Renaissance Group Lowers stake in Biogen Inc (BIIB)

Biogen Inc (BIIB) : Renaissance Group reduced its stake in Biogen Inc by 6.54% during the most recent quarter end. The investment management company now holds a total of 113,874 shares of Biogen Inc which is valued at $35,749,604 after selling 7,975 shares in Biogen Inc , the firm said in a disclosure report filed with the SEC on Aug 10, 2016.Biogen Inc makes up approximately 1.44% of Renaissance Group’s portfolio.

Other Hedge Funds, Including , New York State Common Retirement Fund reduced its stake in BIIB by selling 2,840 shares or 0.46% in the most recent quarter. The Hedge Fund company now holds 616,100 shares of BIIB which is valued at $193,418,434. Biogen Inc makes up approx 0.27% of New York State Common Retirement Fund’s portfolio.Ubs Asset Management Americas Inc boosted its stake in BIIB in the latest quarter, The investment management firm added 13,189 additional shares and now holds a total of 1,138,139 shares of Biogen Inc which is valued at $357,933,334. Biogen Inc makes up approx 0.39% of Ubs Asset Management Americas Inc’s portfolio.Tirschwell Loewy Inc reduced its stake in BIIB by selling 3,995 shares or 4.52% in the most recent quarter. The Hedge Fund company now holds 84,460 shares of BIIB which is valued at $26,685,982. Biogen Inc makes up approx 4.40% of Tirschwell Loewy Inc’s portfolio.Zurcher Kantonalbank (zurich Cantonalbank) reduced its stake in BIIB by selling 3,218 shares or 9.29% in the most recent quarter. The Hedge Fund company now holds 31,417 shares of BIIB which is valued at $10,095,539. Biogen Inc makes up approx 0.13% of Zurcher Kantonalbank (zurich Cantonalbank)’s portfolio.Central Bank Trust Co reduced its stake in BIIB by selling 72 shares or 0.58% in the most recent quarter. The Hedge Fund company now holds 12,342 shares of BIIB which is valued at $3,100,187. Biogen Inc makes up approx 0.87% of Central Bank Trust Co’s portfolio.

Biogen Inc opened for trading at $313.69 and hit $319.89 on the upside on Friday, eventually ending the session at $316.81, with a gain of 1.09% or 3.43 points. The heightened volatility saw the trading volume jump to 13,93,517 shares. Company has a market cap of $69,420 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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