Cim Lowers stake in Biogen Inc (BIIB)

Biogen Inc (BIIB) : Cim reduced its stake in Biogen Inc by 58.65% during the most recent quarter end. The investment management company now holds a total of 10,459 shares of Biogen Inc which is valued at $2,735,029 after selling 14,836 shares in Biogen Inc , the firm said in a disclosure report filed with the SEC on Jul 15, 2016.Biogen Inc makes up approximately 1.33% of Cim’s portfolio.

Other Hedge Funds, Including , Handelsbanken Fonder Ab reduced its stake in BIIB by selling 5,000 shares or 33.27% in the most recent quarter. The Hedge Fund company now holds 10,030 shares of BIIB which is valued at $2,622,845. Biogen Inc makes up approx 0.10% of Handelsbanken Fonder Ab’s portfolio.Davis R M Inc reduced its stake in BIIB by selling 630 shares or 34.33% in the most recent quarter. The Hedge Fund company now holds 1,205 shares of BIIB which is valued at $315,108. Biogen Inc makes up approx 0.02% of Davis R M Inc’s portfolio.Triangle Securities Wealth Management reduced its stake in BIIB by selling 1,195 shares or 13.48% in the most recent quarter. The Hedge Fund company now holds 7,670 shares of BIIB which is valued at $1,927,471. Biogen Inc makes up approx 1.42% of Triangle Securities Wealth Management’s portfolio.Raymond James Trust N.a. reduced its stake in BIIB by selling 327 shares or 9.07% in the most recent quarter. The Hedge Fund company now holds 3,278 shares of BIIB which is valued at $823,761. Biogen Inc makes up approx 0.07% of Raymond James Trust N.a.’s portfolio.

Biogen Inc opened for trading at $260.04 and hit $262.8 on the upside on Monday, eventually ending the session at $261.5, with a gain of 0.46% or 1.2 points. The heightened volatility saw the trading volume jump to 21,33,040 shares. Company has a market cap of $57,282 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. 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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