Intermede Investment Partners Ltd Sells 26,996 Shares of Biogen Inc (BIIB)

Intermede Investment Partners Ltd lessened its holdings in shares of Biogen Inc (NASDAQ:BIIB) by 20.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 104,117 shares of the biotechnology company’s stock after selling 26,996 shares during the quarter. Biogen accounts for approximately 2.5% of Intermede Investment Partners Ltd’s portfolio, making the stock its 22nd largest position. Intermede Investment Partners Ltd’s holdings in Biogen were worth $31,331,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in BIIB. Victory Capital Management Inc. grew its stake in shares of Biogen by 569.5% in the 3rd quarter. Victory Capital Management Inc. now owns 21,423 shares of the biotechnology company’s stock worth $7,569,000 after acquiring an additional 18,223 shares in the last quarter. Cambridge Investment Research Advisors Inc. lifted its holdings in Biogen by 9.6% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 5,842 shares of the biotechnology company’s stock valued at $2,064,000 after purchasing an additional 510 shares during the last quarter. Commonwealth Equity Services LLC lifted its holdings in Biogen by 1.0% during the third quarter. Commonwealth Equity Services LLC now owns 28,305 shares of the biotechnology company’s stock valued at $10,000,000 after purchasing an additional 282 shares during the last quarter. Systematic Financial Management LP lifted its holdings in Biogen by 294.4% during the third quarter. Systematic Financial Management LP now owns 6,311 shares of the biotechnology company’s stock valued at $2,230,000 after purchasing an additional 4,711 shares during the last quarter. Finally, Brighton Jones LLC purchased a new stake in Biogen during the third quarter valued at about $201,000. Institutional investors and hedge funds own 88.14% of the company’s stock.

In other news, Director Alexander J. Denner bought 30,000 shares of the business’s stock in a transaction dated Wednesday, January 30th. The shares were purchased at an average price of $324.86 per share, for a total transaction of $9,745,800.00. Following the completion of the acquisition, the director now owns 10,909 shares of the company’s stock, valued at $3,543,897.74. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Alexander J. Denner bought 7,000 shares of the business’s stock in a transaction dated Friday, February 1st. The stock was purchased at an average price of $328.45 per share, for a total transaction of $2,299,150.00. Following the acquisition, the director now directly owns 10,909 shares of the company’s stock, valued at approximately $3,583,061.05. The disclosure for this purchase can be found here. 0.29% of the stock is currently owned by company insiders.

A number of equities research analysts have recently issued reports on the stock. BidaskClub downgraded shares of Biogen from a “strong-buy” rating to a “buy” rating in a report on Saturday, March 9th. BMO Capital Markets assumed coverage on shares of Biogen in a report on Friday, February 22nd. They issued a “market perform” rating and a $322.00 price target on the stock. Guggenheim downgraded shares of Biogen from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $410.00 to $325.00 in a report on Friday, February 22nd. Stifel Nicolaus downgraded shares of Biogen from a “buy” rating to a “hold” rating and lowered their price target for the stock from $397.00 to $346.00 in a report on Thursday, February 21st. Finally, HC Wainwright reissued a “buy” rating and issued a $363.00 price target on shares of Biogen in a report on Tuesday, February 19th. Ten investment analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $370.28.

Shares of Biogen stock traded up $2.78 on Friday, hitting $324.30. The stock had a trading volume of 378,294 shares, compared to its average volume of 1,229,444. The company has a debt-to-equity ratio of 0.46, a quick ratio of 2.04 and a current ratio of 2.32. Biogen Inc has a one year low of $249.17 and a one year high of $388.67. The stock has a market capitalization of $61.51 billion, a price-to-earnings ratio of 12.38, a P/E/G ratio of 1.18 and a beta of 1.09.

Biogen (NASDAQ:BIIB) last issued its earnings results on Tuesday, January 29th. The biotechnology company reported $6.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.72 by $0.27. Biogen had a net margin of 32.94% and a return on equity of 40.53%. The firm had revenue of $3.53 billion for the quarter, compared to analysts’ expectations of $3.39 billion. During the same quarter last year, the business earned $5.26 earnings per share. The business’s revenue was up 6.6% on a year-over-year basis. As a group, equities research analysts forecast that Biogen Inc will post 28.68 earnings per share for the current fiscal year.

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About Biogen

Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases worldwide. The company offers TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for the treatment of multiple sclerosis (MS); SPINRAZA for the treatment of spinal muscular atrophy; and FUMADERM for the treatment of plaque psoriasis.

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Institutional Ownership by Quarter for Biogen (NASDAQ:BIIB)

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