Franklin Resources Inc. Sells 2,533 Shares of Biogen Inc. (NASDAQ:BIIB)

Franklin Resources Inc. trimmed its holdings in Biogen Inc. (NASDAQ:BIIBGet Rating) by 0.6% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 412,849 shares of the biotechnology company’s stock after selling 2,533 shares during the quarter. Franklin Resources Inc.’s holdings in Biogen were worth $84,197,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of BIIB. Hexagon Capital Partners LLC raised its stake in Biogen by 29.6% during the 2nd quarter. Hexagon Capital Partners LLC now owns 219 shares of the biotechnology company’s stock valued at $45,000 after purchasing an additional 50 shares during the last quarter. Retirement Group LLC raised its stake in shares of Biogen by 87.7% in the 2nd quarter. Retirement Group LLC now owns 137 shares of the biotechnology company’s stock valued at $28,000 after buying an additional 64 shares in the last quarter. Stratos Wealth Advisors LLC increased its position in shares of Biogen by 5.9% during the 2nd quarter. Stratos Wealth Advisors LLC now owns 1,229 shares of the biotechnology company’s stock worth $251,000 after purchasing an additional 69 shares in the last quarter. Legacy Wealth Asset Management LLC increased its position in shares of Biogen by 2.2% during the 2nd quarter. Legacy Wealth Asset Management LLC now owns 3,279 shares of the biotechnology company’s stock worth $669,000 after purchasing an additional 70 shares in the last quarter. Finally, Chicago Partners Investment Group LLC grew its holdings in Biogen by 5.4% during the 2nd quarter. Chicago Partners Investment Group LLC now owns 1,391 shares of the biotechnology company’s stock worth $299,000 after acquiring an additional 71 shares during the last quarter. 83.45% of the stock is owned by institutional investors.

Biogen Stock Performance

Biogen stock opened at $303.45 on Thursday. The business has a 50 day moving average of $262.34 and a 200-day moving average of $226.10. Biogen Inc. has a 1 year low of $187.16 and a 1 year high of $307.40. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.49 and a quick ratio of 2.14. The company has a market capitalization of $43.70 billion, a P/E ratio of 15.45, a P/E/G ratio of 1.80 and a beta of 0.19.

Biogen (NASDAQ:BIIBGet Rating) last announced its earnings results on Tuesday, October 25th. The biotechnology company reported $4.77 EPS for the quarter, beating the consensus estimate of $4.16 by $0.61. The business had revenue of $2.51 billion for the quarter, compared to analysts’ expectations of $2.47 billion. Biogen had a return on equity of 21.31% and a net margin of 27.64%. The firm’s revenue was down 9.7% on a year-over-year basis. During the same period in the prior year, the business posted $4.77 earnings per share. On average, equities research analysts predict that Biogen Inc. will post 17.03 earnings per share for the current year.

Insider Activity

In other news, EVP Susan H. Alexander sold 5,532 shares of Biogen stock in a transaction dated Thursday, October 27th. The shares were sold at an average price of $280.70, for a total transaction of $1,552,832.40. Following the completion of the transaction, the executive vice president now directly owns 39,396 shares in the company, valued at $11,058,457.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.65% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on BIIB. Canaccord Genuity Group raised their target price on shares of Biogen from $285.00 to $325.00 and gave the company a “buy” rating in a research note on Wednesday, October 26th. Argus raised shares of Biogen from a “hold” rating to a “buy” rating and set a $300.00 target price for the company in a research note on Friday, October 7th. Wedbush raised their target price on shares of Biogen from $183.00 to $217.00 and gave the company a “neutral” rating in a research note on Wednesday, September 28th. The Goldman Sachs Group raised shares of Biogen from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $220.00 to $370.00 in a research report on Wednesday, October 26th. Finally, StockNews.com began coverage on shares of Biogen in a research report on Wednesday, October 12th. They issued a “strong-buy” rating for the company. Eight research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Biogen currently has an average rating of “Moderate Buy” and an average price target of $299.75.

Biogen Company Profile

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Biogen, Inc is a biopharmaceutical company, which engages in discovering, developing, and delivering therapies for neurological and neurodegenerative diseases. It offers TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for the treatment of multiple sclerosis, SPINRAZA for the treatment of spinal muscular atrophy, and FUMADERM for the treatment of severe plaque psoriasis.

See Also

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Institutional Ownership by Quarter for Biogen (NASDAQ:BIIB)

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