Bourgeon Capital Management Lowers stake in Biogen Inc (BIIB)

Biogen Inc (BIIB) : Bourgeon Capital Management reduced its stake in Biogen Inc by 2.31% during the most recent quarter end. The investment management company now holds a total of 13,960 shares of Biogen Inc which is valued at $3.7 Million after selling 330 shares in Biogen Inc , the firm said in a disclosure report filed with the SEC on May 11, 2016.Biogen Inc makes up approximately 2.46% of Bourgeon Capital Management’s portfolio.

Other Hedge Funds, Including , Marvin Palmer Associates Inc sold out all of its stake in BIIB during the most recent quarter. The investment firm sold 2,500 shares of BIIB which is valued $655,075.Blackrock Advisors reduced its stake in BIIB by selling 286,524 shares or 21.12% in the most recent quarter. The Hedge Fund company now holds 1,070,047 shares of BIIB which is valued at $280.4 Million. Biogen Inc makes up approx 0.30% of Blackrock Advisors’s portfolio.State Of Wisconsin Investment Board reduced its stake in BIIB by selling 20,184 shares or 10.45% in the most recent quarter. The Hedge Fund company now holds 172,991 shares of BIIB which is valued at $45.6 Million. Biogen Inc makes up approx 0.18% of State Of Wisconsin Investment Board’s portfolio.Meridian Management Co boosted its stake in BIIB in the latest quarter, The investment management firm added 310 additional shares and now holds a total of 6,026 shares of Biogen Inc which is valued at $1.6 Million. Biogen Inc makes up approx 0.97% of Meridian Management Co’s portfolio.Cadence Capital Management boosted its stake in BIIB in the latest quarter, The investment management firm added 19 additional shares and now holds a total of 9,340 shares of Biogen Inc which is valued at $2.5 Million. Biogen Inc makes up approx 0.17% of Cadence Capital Management’s portfolio.

Biogen Inc opened for trading at $263.03 and hit $266.95 on the upside on Monday, eventually ending the session at $266.26, with a gain of 1.61% or 4.23 points. The heightened volatility saw the trading volume jump to 13,06,115 shares. Company has a market cap of $58,325 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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