Meiji Yasuda Life Insurance Co raised its position in Biogen Inc. (NASDAQ:BIIB) by 3.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,566 shares of the biotechnology company’s stock after buying an additional 200 shares during the period. Meiji Yasuda Life Insurance Co’s holdings in Biogen were worth $1,522,000 at the end of the most recent quarter.
A number of other hedge funds have also made changes to their positions in the company. Rafferty Asset Management LLC increased its stake in shares of Biogen by 45.8% in the fourth quarter. Rafferty Asset Management LLC now owns 3,516 shares of the biotechnology company’s stock worth $997,000 after buying an additional 1,104 shares during the period. Gyroscope Capital Management Group LLC acquired a new stake in shares of Biogen during the fourth quarter worth about $446,000. Asset Management One Co. Ltd. increased its stake in shares of Biogen by 454.1% in the fourth quarter. Asset Management One Co. Ltd. now owns 370,669 shares of the biotechnology company’s stock worth $105,213,000 after buying an additional 303,776 shares during the period. Elkfork Partners LLC acquired a new stake in shares of Biogen during the fourth quarter worth about $1,080,000. Finally, Marshall Wace LLP increased its stake in shares of Biogen by 72.4% in the fourth quarter. Marshall Wace LLP now owns 88,847 shares of the biotechnology company’s stock worth $25,195,000 after buying an additional 37,313 shares during the period. 87.39% of the stock is owned by institutional investors.
Shares of Biogen Inc. (NASDAQ:BIIB) opened at 279.81 on Tuesday. Biogen Inc. has a 52 week low of $223.02 and a 52 week high of $333.65. The stock’s 50 day moving average price is $256.84 and its 200 day moving average price is $275.20. The stock has a market cap of $59.35 billion, a price-to-earnings ratio of 17.53 and a beta of 0.83.
Biogen (NASDAQ:BIIB) last issued its earnings results on Tuesday, April 25th. The biotechnology company reported $5.20 earnings per share for the quarter, beating the consensus estimate of $4.97 by $0.23. Biogen had a net margin of 30.17% and a return on equity of 38.17%. The business had revenue of $2.81 billion for the quarter, compared to analyst estimates of $2.73 billion. During the same period in the previous year, the business earned $4.79 EPS. The firm’s revenue was up 3.1% on a year-over-year basis. Equities research analysts anticipate that Biogen Inc. will post $20.46 EPS for the current fiscal year.
A number of analysts have recently commented on BIIB shares. Robert W. Baird reiterated a “neutral” rating and set a $290.00 target price on shares of Biogen in a research report on Tuesday, March 7th. Instinet started coverage on Biogen in a research report on Wednesday, March 1st. They set a “buy” rating and a $345.00 target price on the stock. Nomura started coverage on Biogen in a research report on Wednesday, March 1st. They set a “neutral” rating on the stock. Leerink Swann cut Biogen from an “outperform” rating to a “market perform” rating and set a $300.00 target price on the stock. in a research report on Thursday, March 16th. Finally, Morgan Stanley cut Biogen from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $369.00 to $305.00 in a research report on Thursday, March 16th. Twelve equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $329.94.
In other news, CMO Alfred Sandrock sold 1,981 shares of Biogen stock in a transaction dated Monday, April 3rd. The shares were sold at an average price of $274.08, for a total transaction of $542,952.48. Following the sale, the chief marketing officer now directly owns 7,060 shares in the company, valued at approximately $1,935,004.80. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Brian S. Posner sold 1,084 shares of Biogen stock in a transaction dated Friday, June 9th. The shares were sold at an average price of $256.31, for a total transaction of $277,840.04. Following the sale, the director now owns 6,330 shares in the company, valued at $1,622,442.30. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 12,957 shares of company stock worth $3,689,473. 0.32% of the stock is owned by company insiders.
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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