Penserra Capital Management LLC bought a new position in Biogen Inc. (NASDAQ:BIIB) during the third quarter, Holdings Channel reports. The fund bought 589 shares of the biotechnology company’s stock, valued at approximately $184,000.
Other hedge funds have also recently bought and sold shares of the company. Causeway Capital Management LLC purchased a new stake in Biogen during the second quarter worth approximately $135,200,000. Eaton Vance Management boosted its stake in Biogen by 245.1% in the second quarter. Eaton Vance Management now owns 435,620 shares of the biotechnology company’s stock worth $105,342,000 after buying an additional 309,401 shares during the period. Senator Investment Group LP boosted its stake in Biogen by 150.0% in the second quarter. Senator Investment Group LP now owns 500,000 shares of the biotechnology company’s stock worth $120,910,000 after buying an additional 300,000 shares during the period. Schroder Investment Management Group boosted its stake in Biogen by 306.5% in the second quarter. Schroder Investment Management Group now owns 365,393 shares of the biotechnology company’s stock worth $88,360,000 after buying an additional 275,497 shares during the period. Finally, Emerald Acquisition Ltd. purchased a new stake in Biogen during the second quarter worth approximately $61,267,000. Institutional investors and hedge funds own 87.75% of the company’s stock.
Biogen Inc. (NASDAQ:BIIB) traded down 0.24% during midday trading on Friday, reaching $305.20. 741,020 shares of the company traded hands. The firm has a market capitalization of $66.40 billion, a price-to-earnings ratio of 17.26 and a beta of 0.75. Biogen Inc. has a 12 month low of $223.02 and a 12 month high of $333.65. The firm’s 50 day moving average price is $300.18 and its 200 day moving average price is $287.01.
Biogen (NASDAQ:BIIB) last announced its earnings results on Wednesday, October 26th. The biotechnology company reported $5.19 EPS for the quarter, topping the consensus estimate of $4.97 by $0.22. The firm had revenue of $2.96 billion for the quarter, compared to the consensus estimate of $2.91 billion. Biogen had a net margin of 34.03% and a return on equity of 40.02%. The business’s quarterly revenue was up 6.4% on a year-over-year basis. During the same quarter last year, the firm posted $4.48 EPS. On average, analysts expect that Biogen Inc. will post $20.22 earnings per share for the current year.
BIIB has been the topic of a number of analyst reports. Vetr raised Biogen from a “buy” rating to a “strong-buy” rating and set a $346.47 price objective on the stock in a report on Monday, September 12th. Piper Jaffray Cos. reaffirmed a “neutral” rating and issued a $333.00 price objective (up previously from $293.00) on shares of Biogen in a report on Tuesday, August 16th. Jefferies Group reaffirmed a “buy” rating and issued a $319.00 price objective on shares of Biogen in a report on Sunday, September 4th. Bank of America Corp. reissued a “buy” rating and set a $374.00 price target on shares of Biogen in a research note on Thursday, September 22nd. Finally, BMO Capital Markets boosted their price target on Biogen from $286.00 to $304.00 and gave the stock a “market perform” rating in a research note on Monday, August 1st. Nine analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company. Biogen presently has an average rating of “Buy” and a consensus price target of $339.38.
In related news, EVP Adriana Karaboutis sold 262 shares of Biogen stock in a transaction on Tuesday, October 4th. The shares were sold at an average price of $311.94, for a total value of $81,728.28. Following the transaction, the executive vice president now owns 7,579 shares in the company, valued at approximately $2,364,193.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Caroline Dorsa sold 27,570 shares of Biogen stock in a transaction on Thursday, September 22nd. The stock was sold at an average price of $314.00, for a total transaction of $8,656,980.00. Following the completion of the transaction, the director now owns 19,663 shares in the company, valued at approximately $6,174,182. The disclosure for this sale can be found here. 0.32% of the stock is currently owned by corporate insiders.
Biogen Inc, formerly Biogen Idec Inc, is a biopharmaceutical company. The Company operates in discovering, developing, manufacturing and delivering therapies to patients for the treatment of neurodegenerative diseases, hematologic conditions and autoimmune disorders segment. The Company markets products, including TECFIDERA, AVONEX, PLEGRIDY, TYSABRI and FAMPYRA for multiple sclerosis (MS), ELOCTATE for hemophilia A and ALPROLIX for hemophilia B, and FUMADERM for the treatment of severe plaque psoriasis.