RFG Advisory LLC reduced its holdings in Biogen Inc (NASDAQ:BIIB) by 53.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,194 shares of the biotechnology company’s stock after selling 1,368 shares during the period. RFG Advisory LLC’s holdings in Biogen were worth $354,000 at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD boosted its holdings in shares of Biogen by 4.4% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 1,097,770 shares of the biotechnology company’s stock valued at $256,735,000 after acquiring an additional 45,881 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in shares of Biogen by 8.1% in the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 851,574 shares of the biotechnology company’s stock valued at $198,263,000 after acquiring an additional 63,938 shares during the last quarter. Pictet Asset Management Ltd. boosted its holdings in shares of Biogen by 16.9% in the 3rd quarter. Pictet Asset Management Ltd. now owns 756,103 shares of the biotechnology company’s stock valued at $176,036,000 after acquiring an additional 109,336 shares during the last quarter. Man Group plc boosted its holdings in shares of Biogen by 47.0% in the 3rd quarter. Man Group plc now owns 694,842 shares of the biotechnology company’s stock valued at $161,773,000 after acquiring an additional 222,250 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its holdings in shares of Biogen by 1,345.3% in the 3rd quarter. Assenagon Asset Management S.A. now owns 674,932 shares of the biotechnology company’s stock valued at $157,138,000 after acquiring an additional 628,233 shares during the last quarter. 87.37% of the stock is currently owned by institutional investors and hedge funds.
Several research firms have recently commented on BIIB. Guggenheim raised shares of Biogen from a “neutral” rating to a “buy” rating and upped their price objective for the company from $256.00 to $365.00 in a report on Wednesday, October 23rd. Raymond James reaffirmed a “hold” rating on shares of Biogen in a report on Friday, December 6th. Royal Bank of Canada reaffirmed a “hold” rating and issued a $267.00 price objective on shares of Biogen in a report on Monday, November 18th. ValuEngine raised shares of Biogen from a “sell” rating to a “hold” rating in a report on Friday, January 3rd. Finally, UBS Group upped their price objective on shares of Biogen from $280.00 to $334.00 and gave the company a “positive” rating in a report on Tuesday, October 22nd. Four research analysts have rated the stock with a sell rating, twenty-two have issued a hold rating and ten have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $288.72.
Biogen (NASDAQ:BIIB) last posted its quarterly earnings data on Tuesday, October 22nd. The biotechnology company reported $9.17 earnings per share for the quarter, topping the Zacks’ consensus estimate of $8.27 by $0.90. The company had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.53 billion. Biogen had a net margin of 37.91% and a return on equity of 46.14%. The firm’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same period in the prior year, the business posted $7.40 earnings per share. Research analysts forecast that Biogen Inc will post 33.16 earnings per share for the current year.
Biogen announced that its Board of Directors has approved a share buyback plan on Saturday, December 21st that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the biotechnology company to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.
In other news, Director Brian S. Posner sold 1,055 shares of the stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $292.35, for a total value of $308,429.25. Following the completion of the sale, the director now directly owns 6,995 shares in the company, valued at $2,044,988.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.39% of the stock is owned by corporate insiders.
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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