Amalgamated Bank lowered its position in shares of Biogen Inc (NASDAQ:BIIB) by 2.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 29,385 shares of the biotechnology company’s stock after selling 857 shares during the period. Amalgamated Bank’s holdings in Biogen were worth $8,843,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of BIIB. Portfolio Solutions LLC bought a new stake in shares of Biogen in the 4th quarter valued at about $26,000. Doyle Wealth Management bought a new stake in shares of Biogen in the 4th quarter valued at about $32,000. IMS Capital Management bought a new stake in shares of Biogen in the 3rd quarter valued at about $38,000. Jackson Grant Investment Advisers Inc. bought a new stake in shares of Biogen in the 4th quarter valued at about $40,000. Finally, Moody National Bank Trust Division bought a new stake in shares of Biogen in the 4th quarter valued at about $41,000. 89.13% of the stock is owned by hedge funds and other institutional investors.
In other Biogen news, Director Alexander J. Denner purchased 30,000 shares of Biogen stock in a transaction that occurred on Wednesday, January 30th. The shares were bought at an average price of $324.86 per share, for a total transaction of $9,745,800.00. Following the acquisition, the director now directly owns 10,909 shares in the company, valued at $3,543,897.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Robert W. Pangia sold 6,114 shares of the business’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $328.55, for a total value of $2,008,754.70. Following the transaction, the director now owns 24,701 shares in the company, valued at approximately $8,115,513.55. The disclosure for this sale can be found here. 0.29% of the stock is owned by insiders.
Biogen (NASDAQ:BIIB) last announced its quarterly earnings results on Tuesday, January 29th. The biotechnology company reported $6.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.72 by $0.27. Biogen had a return on equity of 40.53% and a net margin of 32.94%. The company had revenue of $3.53 billion for the quarter, compared to the consensus estimate of $3.39 billion. During the same quarter in the previous year, the business earned $5.26 EPS. Biogen’s revenue was up 6.6% compared to the same quarter last year. On average, analysts expect that Biogen Inc will post 28.68 earnings per share for the current fiscal year.
A number of equities research analysts have recently weighed in on the company. Cantor Fitzgerald reissued a “buy” rating and issued a $400.00 target price on shares of Biogen in a research note on Wednesday, December 12th. Cowen lowered their target price on Biogen from $400.00 to $275.00 and set an “outperform” rating for the company in a research note on Thursday, March 21st. JPMorgan Chase & Co. lowered Biogen from an “overweight” rating to a “neutral” rating and set a $244.00 target price for the company. in a research note on Thursday, March 21st. Oppenheimer lowered their target price on Biogen from $380.00 to $375.00 and set an “outperform” rating for the company in a research note on Thursday, February 14th. Finally, Canaccord Genuity lowered Biogen from a “buy” rating to a “hold” rating and lowered their target price for the company from $396.00 to $275.00 in a research note on Thursday, March 21st. Two investment analysts have rated the stock with a sell rating, twenty-one have given a hold rating and nine have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $300.81.
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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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