Fred Alger Management Inc. boosted its position in shares of Biogen Inc (NASDAQ:BIIB) by 71.1% in the fourth quarter, HoldingsChannel reports. The firm owned 13,329 shares of the biotechnology company’s stock after acquiring an additional 5,537 shares during the period. Fred Alger Management Inc.’s holdings in Biogen were worth $4,246,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in BIIB. Victory Capital Management Inc. grew its holdings in Biogen by 7.2% during the 3rd quarter. Victory Capital Management Inc. now owns 8,433 shares of the biotechnology company’s stock valued at $2,641,000 after purchasing an additional 570 shares in the last quarter. Global X MANAGEMENT CO LLC grew its holdings in Biogen by 8.0% during the 3rd quarter. Global X MANAGEMENT CO LLC now owns 3,936 shares of the biotechnology company’s stock worth $1,232,000 after acquiring an additional 291 shares in the last quarter. FDx Advisors Inc. grew its holdings in Biogen by 19.4% during the 3rd quarter. FDx Advisors Inc. now owns 4,942 shares of the biotechnology company’s stock worth $1,547,000 after acquiring an additional 804 shares in the last quarter. YHB Investment Advisors Inc. acquired a new position in Biogen during the 3rd quarter worth $281,000. Finally, Retirement Systems of Alabama grew its holdings in Biogen by 11.5% during the 3rd quarter. Retirement Systems of Alabama now owns 161,949 shares of the biotechnology company’s stock worth $50,709,000 after acquiring an additional 16,676 shares in the last quarter. 88.96% of the stock is owned by institutional investors and hedge funds.
BIIB has been the subject of several recent analyst reports. Mizuho set a $400.00 price objective on shares of Biogen and gave the stock a “buy” rating in a report on Monday, November 13th. Oppenheimer reissued a “buy” rating and set a $350.00 price objective on shares of Biogen in a report on Wednesday, November 22nd. Sanford C. Bernstein set a $318.00 price objective on shares of Biogen and gave the stock a “buy” rating in a report on Tuesday, November 28th. JPMorgan Chase & Co. set a $378.00 price objective on shares of Biogen and gave the stock a “buy” rating in a report on Monday, November 27th. Finally, BMO Capital Markets reissued a “buy” rating and set a $385.00 price objective on shares of Biogen in a report on Monday, November 27th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and twenty-two have given a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $370.07.
Biogen (NASDAQ:BIIB) last posted its quarterly earnings results on Thursday, January 25th. The biotechnology company reported $5.26 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $5.44 by ($0.18). The business had revenue of $3.31 billion during the quarter, compared to the consensus estimate of $3.08 billion. Biogen had a return on equity of 38.32% and a net margin of 20.69%. The company’s quarterly revenue was up 15.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $5.04 earnings per share. research analysts anticipate that Biogen Inc will post 24.87 earnings per share for the current year.
In other news, CEO Michel Vounatsos acquired 780 shares of the business’s stock in a transaction that occurred on Friday, December 29th. The shares were purchased at an average cost of $320.55 per share, for a total transaction of $250,029.00. Following the transaction, the chief executive officer now directly owns 4,879 shares in the company, valued at approximately $1,563,963.45. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Alfred Sandrock sold 259 shares of Biogen stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $290.83, for a total transaction of $75,324.97. Following the completion of the sale, the executive vice president now owns 6,553 shares in the company, valued at $1,905,808.99. The disclosure for this sale can be found here. Over the last quarter, insiders sold 8,128 shares of company stock worth $2,601,512. 0.25% of the stock is currently owned by insiders.
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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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