Prudential Financial Inc. cut its position in shares of Biogen Inc (NASDAQ:BIIB) by 44.2% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 266,679 shares of the biotechnology company’s stock after selling 211,133 shares during the quarter. Prudential Financial Inc.’s holdings in Biogen were worth $94,220,000 as of its most recent SEC filing.
Several other large investors have also recently bought and sold shares of the stock. Candriam Luxembourg S.C.A. grew its stake in Biogen by 67.8% in the third quarter. Candriam Luxembourg S.C.A. now owns 507,936 shares of the biotechnology company’s stock valued at $179,459,000 after purchasing an additional 205,294 shares in the last quarter. Gilbert & Cook Inc. bought a new position in Biogen in the third quarter valued at approximately $313,000. Wetherby Asset Management Inc. grew its stake in Biogen by 9.3% in the third quarter. Wetherby Asset Management Inc. now owns 4,135 shares of the biotechnology company’s stock valued at $1,461,000 after purchasing an additional 352 shares in the last quarter. Dakota Wealth Management bought a new position in Biogen in the third quarter valued at approximately $921,000. Finally, Brighton Jones LLC bought a new position in Biogen in the third quarter valued at approximately $201,000. Institutional investors and hedge funds own 88.01% of the company’s stock.
A number of research firms have weighed in on BIIB. ValuEngine upgraded Biogen from a “sell” rating to a “hold” rating in a research note on Tuesday, November 6th. BidaskClub upgraded Biogen from a “sell” rating to a “hold” rating in a research note on Tuesday, November 6th. Oppenheimer set a $380.00 price target on Biogen and gave the company a “buy” rating in a research note on Sunday, October 28th. JPMorgan Chase & Co. decreased their price target on Biogen from $445.00 to $436.00 and set a “buy” rating for the company in a research note on Wednesday, October 24th. Finally, Leerink Swann set a $340.00 target price on Biogen and gave the stock a “hold” rating in a research note on Wednesday, October 24th. Nine equities research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $383.01.
Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Tuesday, October 23rd. The biotechnology company reported $7.40 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $6.78 by $0.62. The business had revenue of $3.44 billion during the quarter, compared to analysts’ expectations of $3.33 billion. Biogen had a return on equity of 38.70% and a net margin of 24.08%. The firm’s revenue for the quarter was up 11.7% compared to the same quarter last year. During the same period last year, the firm posted $6.31 EPS. As a group, equities research analysts forecast that Biogen Inc will post 25.79 earnings per share for the current year.
In related news, EVP Michael D. Ehlers sold 1,000 shares of Biogen stock in a transaction that occurred on Wednesday, September 26th. The stock was sold at an average price of $350.00, for a total transaction of $350,000.00. Following the completion of the sale, the executive vice president now directly owns 4,281 shares of the company’s stock, valued at approximately $1,498,350. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 0.29% of the company’s stock.
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Biogen Inc discovers, develops, manufactures, and delivers therapies for the treatment of neurological and neurodegenerative diseases worldwide. The company offers TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, ZINBRYTA, and FAMPYRA for the treatment of multiple sclerosis (MS); FUMADERM for the treatment of plaque psoriasis; and SPINRAZA to treat spinal muscular atrophy.
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