Court Place Advisors LLC Grows Stock Position in Biogen Inc (NASDAQ:BIIB)

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Court Place Advisors LLC boosted its stake in Biogen Inc (NASDAQ:BIIB) by 1.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 15,627 shares of the biotechnology company’s stock after acquiring an additional 277 shares during the quarter. Biogen comprises about 1.7% of Court Place Advisors LLC’s holdings, making the stock its 15th largest holding. Court Place Advisors LLC’s holdings in Biogen were worth $4,637,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in BIIB. Transamerica Financial Advisors Inc. boosted its holdings in Biogen by 27,533.3% in the 2nd quarter. Transamerica Financial Advisors Inc. now owns 829 shares of the biotechnology company’s stock worth $194,000 after acquiring an additional 826 shares during the period. RFG Advisory LLC purchased a new position in Biogen in the 2nd quarter worth approximately $421,000. Treasurer of the State of North Carolina boosted its holdings in Biogen by 3.7% in the 2nd quarter. Treasurer of the State of North Carolina now owns 130,482 shares of the biotechnology company’s stock worth $30,516,000 after acquiring an additional 4,674 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its holdings in Biogen by 12.4% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 82,638 shares of the biotechnology company’s stock worth $19,327,000 after acquiring an additional 9,094 shares during the period. Finally, Cullinan Associates Inc. boosted its holdings in Biogen by 8.6% in the 3rd quarter. Cullinan Associates Inc. now owns 16,360 shares of the biotechnology company’s stock worth $3,809,000 after acquiring an additional 1,297 shares during the period. Hedge funds and other institutional investors own 87.19% of the company’s stock.

In related news, Director Brian S. Posner sold 1,055 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $292.35, for a total transaction of $308,429.25. Following the sale, the director now directly owns 6,995 shares of the company’s stock, valued at approximately $2,044,988.25. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.39% of the company’s stock.

BIIB stock opened at $281.95 on Wednesday. The company has a current ratio of 1.91, a quick ratio of 1.74 and a debt-to-equity ratio of 0.35. The firm has a market cap of $50.19 billion, a P/E ratio of 8.61, a P/E/G ratio of 0.96 and a beta of 1.09. Biogen Inc has a 12-month low of $215.77 and a 12-month high of $338.87. The stock’s 50 day simple moving average is $293.38 and its 200 day simple moving average is $261.32.

Biogen announced that its Board of Directors has authorized a stock buyback program on Saturday, December 21st that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the biotechnology company to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Several research firms have recently commented on BIIB. Cowen reiterated a “buy” rating and set a $325.00 target price on shares of Biogen in a research note on Thursday, January 2nd. Oppenheimer set a $280.00 target price on Biogen and gave the company a “buy” rating in a research note on Tuesday, October 15th. Mizuho reiterated a “hold” rating and set a $235.00 target price on shares of Biogen in a research note on Tuesday, October 22nd. Robert W. Baird reiterated a “sell” rating and set a $250.00 target price on shares of Biogen in a research note on Thursday, January 23rd. Finally, Canaccord Genuity upgraded Biogen from a “hold” rating to a “buy” rating and increased their target price for the company from $305.00 to $360.00 in a research note on Monday. Four research analysts have rated the stock with a sell rating, twenty-one have given a hold rating and eleven have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $291.64.

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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