Grimes & Company Inc. raised its stake in shares of Biogen Inc (NASDAQ:BIIB) by 2,056.6% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 37,956 shares of the biotechnology company’s stock after buying an additional 36,196 shares during the quarter. Grimes & Company Inc.’s holdings in Biogen were worth $8,837,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of BIIB. Trustcore Financial Services LLC grew its holdings in shares of Biogen by 152.3% during the second quarter. Trustcore Financial Services LLC now owns 111 shares of the biotechnology company’s stock worth $26,000 after purchasing an additional 67 shares in the last quarter. Bourgeon Capital Management LLC purchased a new position in shares of Biogen during the third quarter worth about $30,000. Ruggie Capital Group purchased a new position in shares of Biogen during the second quarter worth about $33,000. JJJ Advisors Inc. purchased a new stake in Biogen in the second quarter worth approximately $35,000. Finally, Next Capital Management LLC boosted its stake in Biogen by 101.3% in the second quarter. Next Capital Management LLC now owns 151 shares of the biotechnology company’s stock worth $35,000 after buying an additional 76 shares in the last quarter. 88.52% of the stock is owned by institutional investors and hedge funds.
BIIB stock traded down $0.01 on Monday, hitting $293.24. 43,571 shares of the company’s stock were exchanged, compared to its average volume of 1,920,335. Biogen Inc has a 12-month low of $215.77 and a 12-month high of $344.00. The firm has a 50 day moving average price of $251.07 and a two-hundred day moving average price of $236.17. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.74 and a current ratio of 1.91. The stock has a market cap of $52.72 billion, a P/E ratio of 11.20, a price-to-earnings-growth ratio of 1.58 and a beta of 1.07.
Biogen (NASDAQ:BIIB) last announced its earnings results on Tuesday, October 22nd. The biotechnology company reported $9.17 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $8.27 by $0.90. Biogen had a return on equity of 46.14% and a net margin of 37.91%. The firm had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.53 billion. During the same period in the previous year, the business earned $7.40 EPS. The firm’s revenue for the quarter was up 4.7% on a year-over-year basis. Sell-side analysts expect that Biogen Inc will post 33.19 earnings per share for the current fiscal year.
Several analysts have issued reports on the company. JPMorgan Chase & Co. upped their target price on Biogen from $244.00 to $260.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 23rd. TheStreet upgraded Biogen from a “c+” rating to a “b” rating in a report on Tuesday, October 29th. Sanford C. Bernstein raised Biogen from a “market perform” rating to an “outperform” rating in a research note on Tuesday, October 29th. Credit Suisse Group increased their price objective on Biogen from $203.00 to $260.00 and gave the company an “underperform” rating in a research report on Wednesday, October 23rd. Finally, Svb Leerink raised Biogen from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $256.00 to $350.00 in a research report on Wednesday, October 23rd. Five research analysts have rated the stock with a sell rating, twenty have given a hold rating and nine have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $288.33.
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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