Richelieu Gestion SA cut its holdings in Biogen Inc. (NASDAQ:BIIB – Free Report) by 87.4% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 858 shares of the biotechnology company’s stock after selling 5,953 shares during the period. Richelieu Gestion SA’s holdings in Biogen were worth $244,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Envestnet Asset Management Inc. boosted its position in Biogen by 771.2% during the first quarter. Envestnet Asset Management Inc. now owns 2,556,583 shares of the biotechnology company’s stock worth $90,400,000 after purchasing an additional 2,263,120 shares during the period. Norges Bank bought a new position in Biogen during the fourth quarter worth $362,129,000. Marshall Wace LLP boosted its position in Biogen by 726.3% during the fourth quarter. Marshall Wace LLP now owns 1,244,150 shares of the biotechnology company’s stock worth $344,530,000 after purchasing an additional 1,093,576 shares during the period. Price T Rowe Associates Inc. MD boosted its position in Biogen by 49.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,088,356 shares of the biotechnology company’s stock worth $580,627,000 after purchasing an additional 691,843 shares during the period. Finally, FMR LLC boosted its position in Biogen by 44.7% during the first quarter. FMR LLC now owns 1,752,614 shares of the biotechnology company’s stock worth $487,279,000 after purchasing an additional 541,421 shares during the period. 85.99% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity at Biogen
In related news, insider Priya Singhal sold 431 shares of the company’s stock in a transaction that occurred on Tuesday, September 5th. The stock was sold at an average price of $269.43, for a total value of $116,124.33. Following the sale, the insider now directly owns 3,354 shares in the company, valued at $903,668.22. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.60% of the stock is currently owned by company insiders.
Biogen Price Performance
Biogen (NASDAQ:BIIB – Get Free Report) last released its quarterly earnings data on Tuesday, July 25th. The biotechnology company reported $4.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.77 by $0.25. Biogen had a return on equity of 17.33% and a net margin of 26.72%. The company had revenue of $2.46 billion during the quarter, compared to the consensus estimate of $2.36 billion. During the same quarter in the prior year, the firm posted $5.25 earnings per share. The firm’s revenue was down 5.1% compared to the same quarter last year. Research analysts expect that Biogen Inc. will post 15.25 EPS for the current year.
Analyst Ratings Changes
A number of research firms have commented on BIIB. Barclays reduced their price objective on shares of Biogen from $311.00 to $294.00 and set an “equal weight” rating for the company in a research report on Tuesday, August 8th. Scotiabank assumed coverage on shares of Biogen in a research report on Thursday, July 27th. They issued a “sector outperform” rating and a $327.00 target price for the company. Stifel Nicolaus reduced their target price on shares of Biogen from $324.00 to $320.00 and set a “buy” rating for the company in a research report on Tuesday, July 25th. BMO Capital Markets reduced their target price on shares of Biogen from $347.00 to $336.00 and set an “outperform” rating for the company in a research report on Tuesday, August 8th. Finally, Royal Bank of Canada boosted their target price on shares of Biogen from $354.00 to $357.00 and gave the company an “outperform” rating in a research report on Tuesday, August 29th. Five analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $325.36.
Biogen Company 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.
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