Clearbridge Investments LLC raised its position in shares of Biogen Inc. (NASDAQ:BIIB) by 4.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 9,121,025 shares of the biotechnology company’s stock after buying an additional 351,224 shares during the period. Biogen comprises approximately 2.5% of Clearbridge Investments LLC’s investment portfolio, making the stock its 3rd largest position. Clearbridge Investments LLC owned 4.30% of Biogen worth $2,493,871,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in BIIB. BlackRock Inc. increased its position in shares of Biogen by 2,762.0% in the first quarter. BlackRock Inc. now owns 17,692,259 shares of the biotechnology company’s stock worth $4,837,418,000 after buying an additional 17,074,075 shares in the last quarter. Janus Capital Management LLC boosted its stake in Biogen by 204.8% in the first quarter. Janus Capital Management LLC now owns 1,936,719 shares of the biotechnology company’s stock valued at $529,524,000 after buying an additional 1,301,251 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in Biogen by 2,288.0% in the first quarter. Massachusetts Financial Services Co. MA now owns 1,352,164 shares of the biotechnology company’s stock valued at $369,709,000 after buying an additional 1,295,540 shares during the last quarter. Winslow Capital Management LLC purchased a new stake in Biogen during the first quarter valued at $345,143,000. Finally, AQR Capital Management LLC boosted its stake in Biogen by 54.8% in the first quarter. AQR Capital Management LLC now owns 1,040,619 shares of the biotechnology company’s stock valued at $284,526,000 after buying an additional 368,587 shares during the last quarter. Institutional investors own 88.38% of the company’s stock.
Shares of Biogen Inc. (NASDAQ:BIIB) opened at 281.77 on Friday. The stock has a 50 day moving average price of $283.10 and a 200 day moving average price of $274.37. The stock has a market capitalization of $59.57 billion, a price-to-earnings ratio of 18.49 and a beta of 0.79. Biogen Inc. has a 1-year low of $244.28 and a 1-year high of $304.23.
Biogen (NASDAQ:BIIB) last posted its quarterly earnings data on Tuesday, July 25th. The biotechnology company reported $5.04 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $4.36 by $0.68. Biogen had a net margin of 28.10% and a return on equity of 37.42%. The business had revenue of $3.08 billion during the quarter, compared to the consensus estimate of $2.81 billion. During the same period in the previous year, the firm posted $5.21 earnings per share. The business’s revenue for the quarter was up 6.4% compared to the same quarter last year. Equities research analysts anticipate that Biogen Inc. will post $21.44 EPS for the current year.
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Several analysts have weighed in on BIIB shares. Barclays PLC reaffirmed an “overweight” rating and set a $360.00 price objective (down from $380.00) on shares of Biogen in a research report on Sunday, April 23rd. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $310.00 price objective on shares of Biogen in a research report on Tuesday, April 25th. Cantor Fitzgerald set a $278.00 price objective on Biogen and gave the company a “hold” rating in a research report on Tuesday, April 25th. Cowen and Company reaffirmed a “buy” rating and set a $338.00 price objective on shares of Biogen in a research report on Tuesday, April 25th. Finally, Vetr cut Biogen from a “strong-buy” rating to a “buy” rating and set a $310.46 price objective on the stock. in a research report on Tuesday, April 25th. Eleven investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and three have assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $328.81.
In related news, Director Brian S. Posner sold 1,084 shares of the firm’s stock in a transaction on Friday, June 9th. The shares were sold at an average price of $256.31, for a total transaction of $277,840.04. Following the completion of the transaction, the director now owns 6,330 shares of the company’s stock, valued at $1,622,442.30. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Susan H. Alexander sold 4,974 shares of the firm’s stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $290.01, for a total transaction of $1,442,509.74. Following the transaction, the executive vice president now directly owns 22,258 shares of the company’s stock, valued at approximately $6,455,042.58. The disclosure for this sale can be found here. In the last three months, insiders have sold 13,816 shares of company stock valued at $3,931,380. 0.32% of the stock is currently owned by corporate insiders.
Biogen Inc is a biopharmaceutical company. The Company focuses on discovering, developing, manufacturing and delivering therapies to people living with serious neurological, rare and autoimmune diseases. The Company markets products, including TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, ZINBRYTA and FAMPYRA for multiple sclerosis (MS), FUMADERM for the treatment of severe plaque psoriasis and SPINRAZA for the treatment of spinal muscular atrophy (SMA).
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