Today: The Public Employees Retirement Association of Colorado Cuts Position in Biogen Inc. (BIIB)

The Public Employees Retirement Association of Colorado Cuts Position in Biogen Inc. (BIIB)

Public Employees Retirement Association of Colorado lowered its position in shares of Biogen Inc. (NASDAQ:BIIB) by 10.7% during the second quarter, Holdings Channel reports. The institutional investor owned 45,943 shares of the biotechnology company’s stock after selling 5,529 shares during the period. Public Employees Retirement Association of Colorado’s holdings in Biogen were worth $11,110,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of BIIB. BLB&B Advisors LLC acquired a new stake in Biogen during the second quarter worth approximately $206,000. Rehmann Capital Advisory Group boosted its stake in Biogen by 14.9% in the second quarter. Rehmann Capital Advisory Group now owns 886 shares of the biotechnology company’s stock worth $214,000 after buying an additional 115 shares in the last quarter. CT Financial Advisors LLC boosted its stake in Biogen by 48.3% in the second quarter. CT Financial Advisors LLC now owns 891 shares of the biotechnology company’s stock worth $215,000 after buying an additional 290 shares in the last quarter. BKD Wealth Advisors LLC boosted its stake in Biogen by 8.9% in the second quarter. BKD Wealth Advisors LLC now owns 941 shares of the biotechnology company’s stock worth $228,000 after buying an additional 77 shares in the last quarter. Finally, Rosenbaum Jay D. acquired a new stake in Biogen during the second quarter worth approximately $251,000. 86.21% of the stock is currently owned by institutional investors and hedge funds.

Biogen Inc. (NASDAQ:BIIB) traded down 1.33% during trading on Friday, reaching $290.50. 1,149,753 shares of the company’s stock traded hands. The company has a market cap of $63.65 billion, a PE ratio of 16.97 and a beta of 0.95. Biogen Inc. has a 12-month low of $223.02 and a 12-month high of $333.65. The company has a 50 day moving average price of $306.44 and a 200-day moving average price of $280.68.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings results on Thursday, July 21st. The biotechnology company reported $5.21 earnings per share for the quarter, beating the consensus estimate of $4.69 by $0.52. Biogen had a net margin of 33.97% and a return on equity of 40.59%. The business earned $2.89 billion during the quarter, compared to analysts’ expectations of $2.79 billion. During the same quarter in the prior year, the company posted $4.22 EPS. The business’s revenue for the quarter was up 11.7% on a year-over-year basis. On average, equities research analysts forecast that Biogen Inc. will post $20.08 EPS for the current fiscal year.

BIIB has been the topic of a number of recent analyst reports. Bank of America Corp. reissued a “buy” rating on shares of Biogen in a report on Thursday, June 30th. Jefferies Group reissued a “buy” rating and set a $317.00 price target on shares of Biogen in a report on Wednesday, July 13th. Zacks Investment Research raised Biogen from a “hold” rating to a “buy” rating and set a $274.00 price target on the stock in a report on Tuesday, July 5th. Vetr lowered Biogen from a “strong-buy” rating to a “buy” rating and set a $261.63 price objective for the company. in a research report on Monday, July 4th. Finally, Morgan Stanley restated a “buy” rating on shares of Biogen in a research report on Thursday, June 30th. Ten investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $347.34.

In related news, EVP Adriana Karaboutis sold 262 shares of the stock in a transaction that occurred on Tuesday, October 4th. The shares were sold at an average price of $311.94, for a total transaction of $81,728.28. Following the completion of the transaction, the executive vice president now owns 7,579 shares of the company’s stock, valued at approximately $2,364,193.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO George A. Scangos sold 157 shares of the stock in a transaction that occurred on Thursday, July 21st. The stock was sold at an average price of $280.00, for a total transaction of $43,960.00. Following the transaction, the chief executive officer now directly owns 54,779 shares of the company’s stock, valued at approximately $15,338,120. The disclosure for this sale can be found here. 0.32% of the stock is currently owned by insiders.

Biogen Company Profile

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.

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