Institute for Wealth Management LLC. decreased its stake in shares of Biogen Inc (NASDAQ:BIIB) by 5.7% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,663 shares of the biotechnology company’s stock after selling 100 shares during the quarter. Institute for Wealth Management LLC.’s holdings in Biogen were worth $389,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds also recently made changes to their positions in BIIB. Trustcore Financial Services LLC grew its position in shares of Biogen by 152.3% during the 2nd quarter. Trustcore Financial Services LLC now owns 111 shares of the biotechnology company’s stock worth $26,000 after buying an additional 67 shares during the period. Resources Investment Advisors Inc. grew its position in shares of Biogen by 500.0% during the 1st quarter. Resources Investment Advisors Inc. now owns 120 shares of the biotechnology company’s stock worth $28,000 after buying an additional 100 shares during the period. Weaver Consulting Group acquired a new stake in shares of Biogen during the 1st quarter worth approximately $28,000. Private Ocean LLC acquired a new stake in shares of Biogen during the 1st quarter worth approximately $31,000. Finally, JJJ Advisors Inc. acquired a new stake in shares of Biogen during the 2nd quarter worth approximately $35,000. 90.77% of the stock is owned by institutional investors.
NASDAQ:BIIB traded down $1.00 during trading hours on Tuesday, hitting $234.72. 6,562 shares of the company traded hands, compared to its average volume of 1,360,049. The company has a quick ratio of 2.22, a current ratio of 2.46 and a debt-to-equity ratio of 0.49. The firm’s 50-day simple moving average is $235.04 and its 200-day simple moving average is $254.73. Biogen Inc has a one year low of $216.12 and a one year high of $358.41. The company has a market cap of $42.73 billion, a PE ratio of 8.96, a PEG ratio of 0.85 and a beta of 0.99.
Biogen (NASDAQ:BIIB) last issued its quarterly earnings data on Tuesday, July 23rd. The biotechnology company reported $9.15 earnings per share for the quarter, beating the consensus estimate of $7.58 by $1.57. Biogen had a return on equity of 44.89% and a net margin of 37.62%. The business had revenue of $3.62 billion for the quarter, compared to analysts’ expectations of $3.48 billion. During the same period last year, the business earned $5.80 EPS. The business’s revenue was up 7.8% on a year-over-year basis. As a group, equities research analysts expect that Biogen Inc will post 32.41 EPS for the current year.
Several brokerages have recently commented on BIIB. Argus reaffirmed a “hold” rating on shares of Biogen in a research report on Tuesday, May 7th. Piper Jaffray Companies reiterated a “hold” rating on shares of Biogen in a report on Friday, July 26th. Cowen reiterated a “buy” rating and issued a $275.00 target price on shares of Biogen in a report on Tuesday, July 30th. Mizuho reiterated a “hold” rating on shares of Biogen in a report on Thursday, July 25th. Finally, Oppenheimer set a $290.00 target price on Biogen and gave the stock a “buy” rating in a report on Sunday, May 5th. Four analysts have rated the stock with a sell rating, twenty-three have assigned a hold rating and five have issued a buy rating to the company’s stock. Biogen currently has a consensus rating of “Hold” and an average price target of $269.74.
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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