Alliancebernstein buys $828.8 Million stake in Biogen Inc (BIIB)

Biogen Inc (BIIB) : Alliancebernstein scooped up 334,516 additional shares in Biogen Inc during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 13, 2016. The investment management firm now holds a total of 3,162,932 shares of Biogen Inc which is valued at $828.8 Million.Biogen Inc makes up approximately 0.72% of Alliancebernstein’s portfolio.

Other Hedge Funds, Including , Piedmont Investment Advisors reduced its stake in BIIB by selling 2,107 shares or 1.57% in the most recent quarter. The Hedge Fund company now holds 131,737 shares of BIIB which is valued at $34.5 Million. Biogen Inc makes up approx 0.73% of Piedmont Investment Advisors’s portfolio.Credit Agricole S A reduced its stake in BIIB by selling 18,307 shares or 6.51% in the most recent quarter. The Hedge Fund company now holds 263,118 shares of BIIB which is valued at $68.9 Million. Biogen Inc makes up approx 0.33% of Credit Agricole S A’s portfolio. Charles Stewart Mott Foundation sold out all of its stake in BIIB during the most recent quarter. The investment firm sold 984 shares of BIIB which is valued $257,838.Shinko Asset Management Ltd. reduced its stake in BIIB by selling 78 shares or 11.8% in the most recent quarter. The Hedge Fund company now holds 583 shares of BIIB which is valued at $152,763. Equitec Proprietary Markets added BIIB to its portfolio by purchasing 5 company shares during the most recent quarter which is valued at $1,375.

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.

Leave a Reply

Biogen Inc - Is it time to Sell?

Top Brokerage Firms are advising their investors on Biogen Inc. Subscribe to MoneyFlowIndex.Org Pre-Market Alerts, You will be the first to know the street buzz.