Pinnacle Associates Ltd. Sells 4,089 Shares of Biogen Inc (NASDAQ:BIIB)

Pinnacle Associates Ltd. lowered its position in shares of Biogen Inc (NASDAQ:BIIB) by 32.0% in the 2nd quarter, Holdings Channel.com reports. The fund owned 8,677 shares of the biotechnology company’s stock after selling 4,089 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Biogen were worth $2,029,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. AQR Capital Management LLC grew its position in Biogen by 33.7% in the 1st quarter. AQR Capital Management LLC now owns 4,219,856 shares of the biotechnology company’s stock worth $991,793,000 after purchasing an additional 1,063,775 shares during the period. Geode Capital Management LLC grew its position in Biogen by 5.6% in the 4th quarter. Geode Capital Management LLC now owns 2,713,577 shares of the biotechnology company’s stock worth $815,190,000 after purchasing an additional 144,464 shares during the period. LSV Asset Management grew its position in Biogen by 18.2% in the 1st quarter. LSV Asset Management now owns 922,914 shares of the biotechnology company’s stock worth $218,158,000 after purchasing an additional 142,412 shares during the period. Boston Partners grew its position in Biogen by 424.3% in the 1st quarter. Boston Partners now owns 922,718 shares of the biotechnology company’s stock worth $218,113,000 after purchasing an additional 746,711 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its position in Biogen by 1.0% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 790,613 shares of the biotechnology company’s stock worth $186,885,000 after purchasing an additional 8,048 shares during the period. 90.77% of the stock is owned by institutional investors and hedge funds.

Shares of BIIB traded down $0.36 during trading hours on Thursday, reaching $232.82. 34,045 shares of the stock traded hands, compared to its average volume of 1,347,337. The company has a current ratio of 2.46, a quick ratio of 2.22 and a debt-to-equity ratio of 0.49. Biogen Inc has a 52-week low of $216.12 and a 52-week high of $358.41. The company’s 50-day moving average price is $234.88 and its two-hundred day moving average price is $253.72. The company has a market cap of $43.48 billion, a P/E ratio of 8.89, a price-to-earnings-growth ratio of 0.86 and a beta of 0.99.

Biogen (NASDAQ:BIIB) last released its earnings results on Tuesday, July 23rd. The biotechnology company reported $9.15 earnings per share for the quarter, beating analysts’ consensus estimates of $7.58 by $1.57. Biogen had a net margin of 37.62% and a return on equity of 44.89%. The company had revenue of $3.62 billion for the quarter, compared to analysts’ expectations of $3.48 billion. During the same quarter in the previous year, the company earned $5.80 EPS. Biogen’s revenue for the quarter was up 7.8% on a year-over-year basis. On average, research analysts forecast that Biogen Inc will post 32.41 EPS for the current year.

BIIB has been the subject of a number of research analyst reports. Credit Suisse Group initiated coverage on shares of Biogen in a research report on Monday, May 20th. They issued an “underperform” rating and a $198.00 target price for the company. Oppenheimer set a $290.00 target price on shares of Biogen and gave the stock a “buy” rating in a research report on Sunday, May 5th. Cowen reiterated a “buy” rating and set a $275.00 price target on shares of Biogen in a research note on Tuesday, July 30th. Barclays dropped their price target on shares of Biogen from $250.00 to $245.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 9th. Finally, Canaccord Genuity lifted their price target on shares of Biogen from $275.00 to $285.00 and gave the stock a “hold” rating in a research note on Wednesday, July 24th. Four investment analysts have rated the stock with a sell rating, twenty-three have assigned a hold rating and five have issued a buy rating to the stock. Biogen presently has a consensus rating of “Hold” and an average price target of $269.74.

Biogen Company Profile

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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