Sprucegrove Investment Management Ltd. Makes New Investment in Biogen Inc. (NASDAQ:BIIB)

Sprucegrove Investment Management Ltd. purchased a new position in shares of Biogen Inc. (NASDAQ:BIIB) during the first quarter, HoldingsChannel reports. The institutional investor purchased 103,500 shares of the biotechnology company’s stock, valued at approximately $28,954,000.

Several other institutional investors have also modified their holdings of the business. Ropes Wealth Advisors LLC raised its position in shares of Biogen by 7.6% in the 1st quarter. Ropes Wealth Advisors LLC now owns 4,226 shares of the biotechnology company’s stock worth $1,176,000 after buying an additional 300 shares during the period. Ritholtz Wealth Management raised its position in shares of Biogen by 29.5% in the 1st quarter. Ritholtz Wealth Management now owns 1,537 shares of the biotechnology company’s stock worth $430,000 after buying an additional 350 shares during the period. E Fund Management Co. Ltd. purchased a new position in shares of Biogen in the 1st quarter worth $745,000. Norinchukin Bank The grew its stake in Biogen by 3.9% in the first quarter. Norinchukin Bank The now owns 14,161 shares of the biotechnology company’s stock worth $3,962,000 after purchasing an additional 525 shares in the last quarter. Finally, Sei Investments Co. lifted its holdings in Biogen by 1.2% in the first quarter. Sei Investments Co. now owns 100,321 shares of the biotechnology company’s stock worth $27,078,000 after acquiring an additional 1,161 shares during the last quarter. 85.10% of the stock is currently owned by institutional investors.

Biogen stock traded down $5.56 on Friday, reaching $409.15. 33,785 shares of the stock were exchanged, compared to its average volume of 1,527,299. The firm has a market cap of $61.60 billion, a PE ratio of 21.76, a PEG ratio of 1.87 and a beta of 0.44. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.75 and a current ratio of 2.12. Biogen Inc. has a twelve month low of $223.25 and a twelve month high of $468.55. The company’s fifty day moving average is $282.68.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings data on Wednesday, April 21st. The biotechnology company reported $5.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.06 by $0.28. Biogen had a net margin of 23.89% and a return on equity of 42.04%. The company had revenue of $2.69 billion for the quarter, compared to the consensus estimate of $2.67 billion. During the same quarter in the previous year, the firm posted $9.14 EPS. The business’s revenue was down 23.8% compared to the same quarter last year. Equities analysts anticipate that Biogen Inc. will post 18.43 EPS for the current fiscal year.

A number of brokerages have issued reports on BIIB. Cantor Fitzgerald cut their target price on shares of Biogen from $278.00 to $268.00 and set a “neutral” rating on the stock in a report on Wednesday, February 17th. Bank of America raised Biogen from an “underperform” rating to a “neutral” rating and lifted their price target for the company from $235.00 to $400.00 in a report on Monday. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell raised Biogen from a “sell” rating to a “neutral” rating and lifted their price target for the company from $200.00 to $440.00 in a report on Tuesday. SVB Leerink lifted their price target on Biogen from $380.00 to $475.00 and gave the company an “outperform” rating in a report on Thursday. Finally, Royal Bank of Canada lifted their price target on Biogen from $259.00 to $400.00 and gave the company a “sector perform” rating in a report on Tuesday. Sixteen analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $374.34.

In related news, Director Brian S. Posner sold 360 shares of the company’s stock in a transaction dated Friday, June 4th. The shares were sold at an average price of $274.17, for a total value of $98,701.20. Following the sale, the director now owns 7,400 shares of the company’s stock, valued at $2,028,858. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Alfred Sandrock sold 7,672 shares of the company’s stock in a transaction dated Monday, June 7th. The shares were sold at an average price of $440.00, for a total transaction of $3,375,680.00. Following the completion of the sale, the insider now directly owns 2,919 shares in the company, valued at approximately $1,284,360. The disclosure for this sale can be found here. Insiders own 0.62% of the company’s stock.

Biogen Company Profile

Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases worldwide. The company offers TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; and FUMADERM to treat plaque psoriasis.

Recommended Story: Hedge Funds – Risk or Reward?

Want to see what other hedge funds are holding BIIB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Biogen Inc. (NASDAQ:BIIB).

Institutional Ownership by Quarter for Biogen (NASDAQ:BIIB)

Receive News & Ratings for Biogen Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Biogen and related companies with MarketBeat.com's FREE daily email newsletter.