Alliancebernstein buys $999,659,992 stake in Biogen Inc (BIIB)

Biogen Inc (BIIB) : Alliancebernstein scooped up 21,307 additional shares in Biogen Inc during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Aug 11, 2016. The investment management firm now holds a total of 3,184,239 shares of Biogen Inc which is valued at $999,659,992.Biogen Inc makes up approximately 0.83% of Alliancebernstein’s portfolio.

Other Hedge Funds, Including , Fort Washington Investment Advisors Inc Oh boosted its stake in BIIB in the latest quarter, The investment management firm added 69,510 additional shares and now holds a total of 270,017 shares of Biogen Inc which is valued at $84,769,137. Biogen Inc makes up approx 1.54% of Fort Washington Investment Advisors Inc Oh’s portfolio. Hap Trading sold out all of its stake in BIIB during the most recent quarter. The investment firm sold 23,940 shares of BIIB which is valued $7,564,082.Advisory Services Network boosted its stake in BIIB in the latest quarter, The investment management firm added 437 additional shares and now holds a total of 2,004 shares of Biogen Inc which is valued at $577,853. Biogen Inc makes up approx 0.13% of Advisory Services Network’s portfolio.Conning reduced its stake in BIIB by selling 100 shares or 1.37% in the most recent quarter. The Hedge Fund company now holds 7,216 shares of BIIB which is valued at $2,080,734. Biogen Inc makes up approx 0.09% of Conning’s portfolio.

Biogen Inc opened for trading at $316.81 and hit $322.99 on the upside on Tuesday, eventually ending the session at $318.17, with a gain of 0.43% or 1.36 points. The heightened volatility saw the trading volume jump to 14,29,298 shares. Company has a market cap of $69,718 M.

On the company’s financial health, Biogen Inc reported $5.21 EPS for the quarter, beating the analyst consensus estimate by $ 0.52 according to the earnings call on Jul 21, 2016. Analyst had a consensus of $4.69. The company had revenue of $2894.00 million for the quarter, compared to analysts expectations of $2790.65 million. The company’s revenue was up 11.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $4.22 EPS.

Many Wall Street Analysts have commented on Biogen Inc. Biogen Inc was Initiated by Bernstein to “Outperform” on Jun 29, 2016. Biogen Inc was Downgraded by Citigroup to ” Neutral” on Jun 7, 2016.

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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