Cardinal Capital Management Lowers Stake in Biogen Inc (NASDAQ:BIIB)
Cardinal Capital Management lowered its stake in shares of Biogen Inc (NASDAQ:BIIB) by 0.6% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 16,954 shares of the biotechnology company’s stock after selling 94 shares during the quarter. Cardinal Capital Management’s holdings in Biogen were worth $3,947,000 at the end of the most recent quarter.
Other large investors have also modified their holdings of the company. Trustcore Financial Services LLC raised its position in Biogen by 152.3% in the 2nd quarter. Trustcore Financial Services LLC now owns 111 shares of the biotechnology company’s stock worth $26,000 after purchasing an additional 67 shares during the period. Weaver Consulting Group purchased a new position in Biogen in the 1st quarter worth $28,000. Ruggie Capital Group purchased a new position in Biogen in the 2nd quarter worth $33,000. JJJ Advisors Inc. purchased a new position in Biogen in the 2nd quarter worth $35,000. Finally, Next Capital Management LLC raised its position in Biogen by 101.3% in the 2nd quarter. Next Capital Management LLC now owns 151 shares of the biotechnology company’s stock worth $35,000 after purchasing an additional 76 shares during the period. Institutional investors own 86.27% of the company’s stock.
A number of brokerages recently commented on BIIB. JPMorgan Chase & Co. set a $244.00 target price on shares of Biogen and gave the stock a “hold” rating in a research report on Monday, September 23rd. Mizuho reiterated a “hold” rating on shares of Biogen in a research report on Thursday, July 25th. Morgan Stanley lifted their target price on shares of Biogen from $211.00 to $212.00 and gave the stock an “underweight” rating in a research report on Friday, October 11th. Canaccord Genuity lifted their target price on shares of Biogen from $275.00 to $285.00 and gave the stock a “hold” rating in a research report on Wednesday, July 24th. Finally, Piper Jaffray Companies reiterated a “hold” rating on shares of Biogen in a research report on Friday, July 26th. Five research analysts have rated the stock with a sell rating, twenty-one have given a hold rating and five have assigned a buy rating to the company’s stock. Biogen currently has a consensus rating of “Hold” and an average target price of $263.52.
Biogen (NASDAQ:BIIB) last announced its quarterly earnings results on Tuesday, July 23rd. The biotechnology company reported $9.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $7.58 by $1.57. The business had revenue of $3.62 billion for the quarter, compared to analyst estimates of $3.48 billion. Biogen had a net margin of 37.62% and a return on equity of 44.89%. The company’s revenue was up 7.8% on a year-over-year basis. During the same quarter last year, the firm earned $5.80 EPS. As a group, sell-side analysts expect that Biogen Inc will post 32.38 earnings per share for the current fiscal year.
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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