Cardan Capital Partners LLC raised its stake in Biogen Inc. (NASDAQ:BIIB) by 0.0% during the second quarter, Holdings Channel reports. The firm owned 12,040 shares of the biotechnology company’s stock after buying an additional 2 shares during the period. Cardan Capital Partners LLC’s holdings in Biogen were worth $2,912,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of BIIB. Primecap Management Co. CA boosted its stake in shares of Biogen by 2.8% in the first quarter. Primecap Management Co. CA now owns 16,246,726 shares of the biotechnology company’s stock valued at $4,229,348,000 after buying an additional 436,101 shares during the period. Jackson Square Partners LLC boosted its stake in shares of Biogen by 10.7% in the first quarter. Jackson Square Partners LLC now owns 2,809,422 shares of the biotechnology company’s stock valued at $806,152,000 after buying an additional 271,970 shares during the period. NN Investment Partners Holdings N.V. acquired a new stake in shares of Biogen during the first quarter valued at $49,410,000. UBS Asset Management Americas Inc. boosted its stake in shares of Biogen by 17.4% in the first quarter. UBS Asset Management Americas Inc. now owns 1,124,950 shares of the biotechnology company’s stock valued at $292,847,000 after buying an additional 166,534 shares during the period. Finally, Adage Capital Partners GP L.L.C. boosted its stake in shares of Biogen by 66.3% in the first quarter. Adage Capital Partners GP L.L.C. now owns 374,324 shares of the biotechnology company’s stock valued at $97,444,000 after buying an additional 149,200 shares during the period. Institutional investors and hedge funds own 86.21% of the company’s stock.
Biogen Inc. (NASDAQ:BIIB) traded down 1.27% during mid-day trading on Wednesday, hitting $310.55. 1,020,123 shares of the stock traded hands. The firm’s 50-day moving average is $309.30 and its 200 day moving average is $277.02. Biogen Inc. has a 52-week low of $223.02 and a 52-week high of $333.65. The firm has a market cap of $68.05 billion, a P/E ratio of 18.14 and a beta of 0.90.
Biogen (NASDAQ:BIIB) last posted its quarterly earnings results on Thursday, July 21st. The biotechnology company reported $5.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.69 by $0.52. The firm earned $2.89 billion during the quarter, compared to analyst estimates of $2.79 billion. Biogen had a return on equity of 40.59% and a net margin of 33.97%. Biogen’s quarterly revenue was up 11.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $4.22 EPS. Equities analysts predict that Biogen Inc. will post $20.10 EPS for the current fiscal year.
Several equities analysts have commented on BIIB shares. Morgan Stanley reissued a “buy” rating on shares of Biogen in a report on Thursday, June 30th. Sanford C. Bernstein started coverage on shares of Biogen in a report on Wednesday, June 29th. They issued an “outperform” rating and a $282.00 target price on the stock. Vetr raised shares of Biogen from a “buy” rating to a “strong-buy” rating and set a $346.47 target price on the stock in a report on Monday, September 12th. Citigroup Inc. lowered shares of Biogen from a “buy” rating to a “neutral” rating and decreased their target price for the company from $345.00 to $295.00 in a report on Tuesday, June 7th. Finally, Piper Jaffray Cos. reissued a “neutral” rating and issued a $333.00 target price (up from $293.00) on shares of Biogen in a report on Tuesday, August 16th. Ten analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $347.55.
In related news, Director Caroline Dorsa sold 27,570 shares of Biogen stock in a transaction dated Thursday, September 22nd. The stock was sold at an average price of $314.00, for a total value of $8,656,980.00. Following the completion of the sale, the director now directly owns 19,663 shares in the company, valued at approximately $6,174,182. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO George A. Scangos sold 157 shares of Biogen stock in a transaction dated Thursday, July 21st. The stock was sold at an average price of $280.00, for a total value of $43,960.00. Following the completion of the sale, the chief executive officer now owns 54,779 shares of the company’s stock, valued at $15,338,120. The disclosure for this sale can be found here. 0.32% of the stock is owned by insiders.
Biogen Inc, formerly Biogen Idec Inc, is a biopharmaceutical company. The Company operates in discovering, developing, manufacturing and delivering therapies to patients for the treatment of neurodegenerative diseases, hematologic conditions and autoimmune disorders segment. The Company markets products, including TECFIDERA, AVONEX, PLEGRIDY, TYSABRI and FAMPYRA for multiple sclerosis (MS), ELOCTATE for hemophilia A and ALPROLIX for hemophilia B, and FUMADERM for the treatment of severe plaque psoriasis.
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