Virginia Retirement Systems ET AL Sells 23,800 Shares of Biogen Inc (BIIB)

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Virginia Retirement Systems ET AL cut its stake in shares of Biogen Inc (NASDAQ:BIIB) by 33.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 46,500 shares of the biotechnology company’s stock after selling 23,800 shares during the period. Virginia Retirement Systems ET AL’s holdings in Biogen were worth $16,429,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently modified their holdings of BIIB. IFM Investors Pty Ltd grew its stake in shares of Biogen by 44.8% during the second quarter. IFM Investors Pty Ltd now owns 9,532 shares of the biotechnology company’s stock valued at $2,767,000 after buying an additional 2,947 shares during the last quarter. Empirical Finance LLC bought a new position in shares of Biogen during the second quarter valued at approximately $753,000. Cullinan Associates Inc. bought a new position in shares of Biogen during the second quarter valued at approximately $3,003,000. Fisher Asset Management LLC grew its stake in shares of Biogen by 3.8% during the second quarter. Fisher Asset Management LLC now owns 128,113 shares of the biotechnology company’s stock valued at $37,184,000 after buying an additional 4,704 shares during the last quarter. Finally, Polianta Ltd bought a new position in shares of Biogen during the second quarter valued at approximately $1,160,000. Institutional investors and hedge funds own 87.55% of the company’s stock.

Biogen stock traded up $3.72 during mid-day trading on Wednesday, reaching $324.00. 127,681 shares of the company were exchanged, compared to its average volume of 1,530,635. The company has a quick ratio of 2.46, a current ratio of 2.75 and a debt-to-equity ratio of 0.43. The firm has a market cap of $63.00 billion, a P/E ratio of 14.86, a P/E/G ratio of 1.24 and a beta of 1.01. Biogen Inc has a 12-month low of $249.17 and a 12-month high of $388.67.

Biogen (NASDAQ:BIIB) last posted its earnings results on Tuesday, October 23rd. The biotechnology company reported $7.40 earnings per share for the quarter, topping analysts’ consensus estimates of $6.78 by $0.62. The company had revenue of $3.44 billion during the quarter, compared to analyst estimates of $3.33 billion. Biogen had a return on equity of 38.70% and a net margin of 24.08%. Biogen’s revenue was up 11.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $6.31 earnings per share. Equities analysts expect that Biogen Inc will post 25.6 earnings per share for the current year.

A number of research analysts have recently commented on the company. Cantor Fitzgerald set a $293.00 target price on Biogen and gave the company a “hold” rating in a research note on Wednesday, July 25th. UBS Group upped their target price on Biogen from $354.00 to $395.00 and gave the company a “buy” rating in a research note on Thursday, July 26th. Citigroup upped their target price on Biogen to $483.00 and gave the company a “positive” rating in a research note on Thursday, July 26th. Barclays upped their target price on Biogen from $295.00 to $320.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 25th. Finally, Robert W. Baird upped their target price on Biogen from $323.00 to $348.00 and gave the company a “neutral” rating in a research note on Wednesday, July 25th. Nine research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $383.01.

In other Biogen news, EVP Michael D. Ehlers sold 1,000 shares of the company’s stock in a transaction on Wednesday, September 26th. The stock was sold at an average price of $350.00, for a total transaction of $350,000.00. Following the completion of the sale, the executive vice president now owns 4,281 shares in the company, valued at $1,498,350. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.29% of the stock is owned by corporate insiders.

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Biogen Company Profile

Biogen Inc discovers, develops, manufactures, and delivers therapies for the treatment of neurological and neurodegenerative diseases worldwide. The company offers TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, ZINBRYTA, and FAMPYRA for the treatment of multiple sclerosis (MS); FUMADERM for the treatment of plaque psoriasis; and SPINRAZA to treat spinal muscular atrophy.

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Institutional Ownership by Quarter for Biogen (NASDAQ:BIIB)

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