Stocks: Biogen Inc (BIIB) Stake Raised by Saratoga Research & Investment Management

Stocks: Biogen Inc (BIIB) Stake Raised by Saratoga Research & Investment Management

Saratoga Research & Investment Management raised its position in Biogen Inc (NASDAQ:BIIB) by 4.9% during the first quarter, Holdings Channel reports. The fund owned 126,222 shares of the biotechnology company’s stock after buying an additional 5,896 shares during the period. Biogen makes up 2.9% of Saratoga Research & Investment Management’s portfolio, making the stock its 16th largest position. Saratoga Research & Investment Management owned approximately 0.06% of Biogen worth $34,512,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the company. Nordea Investment Management AB increased its stake in shares of Biogen by 4.4% in the third quarter. Nordea Investment Management AB now owns 410,214 shares of the biotechnology company’s stock worth $128,409,000 after buying an additional 17,156 shares during the last quarter. Mizuho Trust & Banking Co. Ltd. increased its stake in shares of Biogen by 1.0% in the third quarter. Mizuho Trust & Banking Co. Ltd. now owns 347,572 shares of the biotechnology company’s stock worth $108,800,000 after buying an additional 3,326 shares during the last quarter. Seven Bridges Advisors LLC increased its stake in shares of Biogen by 94.2% in the third quarter. Seven Bridges Advisors LLC now owns 2,420 shares of the biotechnology company’s stock worth $758,000 after buying an additional 1,174 shares during the last quarter. Greatmark Investment Partners Inc. increased its stake in shares of Biogen by 1.2% in the third quarter. Greatmark Investment Partners Inc. now owns 1,305 shares of the biotechnology company’s stock worth $409,000 after buying an additional 15 shares during the last quarter. Finally, Simmons Bank acquired a new stake in shares of Biogen during the third quarter worth about $200,000. 86.97% of the stock is owned by hedge funds and other institutional investors.

Biogen Inc (NASDAQ:BIIB) traded up 0.71% on Friday, reaching $255.95. The company’s stock had a trading volume of 106,516 shares. The company has a market capitalization of $54.29 billion, a price-to-earnings ratio of 16.03 and a beta of 0.72. Biogen Inc has a 52 week low of $223.02 and a 52 week high of $333.65. The firm’s 50 day moving average price is $271.50 and its 200-day moving average price is $284.84.

Biogen (NASDAQ:BIIB) last issued its earnings results on Tuesday, April 25th. The biotechnology company reported $5.20 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $4.97 by $0.23. The business had revenue of $2.81 billion during the quarter, compared to analysts’ expectations of $2.73 billion. Biogen had a return on equity of 38.48% and a net margin of 32.34%. Biogen’s revenue was up 3.1% compared to the same quarter last year. During the same quarter last year, the firm posted $4.79 earnings per share. On average, equities analysts predict that Biogen Inc will post $20.48 EPS for the current year.

A number of brokerages recently issued reports on BIIB. Robert W. Baird reissued a “neutral” rating and set a $290.00 price objective on shares of Biogen in a research report on Tuesday, March 7th. Nomura began coverage on Biogen in a research report on Wednesday, March 1st. They set a “neutral” rating for the company. Instinet began coverage on Biogen in a research report on Wednesday, March 1st. They set a “buy” rating and a $345.00 price objective for the company. Morgan Stanley downgraded Biogen from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $369.00 to $305.00 in a research report on Thursday, March 16th. Finally, Leerink Swann downgraded Biogen from an “outperform” rating to a “market perform” rating and set a $300.00 price objective for the company. in a research report on Thursday, March 16th. Eleven investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $326.81.

In other Biogen news, CEO Michel Vounatsos bought 1,333 shares of the firm’s stock in a transaction dated Monday, February 27th. The stock was acquired at an average price of $285.39 per share, with a total value of $380,424.87. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Paul J. Clancy sold 9,891 shares of the firm’s stock in a transaction on Monday, March 13th. The stock was sold at an average price of $291.55, for a total value of $2,883,721.05. Following the completion of the sale, the vice president now directly owns 20,705 shares of the company’s stock, valued at approximately $6,036,542.75. The disclosure for this sale can be found here. In the last ninety days, insiders bought 76,593 shares of company stock valued at $21,330,311 and sold 21,764 shares valued at $6,295,354. Company insiders own 0.32% of the company’s stock.

About Biogen

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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