,530,000 after acquiring an additional 1,093,576 shares in the last quarter. FMR LLC boosted its stake in Biogen by 44.7% in the first quarter. FMR LLC now owns 1,752,614 shares of the biotechnology company’s stock valued at $487,279,000 after acquiring an additional 541,421 shares in the last quarter. Finally, Pictet Asset Management SA boosted its stake in Biogen by 56.1% in the first quarter. Pictet Asset Management SA now owns 1,108,366 shares of the biotechnology company’s stock valued at $308,159,000 after acquiring an additional 398,460 shares in the last quarter. Institutional investors and hedge funds own 85.99% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $325.00 target price on shares of Biogen in a report on Wednesday, July 26th. Wells Fargo & Company reduced their target price on shares of Biogen from $350.00 to $343.00 and set an “overweight” rating for the company in a report on Monday, August 7th. Royal Bank of Canada upped their target price on shares of Biogen from $354.00 to $357.00 and gave the company an “outperform” rating in a report on Tuesday. Bank of America reduced their target price on shares of Biogen from $310.00 to $290.00 in a report on Monday, August 7th. Finally, StockNews.com assumed coverage on shares of Biogen in a report on Thursday, August 17th. They issued a “buy” rating for the company. Five investment analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $323.70.

Biogen Price Performance

Shares of BIIB stock traded up $0.46 during trading hours on Friday, hitting $267.82. The company’s stock had a trading volume of 161,840 shares, compared to its average volume of 1,024,009. The business has a fifty day moving average of $273.23 and a 200-day moving average of $283.04. The stock has a market cap of $38.79 billion, a price-to-earnings ratio of 14.66, a P/E/G ratio of 2.87 and a beta of 0.14. Biogen Inc. has a twelve month low of $194.42 and a twelve month high of $319.76. The company has a current ratio of 3.27, a quick ratio of 2.86 and a debt-to-equity ratio of 0.43.

Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Tuesday, July 25th. The biotechnology company reported $4.02 EPS for the quarter, beating the consensus estimate of $3.77 by $0.25. The business had revenue of $2.46 billion for the quarter, compared to analyst estimates of $2.36 billion. Biogen had a net margin of 26.72% and a return on equity of 17.33%. The company’s quarterly revenue was down 5.1% on a year-over-year basis. During the same period in the prior year, the business earned $5.25 earnings per share. As a group, equities research analysts anticipate that Biogen Inc. will post 15.26 EPS for the current year.

Biogen Profile

Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases in the United States, Europe, Germany, Asia, and internationally. The company offers TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; ADUHELM to treat Alzheimer's disease; FUMADERM to treat plaque psoriasis; BENEPALI, an etanercept biosimilar referencing ENBREL; IMRALDI, an adalimumab biosimilar referencing HUMIRA; FLIXABI, an infliximab biosimilar referencing REMICADE; and BYOOVIZ, a ranibizumab biosimilar referencing LUCENTIS.