United Bank Trims Position in Biogen Inc (BIIB)

United Bank lessened its position in shares of Biogen Inc (NASDAQ:BIIB) by 10.9% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,790 shares of the biotechnology company’s stock after selling 343 shares during the quarter. United Bank’s holdings in Biogen were worth $986,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. LeJeune Puetz Investment Counsel LLC purchased a new stake in Biogen in the third quarter worth about $107,000. Adviser Investments LLC increased its position in Biogen by 745.7% in the second quarter. Adviser Investments LLC now owns 389 shares of the biotechnology company’s stock worth $113,000 after buying an additional 343 shares in the last quarter. NEXT Financial Group Inc purchased a new stake in Biogen in the third quarter worth about $133,000. Harvest Fund Management Co. Ltd increased its position in Biogen by 122.0% in the third quarter. Harvest Fund Management Co. Ltd now owns 384 shares of the biotechnology company’s stock worth $136,000 after buying an additional 211 shares in the last quarter. Finally, Kaizen Advisory LLC increased its position in Biogen by 145.8% in the second quarter. Kaizen Advisory LLC now owns 499 shares of the biotechnology company’s stock worth $145,000 after buying an additional 296 shares in the last quarter. Institutional investors own 87.55% of the company’s stock.

BIIB has been the subject of a number of analyst reports. Cantor Fitzgerald restated an “overweight” rating and issued a $400.00 price target on shares of Biogen in a research report on Monday, October 1st. Citigroup reduced their price target on Biogen from $483.00 to $470.00 and set a “buy” rating for the company in a research report on Monday, October 8th. Oppenheimer set a $400.00 price target on Biogen and gave the stock a “buy” rating in a research report on Sunday, September 16th. BidaskClub upgraded Biogen from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 7th. Finally, Morgan Stanley reduced their price target on Biogen from $369.00 to $366.00 and set an “overweight” rating for the company in a research report on Friday, July 13th. Nine analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $383.01.

In other news, EVP Michael D. Ehlers sold 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 26th. The stock was sold at an average price of $350.00, for a total value of $350,000.00. Following the completion of the sale, the executive vice president now directly owns 4,281 shares of the company’s stock, valued at approximately $1,498,350. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.29% of the stock is owned by company insiders.

Biogen stock traded up $3.72 during midday trading on Wednesday, reaching $324.00. 127,681 shares of the stock traded hands, compared to its average volume of 1,530,635. Biogen Inc has a 12 month low of $249.17 and a 12 month high of $388.67. The firm has a market cap of $63.00 billion, a PE ratio of 14.86, a PEG ratio of 1.24 and a beta of 1.01. The company has a current ratio of 2.75, a quick ratio of 2.46 and a debt-to-equity ratio of 0.43.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings data on Tuesday, October 23rd. The biotechnology company reported $7.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.78 by $0.62. The business had revenue of $3.44 billion during the quarter, compared to analyst estimates of $3.33 billion. Biogen had a return on equity of 38.70% and a net margin of 24.08%. The company’s revenue for the quarter was up 11.7% on a year-over-year basis. During the same period last year, the company earned $6.31 EPS. As a group, equities research analysts forecast that Biogen Inc will post 25.6 earnings per share for the current fiscal year.

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About Biogen

Biogen Inc discovers, develops, manufactures, and delivers therapies for the treatment of neurological and neurodegenerative diseases worldwide. The company offers TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, ZINBRYTA, and FAMPYRA for the treatment of multiple sclerosis (MS); FUMADERM for the treatment of plaque psoriasis; and SPINRAZA to treat spinal muscular atrophy.

Further Reading: Cost of Capital

Institutional Ownership by Quarter for Biogen (NASDAQ:BIIB)

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