State of Alaska Department of Revenue reduced its position in shares of Biogen Inc. (NASDAQ:BIIB – Get Rating) by 7.8% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 49,760 shares of the biotechnology company’s stock after selling 4,235 shares during the quarter. State of Alaska Department of Revenue’s holdings in Biogen were worth $10,147,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Norges Bank acquired a new position in shares of Biogen in the fourth quarter worth approximately $373,125,000. Southeastern Asset Management Inc. TN acquired a new position in shares of Biogen in the fourth quarter worth approximately $205,977,000. RA Capital Management L.P. acquired a new position in shares of Biogen in the first quarter worth approximately $153,111,000. BlackRock Inc. lifted its stake in shares of Biogen by 2.8% in the first quarter. BlackRock Inc. now owns 14,121,097 shares of the biotechnology company’s stock worth $2,973,904,000 after acquiring an additional 384,143 shares during the period. Finally, Pacer Advisors Inc. lifted its stake in shares of Biogen by 2,510.5% in the first quarter. Pacer Advisors Inc. now owns 324,148 shares of the biotechnology company’s stock worth $68,266,000 after acquiring an additional 311,731 shares during the period. 83.45% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
A number of equities analysts recently commented on BIIB shares. Oppenheimer lifted their price objective on Biogen from $225.00 to $230.00 and gave the stock an “outperform” rating in a research note on Monday, July 18th. Royal Bank of Canada dropped their price target on Biogen from $264.00 to $259.00 in a research note on Wednesday, July 20th. Cowen dropped their price target on Biogen from $285.00 to $270.00 in a research note on Thursday, July 21st. Robert W. Baird reissued a “neutral” rating and issued a $224.00 price target on shares of Biogen in a research note on Tuesday, August 2nd. Finally, Truist Financial dropped their price target on Biogen from $320.00 to $270.00 and set a “buy” rating on the stock in a research note on Thursday, July 21st. Thirteen research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Biogen has an average rating of “Moderate Buy” and a consensus target price of $257.36.
Biogen Trading Up 0.7 %
Biogen (NASDAQ:BIIB – Get Rating) last announced its quarterly earnings data on Wednesday, July 20th. The biotechnology company reported $5.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.09 by $1.16. The firm had revenue of $2.59 billion during the quarter, compared to the consensus estimate of $2.48 billion. Biogen had a return on equity of 22.36% and a net margin of 19.36%. The business’s revenue for the quarter was down 6.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $5.68 EPS. On average, sell-side analysts anticipate that Biogen Inc. will post 16.45 earnings per share for the current fiscal year.
Biogen Company Profile
Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases. 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.
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