Piedmont Investment Advisors Lowers stake in Biogen Inc (BIIB)

Biogen Inc (BIIB) : Piedmont Investment Advisors reduced its stake in Biogen Inc by 1.57% during the most recent quarter end. The investment management company now holds a total of 131,737 shares of Biogen Inc which is valued at $34.5 Million after selling 2,107 shares in Biogen Inc , the firm said in a disclosure report filed with the SEC on May 13, 2016.Biogen Inc makes up approximately 0.73% of Piedmont Investment Advisors’s portfolio.

Other Hedge Funds, Including , Hbk Investments L P reduced its stake in BIIB by selling 76,873 shares or 74.75% in the most recent quarter. The Hedge Fund company now holds 25,968 shares of BIIB which is valued at $6.8 Million. Biogen Inc makes up approx 0.15% of Hbk Investments L P’s portfolio. Horizon Investments added BIIB to its portfolio by purchasing 1,933 company shares during the most recent quarter which is valued at $506,504. Biogen Inc makes up approx 0.04% of Horizon Investments’s portfolio. Orinda Asset Management sold out all of its stake in BIIB during the most recent quarter. The investment firm sold 390 shares of BIIB which is valued $102,808.

Biogen Inc opened for trading at $273.73 and hit $280.07 on the upside on Wednesday, eventually ending the session at $279.7, with a gain of 2.48% or 6.76 points. The heightened volatility saw the trading volume jump to 17,96,363 shares. Company has a market cap of $61,269 M.

On the company’s financial health, Biogen Inc reported $4.79 EPS for the quarter, beating the analyst consensus estimate by $ 0.32 according to the earnings call on Apr 21, 2016. Analyst had a consensus of $4.47. The company had revenue of $2727.00 million for the quarter, compared to analysts expectations of $2745.21 million. The company’s revenue was up 6.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.82 EPS.

Many Wall Street Analysts have commented on Biogen Inc. Citigroup Initiated Biogen Inc on Feb 25, 2016 to “Buy”, Price Target of the shares are set at $345.

Biogen Inc. formerly Biogen Idec Inc. is a global biopharmaceutical company. The Company is focused on discovering developing manufacturing and delivering therapies for neurological autoimmune and hematologic disorders. The Company develops manufactures and markets products designed for the treatment of multiple sclerosis (MS) and hemophilia A and B. The Company’s marketed products include AVONEX PLEGRIDY TECFIDERA TYSABRI FAMPYRA for multiple sclerosis (MS) ALPROLIX for hemophilia B and ELOCTATE for hemophilia A among others. It also collaborates on the development and commercialization of RITUXAN (rituximab) which is a monoclonal antibody for the treatment of non-Hodgkin’s lymphoma chronic lymphocytic leukemia and other conditions and share profits and losses for GAZYVA which is for the treatment of chronic lymphocytic leukemia.

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