Reliance Trust Co. of Delaware Sells 8,472 Shares of Biogen Inc. (BIIB)
Reliance Trust Co. of Delaware reduced its position in Biogen Inc. (NASDAQ:BIIB) by 44.8% during the third quarter, Holdings Channel reports. The fund owned 10,419 shares of the biotechnology company’s stock after selling 8,472 shares during the period. Reliance Trust Co. of Delaware’s holdings in Biogen were worth $3,261,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently modified their holdings of BIIB. Causeway Capital Management LLC bought a new position in shares of Biogen during the second quarter worth approximately $135,200,000. Eaton Vance Management boosted its position in shares of Biogen by 245.1% in the second quarter. Eaton Vance Management now owns 435,620 shares of the biotechnology company’s stock worth $105,342,000 after buying an additional 309,401 shares during the last quarter. Senator Investment Group LP boosted its position in shares of Biogen by 150.0% in the second quarter. Senator Investment Group LP now owns 500,000 shares of the biotechnology company’s stock worth $120,910,000 after buying an additional 300,000 shares during the last quarter. Schroder Investment Management Group boosted its position in shares of Biogen by 306.5% in the second quarter. Schroder Investment Management Group now owns 365,393 shares of the biotechnology company’s stock worth $88,360,000 after buying an additional 275,497 shares during the last quarter. Finally, Emerald Acquisition Ltd. bought a new position in shares of Biogen during the second quarter worth approximately $61,267,000. Institutional investors own 86.43% of the company’s stock.
Shares of Biogen Inc. (NASDAQ:BIIB) traded down 2.87% during mid-day trading on Wednesday, reaching $294.07. The company had a trading volume of 2,164,860 shares. The firm has a 50 day moving average of $299.83 and a 200-day moving average of $287.80. Biogen Inc. has a one year low of $223.02 and a one year high of $333.65. The stock has a market capitalization of $63.98 billion, a P/E ratio of 16.63 and a beta of 0.75.
Biogen (NASDAQ:BIIB) last posted its earnings results on Wednesday, October 26th. The biotechnology company reported $5.19 EPS for the quarter, topping the Zacks’ consensus estimate of $4.97 by $0.22. The business earned $2.96 billion during the quarter, compared to analyst estimates of $2.91 billion. Biogen had a return on equity of 40.02% and a net margin of 34.03%. The company’s quarterly revenue was up 6.4% compared to the same quarter last year. During the same quarter last year, the company earned $4.48 EPS. Analysts forecast that Biogen Inc. will post $20.22 EPS for the current fiscal year.
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A number of research analysts have issued reports on the company. Vetr upgraded Biogen from a “buy” rating to a “strong-buy” rating and set a $346.47 target price on the stock in a research report on Monday, September 12th. Piper Jaffray Cos. reiterated a “neutral” rating and issued a $333.00 target price (up previously from $293.00) on shares of Biogen in a research report on Tuesday, August 16th. Jefferies Group reiterated a “buy” rating and issued a $319.00 target price on shares of Biogen in a research report on Sunday, September 4th. Bank of America Corp. reiterated a “buy” rating and issued a $374.00 target price on shares of Biogen in a research report on Thursday, September 22nd. Finally, Leerink Swann set a $367.00 price target on Biogen and gave the company a “hold” rating in a research note on Wednesday, October 12th. Ten equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $338.60.
In related news, EVP Adriana Karaboutis sold 262 shares of Biogen stock in a transaction on Tuesday, October 4th. The stock was sold at an average price of $311.94, for a total value of $81,728.28. Following the completion of the sale, the executive vice president now owns 7,579 shares of the company’s stock, valued at $2,364,193.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Caroline Dorsa sold 27,570 shares of Biogen stock in a transaction on Thursday, September 22nd. The stock was sold at an average price of $314.00, for a total value of $8,656,980.00. Following the completion of the sale, the director now directly owns 19,663 shares of the company’s stock, valued at approximately $6,174,182. The disclosure for this sale can be found here. 0.32% of the stock is owned by company insiders.
Biogen Inc, formerly Biogen Idec Inc, is a biopharmaceutical company. The Company operates in discovering, developing, manufacturing and delivering therapies to patients for the treatment of neurodegenerative diseases, hematologic conditions and autoimmune disorders segment. The Company markets products, including TECFIDERA, AVONEX, PLEGRIDY, TYSABRI and FAMPYRA for multiple sclerosis (MS), ELOCTATE for hemophilia A and ALPROLIX for hemophilia B, and FUMADERM for the treatment of severe plaque psoriasis.
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