Tocqueville Asset Management L.P. raised its stake in shares of Biogen Inc (NASDAQ:BIIB) by 33.6% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 159,238 shares of the biotechnology company’s stock after purchasing an additional 40,038 shares during the quarter. Tocqueville Asset Management L.P.’s holdings in Biogen were worth $46,217,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Rainier Group Investment Advisory LLC purchased a new stake in shares of Biogen during the 1st quarter valued at about $100,000. Point72 Asia Hong Kong Ltd purchased a new stake in Biogen in the 1st quarter worth approximately $105,000. McKinley Carter Wealth Services Inc. purchased a new stake in Biogen in the 1st quarter worth approximately $110,000. Adviser Investments LLC increased its holdings in Biogen by 745.7% in the 2nd quarter. Adviser Investments LLC now owns 389 shares of the biotechnology company’s stock worth $113,000 after acquiring an additional 343 shares in the last quarter. Finally, Wealthcare Advisory Partners LLC increased its holdings in Biogen by 141.8% in the 1st quarter. Wealthcare Advisory Partners LLC now owns 503 shares of the biotechnology company’s stock worth $138,000 after acquiring an additional 295 shares in the last quarter. Institutional investors and hedge funds own 87.26% of the company’s stock.
BIIB traded down $3.47 during trading on Thursday, reaching $343.13. 1,980 shares of the company traded hands, compared to its average volume of 912,967. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.36 and a quick ratio of 2.06. Biogen Inc has a 12-month low of $249.17 and a 12-month high of $388.67. The firm has a market cap of $71.21 billion, a P/E ratio of 15.73, a price-to-earnings-growth ratio of 1.37 and a beta of 0.90.
Biogen (NASDAQ:BIIB) last announced its quarterly earnings data on Tuesday, July 24th. The biotechnology company reported $5.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.22 by $0.58. Biogen had a net margin of 23.06% and a return on equity of 38.17%. The business had revenue of $3.36 billion during the quarter, compared to analyst estimates of $3.25 billion. During the same period last year, the firm posted $5.04 EPS. The company’s revenue was up 9.1% on a year-over-year basis. sell-side analysts anticipate that Biogen Inc will post 25.34 earnings per share for the current year.
Several equities research analysts recently issued reports on BIIB shares. Citigroup raised shares of Biogen from a “neutral” rating to a “buy” rating and set a $371.00 target price for the company in a report on Friday, July 6th. Cowen reissued a “buy” rating and issued a $408.00 target price on shares of Biogen in a report on Tuesday, July 24th. SunTrust Banks increased their target price on shares of Biogen from $321.00 to $392.00 and gave the stock a “buy” rating in a report on Wednesday, July 25th. Nomura reissued a “buy” rating and issued a $420.00 target price on shares of Biogen in a report on Friday, July 6th. Finally, Cantor Fitzgerald set a $293.00 target price on shares of Biogen and gave the stock a “hold” rating in a report on Wednesday, July 25th. Nine analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $374.50.
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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