Cigna Investments Inc. New reduced its holdings in shares of Biogen Inc (NASDAQ:BIIB) by 34.1% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 7,418 shares of the biotechnology company’s stock after selling 3,831 shares during the quarter. Cigna Investments Inc. New’s holdings in Biogen were worth $2,347,000 as of its most recent SEC filing.
A number of other large investors have also made changes to their positions in the stock. BlackRock Inc. increased its position in Biogen by 2.5% during the 1st quarter. BlackRock Inc. now owns 16,043,037 shares of the biotechnology company’s stock valued at $5,075,698,000 after buying an additional 384,396 shares in the last quarter. Renaissance Technologies LLC increased its position in Biogen by 8.3% during the 4th quarter. Renaissance Technologies LLC now owns 4,569,906 shares of the biotechnology company’s stock valued at $1,356,028,000 after buying an additional 348,700 shares in the last quarter. Norges Bank acquired a new position in Biogen during the 4th quarter valued at about $716,195,000. Bank of New York Mellon Corp increased its position in Biogen by 14.0% during the 1st quarter. Bank of New York Mellon Corp now owns 2,412,860 shares of the biotechnology company’s stock valued at $763,380,000 after buying an additional 295,556 shares in the last quarter. Finally, Nuveen Asset Management LLC grew its stake in Biogen by 3.6% during the 4th quarter. Nuveen Asset Management LLC now owns 1,251,690 shares of the biotechnology company’s stock valued at $371,414,000 after purchasing an additional 43,275 shares during the last quarter. 90.73% of the stock is currently owned by institutional investors.
A number of analysts have recently commented on BIIB shares. Wedbush lowered their target price on Biogen from $306.00 to $295.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 22nd. Wells Fargo & Co increased their target price on Biogen from $286.00 to $311.00 and gave the company an “equal weight” rating in a report on Thursday, February 6th. Nomura Securities increased their target price on Biogen from $320.00 to $392.00 and gave the company a “buy” rating in a report on Friday, February 7th. Oppenheimer cut their price target on Biogen from $390.00 to $365.00 and set an “outperform” rating for the company in a report on Thursday, April 23rd. Finally, Royal Bank of Canada reaffirmed a “hold” rating and issued a $310.00 price target on shares of Biogen in a report on Thursday, April 30th. Six analysts have rated the stock with a sell rating, fifteen have issued a hold rating and eleven have issued a buy rating to the company. Biogen currently has an average rating of “Hold” and a consensus target price of $317.46.
Shares of Biogen stock traded up $0.07 during midday trading on Friday, reaching $304.53. 680,022 shares of the company’s stock traded hands, compared to its average volume of 1,449,989. The company has a market cap of $49.68 billion, a price-to-earnings ratio of 9.40, a price-to-earnings-growth ratio of 0.66 and a beta of 0.54. Biogen Inc has a 52 week low of $215.77 and a 52 week high of $374.99. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.54 and a current ratio of 1.73. The company’s 50 day simple moving average is $312.63 and its 200 day simple moving average is $303.36.
Biogen (NASDAQ:BIIB) last posted its quarterly earnings results on Wednesday, April 22nd. The biotechnology company reported $9.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $7.73 by $1.41. Biogen had a net margin of 40.76% and a return on equity of 49.22%. The company had revenue of $3.53 billion for the quarter, compared to analyst estimates of $3.41 billion. During the same period last year, the business posted $6.98 EPS. The business’s quarterly revenue was up 1.3% on a year-over-year basis. As a group, equities research analysts predict that Biogen Inc will post 33.13 earnings per share for the current year.
In other Biogen news, Director Stephen A. Sherwin sold 2,434 shares of the business’s stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $295.22, for a total value of $718,565.48. Following the completion of the transaction, the director now directly owns 16,517 shares of the company’s stock, valued at $4,876,148.74. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.39% of the company’s stock.
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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