Cigna Investments Inc. New Reduces Position in Biogen Inc (NASDAQ:BIIB)

Cigna Investments Inc. New lessened its holdings in shares of Biogen Inc (NASDAQ:BIIB) by 34.1% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,418 shares of the biotechnology company’s stock after selling 3,831 shares during the quarter. Cigna Investments Inc. New’s holdings in Biogen were worth $2,347,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also made changes to their positions in BIIB. Stralem & Co. Inc. bought a new position in shares of Biogen during the first quarter valued at approximately $32,000. Solstein Capital LLC bought a new position in shares of Biogen during the fourth quarter valued at approximately $34,000. Covington Capital Management raised its holdings in shares of Biogen by 53.8% during the fourth quarter. Covington Capital Management now owns 120 shares of the biotechnology company’s stock valued at $36,000 after acquiring an additional 42 shares in the last quarter. Samalin Investment Counsel LLC bought a new position in shares of Biogen during the fourth quarter valued at approximately $39,000. Finally, Advisory Alpha LLC raised its holdings in shares of Biogen by 318.8% during the fourth quarter. Advisory Alpha LLC now owns 134 shares of the biotechnology company’s stock valued at $39,000 after acquiring an additional 102 shares in the last quarter. Institutional investors own 90.73% of the company’s stock.

A number of equities analysts recently commented on BIIB shares. Credit Suisse Group decreased their target price on Biogen from $344.00 to $310.00 and set a “neutral” rating for the company in a report on Thursday, April 23rd. BidaskClub downgraded Biogen from a “buy” rating to a “hold” rating in a report on Thursday. Robert W. Baird increased their price objective on Biogen from $250.00 to $290.00 and gave the stock an “underperform” rating in a report on Wednesday, February 5th. Oppenheimer decreased their price objective on Biogen from $390.00 to $365.00 and set an “outperform” rating for the company in a report on Thursday, April 23rd. Finally, Stifel Nicolaus decreased their price objective on Biogen from $296.00 to $294.00 and set a “hold” rating for the company in a report on Wednesday, April 22nd. Six research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and eleven have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $317.46.

Shares of Biogen stock traded up $0.07 during trading on Friday, hitting $304.53. 680,022 shares of the company’s stock traded hands, compared to its average volume of 1,449,989. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.73 and a quick ratio of 1.54. Biogen Inc has a 1 year low of $215.77 and a 1 year high of $374.99. The stock has a market capitalization of $49.68 billion, a P/E ratio of 9.40, a PEG ratio of 0.66 and a beta of 0.54. The business has a 50-day simple moving average of $312.63 and a 200-day simple moving average of $303.36.

Biogen (NASDAQ:BIIB) last announced its earnings results on Wednesday, April 22nd. The biotechnology company reported $9.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $7.73 by $1.41. The business had revenue of $3.53 billion for the quarter, compared to analysts’ expectations of $3.41 billion. Biogen had a return on equity of 49.22% and a net margin of 40.76%. The business’s revenue for the quarter was up 1.3% on a year-over-year basis. During the same period last year, the firm posted $6.98 earnings per share. On average, equities analysts predict that Biogen Inc will post 33.13 earnings per share for the current fiscal year.

In other Biogen news, Director Stephen A. Sherwin sold 2,434 shares of the firm’s stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $295.22, for a total value of $718,565.48. Following the transaction, the director now directly owns 16,517 shares of the company’s stock, valued at $4,876,148.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.39% of the company’s stock.

About Biogen

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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