Institute for Wealth Management LLC. Invests $477,000 in Biogen Inc. (BIIB) Stock
Institute for Wealth Management LLC. purchased a new stake in Biogen Inc. (NASDAQ:BIIB) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 1,751 shares of the biotechnology company’s stock, valued at approximately $477,000.
A number of other institutional investors and hedge funds also recently made changes to their positions in BIIB. Botty Investors LLC increased its position in shares of Biogen by 75.0% during the second quarter. Botty Investors LLC now owns 11,232 shares of the biotechnology company’s stock worth $3,048,000 after acquiring an additional 4,812 shares in the last quarter. Savant Capital LLC raised its holdings in shares of Biogen by 3.7% during the first quarter. Savant Capital LLC now owns 846 shares of the biotechnology company’s stock worth $231,000 after acquiring an additional 30 shares during the period. BB&T Securities LLC raised its holdings in shares of Biogen by 25.0% during the second quarter. BB&T Securities LLC now owns 12,989 shares of the biotechnology company’s stock worth $3,524,000 after acquiring an additional 2,598 shares during the period. Vanguard Group Inc. raised its holdings in shares of Biogen by 2.4% during the first quarter. Vanguard Group Inc. now owns 14,352,490 shares of the biotechnology company’s stock worth $3,924,258,000 after acquiring an additional 342,568 shares during the period. Finally, Karp Capital Management Corp acquired a new stake in shares of Biogen during the first quarter worth $26,224,000. 87.65% of the stock is currently owned by hedge funds and other institutional investors.
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In related news, EVP Susan H. Alexander sold 4,974 shares of the business’s stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $290.01, for a total value of $1,442,509.74. Following the sale, the executive vice president now directly owns 22,258 shares in the company, valued at approximately $6,455,042.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Susan H. Alexander sold 7,758 shares of the company’s stock in a transaction dated Wednesday, July 19th. The shares were sold at an average price of $285.00, for a total transaction of $2,211,030.00. Following the sale, the executive vice president now directly owns 27,232 shares in the company, valued at $7,761,120. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by corporate insiders.
Biogen Inc. (NASDAQ BIIB) traded down 1.5188% during trading on Wednesday, reaching $312.5696. 201,440 shares of the company were exchanged. The stock has a market capitalization of $66.09 billion, a price-to-earnings ratio of 20.5112 and a beta of 0.77. The firm’s 50 day moving average price is $308.56 and its 200-day moving average price is $280.34. Biogen Inc. has a one year low of $244.28 and a one year high of $330.00.
Biogen (NASDAQ:BIIB) last issued its quarterly earnings results on Tuesday, July 25th. The biotechnology company reported $5.04 EPS for the quarter, beating analysts’ consensus estimates of $4.36 by $0.68. Biogen had a return on equity of 37.42% and a net margin of 28.10%. The firm had revenue of $3.08 billion for the quarter, compared to analysts’ expectations of $2.81 billion. During the same quarter in the prior year, the firm earned $5.21 EPS. The business’s revenue for the quarter was up 6.4% compared to the same quarter last year. On average, equities research analysts predict that Biogen Inc. will post $21.51 earnings per share for the current year.
Several analysts have issued reports on BIIB shares. Vetr raised Biogen from a “buy” rating to a “strong-buy” rating and set a $311.67 price target on the stock in a research note on Tuesday, June 27th. Deutsche Bank AG initiated coverage on Biogen in a report on Friday, June 23rd. They issued a “buy” rating and a $315.00 price target on the stock. Robert W. Baird reaffirmed a “hold” rating and set a $290.00 price objective on shares of Biogen in a research report on Friday, August 25th. Credit Suisse Group set a $300.00 price objective on Biogen and gave the stock a “hold” rating in a research report on Friday, July 14th. Finally, BMO Capital Markets increased their price objective on Biogen from $328.00 to $377.00 and gave the stock a “market perform” rating in a report on Wednesday, September 13th. Fourteen investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $328.16.
Biogen Company Profile
Biogen Inc is a biopharmaceutical company. The Company focuses on discovering, developing, manufacturing and delivering therapies to people living with serious neurological, rare and autoimmune diseases. The Company markets products, including TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, ZINBRYTA and FAMPYRA for multiple sclerosis (MS), FUMADERM for the treatment of severe plaque psoriasis and SPINRAZA for the treatment of spinal muscular atrophy (SMA).
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