Standard Life Aberdeen plc Reduces Stake in Biogen Inc (NASDAQ:BIIB)
Standard Life Aberdeen plc reduced its position in Biogen Inc (NASDAQ:BIIB) by 5.1% in the 4th quarter, HoldingsChannel.com reports. The firm owned 122,220 shares of the biotechnology company’s stock after selling 6,567 shares during the period. Standard Life Aberdeen plc’s holdings in Biogen were worth $36,266,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of BIIB. Covington Capital Management raised its position in shares of Biogen by 53.8% during the 4th quarter. Covington Capital Management now owns 120 shares of the biotechnology company’s stock worth $36,000 after purchasing an additional 42 shares during the last quarter. Man Group plc increased its position in Biogen by 2.1% during the 4th quarter. Man Group plc now owns 709,416 shares of the biotechnology company’s stock worth $210,505,000 after purchasing an additional 14,574 shares in the last quarter. Alberta Investment Management Corp increased its position in Biogen by 21.5% during the 4th quarter. Alberta Investment Management Corp now owns 222,300 shares of the biotechnology company’s stock worth $65,963,000 after purchasing an additional 39,300 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. raised its stake in Biogen by 19.2% in the 4th quarter. Ladenburg Thalmann Financial Services Inc. now owns 15,358 shares of the biotechnology company’s stock valued at $4,117,000 after purchasing an additional 2,471 shares during the last quarter. Finally, Kovitz Investment Group Partners LLC raised its stake in Biogen by 1.0% in the 4th quarter. Kovitz Investment Group Partners LLC now owns 18,424 shares of the biotechnology company’s stock valued at $5,467,000 after purchasing an additional 185 shares during the last quarter. 86.91% of the stock is owned by hedge funds and other institutional investors.
A number of research firms have recently weighed in on BIIB. Mizuho boosted their price objective on shares of Biogen from $300.00 to $316.00 and gave the company a “neutral” rating in a research report on Tuesday, February 25th. SVB Leerink lifted their target price on shares of Biogen from $350.00 to $410.00 and gave the stock a “positive” rating in a research note on Thursday, February 6th. SunTrust Banks increased their price target on Biogen from $337.00 to $360.00 and gave the stock a “buy” rating in a research note on Monday, February 3rd. JPMorgan Chase & Co. restated a “hold” rating on shares of Biogen in a report on Thursday, February 6th. Finally, HC Wainwright restated a “buy” rating and set a $335.00 price objective on shares of Biogen in a report on Thursday, February 6th. Four analysts have rated the stock with a sell rating, seventeen have issued a hold rating and eleven have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $325.17.
Biogen (NASDAQ:BIIB) last posted its quarterly earnings results on Thursday, January 30th. The biotechnology company reported $8.34 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $8.02 by $0.32. Biogen had a net margin of 40.96% and a return on equity of 46.51%. The company had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $3.51 billion. During the same period last year, the firm posted $6.99 EPS. The company’s revenue for the quarter was up 4.1% on a year-over-year basis. As a group, equities research analysts expect that Biogen Inc will post 32.62 EPS for the current fiscal year.
Biogen declared that its Board of Directors has approved a share buyback program on Saturday, December 21st that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the biotechnology company to repurchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
In other Biogen news, Director Stephen A. Sherwin sold 2,434 shares of the firm’s stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $295.22, for a total value of $718,565.48. Following the transaction, the director now owns 16,517 shares of the company’s stock, valued at $4,876,148.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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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