Country Trust Bank Cuts Holdings in Biogen Inc (BIIB)

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Country Trust Bank trimmed its position in shares of Biogen Inc (NASDAQ:BIIB) by 3.5% during the 1st quarter, HoldingsChannel reports. The fund owned 108,719 shares of the biotechnology company’s stock after selling 3,999 shares during the period. Country Trust Bank’s holdings in Biogen were worth $25,699,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. Meeder Asset Management Inc. boosted its position in shares of Biogen by 8.6% in the 1st quarter. Meeder Asset Management Inc. now owns 23,813 shares of the biotechnology company’s stock worth $5,629,000 after purchasing an additional 1,895 shares in the last quarter. Shine Investment Advisory Services Inc. boosted its position in shares of Biogen by 209.5% in the 1st quarter. Shine Investment Advisory Services Inc. now owns 294 shares of the biotechnology company’s stock worth $69,000 after purchasing an additional 199 shares in the last quarter. Flagship Harbor Advisors LLC boosted its position in shares of Biogen by 3.6% in the 1st quarter. Flagship Harbor Advisors LLC now owns 2,949 shares of the biotechnology company’s stock worth $697,000 after purchasing an additional 102 shares in the last quarter. Retirement Systems of Alabama boosted its position in shares of Biogen by 73.4% in the 1st quarter. Retirement Systems of Alabama now owns 161,097 shares of the biotechnology company’s stock worth $38,080,000 after purchasing an additional 68,201 shares in the last quarter. Finally, First Bank & Trust bought a new stake in shares of Biogen in the 1st quarter worth approximately $94,000. 89.19% of the stock is currently owned by institutional investors and hedge funds.

BIIB has been the subject of a number of recent analyst reports. Oppenheimer set a $372.00 price objective on shares of Biogen and gave the stock a “buy” rating in a report on Friday, January 25th. Stifel Nicolaus lowered shares of Biogen from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $397.00 to $346.00 in a report on Thursday, February 21st. Citigroup boosted their price objective on shares of Biogen from $372.00 to $380.00 and gave the stock an “outperform” rating in a report on Wednesday, January 30th. Leerink Swann boosted their price objective on shares of Biogen from $328.00 to $341.00 and gave the stock a “market perform” rating in a report on Wednesday, January 30th. Finally, Mizuho set a $427.00 price objective on shares of Biogen and gave the stock a “buy” rating in a report on Tuesday, January 29th. Two equities research analysts have rated the stock with a sell rating, twenty-two have given a hold rating and eight have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $295.04.

Shares of BIIB stock traded down $0.54 during mid-day trading on Wednesday, reaching $228.18. 39,602 shares of the company’s stock traded hands, compared to its average volume of 4,184,761. Biogen Inc has a 12 month low of $216.12 and a 12 month high of $388.67. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.32 and a quick ratio of 2.04. The company has a market cap of $44.99 billion, a price-to-earnings ratio of 8.76, a PEG ratio of 0.90 and a beta of 1.04.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings data on Tuesday, January 29th. The biotechnology company reported $6.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.72 by $0.27. Biogen had a net margin of 32.94% and a return on equity of 40.53%. The firm had revenue of $3.53 billion during the quarter, compared to the consensus estimate of $3.39 billion. During the same quarter in the previous year, the firm posted $5.26 EPS. The company’s revenue for the quarter was up 6.6% compared to the same quarter last year. Equities research analysts expect that Biogen Inc will post 28.88 EPS for the current year.

In other news, Director Alexander J. Denner bought 7,000 shares of the company’s stock in a transaction that occurred on Friday, February 1st. The stock was bought at an average price of $328.45 per share, with a total value of $2,299,150.00. Following the acquisition, the director now owns 10,909 shares of the company’s stock, valued at approximately $3,583,061.05. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Robert W. Pangia sold 6,114 shares of the company’s stock in a transaction on Monday, March 18th. The stock was sold at an average price of $328.55, for a total transaction of $2,008,754.70. Following the completion of the transaction, the director now directly owns 24,701 shares of the company’s stock, valued at approximately $8,115,513.55. The disclosure for this sale can be found here. Insiders own 0.29% of the company’s stock.

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Biogen Profile

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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Institutional Ownership by Quarter for Biogen (NASDAQ:BIIB)

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