Welch & Forbes LLC Has $603,000 Stock Holdings in Biogen Inc (NASDAQ:BIIB)

Welch & Forbes LLC lessened its holdings in shares of Biogen Inc (NASDAQ:BIIB) by 27.2% in the second quarter, Holdings Channel.com reports. The fund owned 2,581 shares of the biotechnology company’s stock after selling 965 shares during the quarter. Welch & Forbes LLC’s holdings in Biogen were worth $603,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. AQR Capital Management LLC grew its holdings in shares of Biogen by 33.7% in the 1st quarter. AQR Capital Management LLC now owns 4,219,856 shares of the biotechnology company’s stock valued at $991,793,000 after buying an additional 1,063,775 shares during the period. Boston Partners grew its holdings in shares of Biogen by 424.3% in the 1st quarter. Boston Partners now owns 922,718 shares of the biotechnology company’s stock valued at $218,113,000 after buying an additional 746,711 shares during the period. Parnassus Investments CA grew its holdings in shares of Biogen by 80.0% in the 1st quarter. Parnassus Investments CA now owns 630,000 shares of the biotechnology company’s stock valued at $148,919,000 after buying an additional 280,000 shares during the period. SG Americas Securities LLC grew its holdings in shares of Biogen by 121.6% in the 1st quarter. SG Americas Securities LLC now owns 44,081 shares of the biotechnology company’s stock valued at $10,420,000 after buying an additional 248,369 shares during the period. Finally, MERIAN GLOBAL INVESTORS UK Ltd grew its holdings in shares of Biogen by 57.7% in the 1st quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 667,753 shares of the biotechnology company’s stock valued at $157,843,000 after buying an additional 244,326 shares during the period. 87.33% of the stock is owned by hedge funds and other institutional investors.

NASDAQ:BIIB traded down $1.66 on Friday, hitting $241.40. 14,921 shares of the company’s stock were exchanged, compared to its average volume of 1,249,192. The business has a 50-day simple moving average of $234.87. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.22 and a current ratio of 2.46. Biogen Inc has a 52 week low of $216.12 and a 52 week high of $358.41. The stock has a market capitalization of $44.83 billion, a P/E ratio of 9.20, a P/E/G ratio of 0.89 and a beta of 0.96.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings results on Tuesday, July 23rd. The biotechnology company reported $9.15 EPS for the quarter, topping the consensus estimate of $7.58 by $1.57. Biogen had a net margin of 37.62% and a return on equity of 44.89%. The firm had revenue of $3.62 billion for the quarter, compared to analysts’ expectations of $3.48 billion. During the same period in the previous year, the firm posted $5.80 EPS. The company’s revenue for the quarter was up 7.8% on a year-over-year basis. Research analysts anticipate that Biogen Inc will post 32.32 earnings per share for the current year.

BIIB has been the subject of several research analyst reports. BidaskClub lowered shares of Biogen from a “hold” rating to a “sell” rating in a report on Tuesday. Raymond James assumed coverage on shares of Biogen in a research report on Wednesday, April 10th. They issued a “market perform” rating on the stock. Mizuho reaffirmed a “hold” rating on shares of Biogen in a research report on Thursday, July 25th. Piper Jaffray Companies reaffirmed a “hold” rating on shares of Biogen in a research report on Friday, July 26th. Finally, Credit Suisse Group assumed coverage on shares of Biogen in a research report on Monday, May 20th. They issued an “underperform” rating and a $198.00 price objective on the stock. Four analysts have rated the stock with a sell rating, twenty-three have issued a hold rating and five have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $269.74.

Biogen Profile

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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Institutional Ownership by Quarter for Biogen (NASDAQ:BIIB)

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