California State Teachers Retirement System Sells 1,924 Shares of Biogen Inc. (NASDAQ:BIIB)

California State Teachers Retirement System reduced its holdings in Biogen Inc. (NASDAQ:BIIB – Get Rating) by 0.8% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 250,138 shares of the biotechnology company’s stock after selling 1,924 shares during the quarter. California State Teachers Retirement System’s holdings in Biogen were worth $66,787,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in BIIB. Raymond James Trust N.A. increased its holdings in Biogen by 16.4% in the first quarter. Raymond James Trust N.A. now owns 3,294 shares of the biotechnology company’s stock worth $693,000 after purchasing an additional 464 shares in the last quarter. Cibc World Market Inc. increased its holdings in Biogen by 39.9% in the first quarter. Cibc World Market Inc. now owns 15,244 shares of the biotechnology company’s stock worth $3,210,000 after purchasing an additional 4,349 shares in the last quarter. Vanguard Group Inc. grew its stake in Biogen by 1.6% in the first quarter. Vanguard Group Inc. now owns 11,720,584 shares of the biotechnology company’s stock valued at $2,468,356,000 after acquiring an additional 183,285 shares during the period. Baird Financial Group Inc. grew its stake in Biogen by 15.3% in the first quarter. Baird Financial Group Inc. now owns 89,722 shares of the biotechnology company’s stock valued at $18,896,000 after acquiring an additional 11,882 shares during the period. Finally, Brown Brothers Harriman & Co. grew its stake in Biogen by 10.7% in the first quarter. Brown Brothers Harriman & Co. now owns 5,938 shares of the biotechnology company’s stock valued at $1,251,000 after acquiring an additional 573 shares during the period. 84.40% of the stock is currently owned by institutional investors.

Biogen Stock Performance

Shares of BIIB opened at $265.25 on Friday. The firm has a market cap of $38.33 billion, a PE ratio of 12.67, a PEG ratio of 2.19 and a beta of 0.19. The stock’s fifty day moving average price is $278.91 and its two-hundred day moving average price is $268.46. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.99 and a quick ratio of 2.58. Biogen Inc. has a 1 year low of $187.16 and a 1 year high of $311.88.

Biogen (NASDAQ:BIIB – Get Rating) last issued its earnings results on Wednesday, February 15th. The biotechnology company reported $4.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.48 by $0.57. Biogen had a return on equity of 20.96% and a net margin of 29.95%. The firm had revenue of $2.54 billion for the quarter, compared to analyst estimates of $2.44 billion. During the same period in the previous year, the company posted $3.39 earnings per share. The business’s revenue was down 6.9% on a year-over-year basis. On average, equities research analysts forecast that Biogen Inc. will post 15.53 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. UBS Group raised their price objective on Biogen from $337.00 to $340.00 and gave the company a “buy” rating in a research note on Thursday, February 16th. Needham & Company LLC reissued a “buy” rating and issued a $325.00 price objective on shares of Biogen in a research note on Wednesday, February 15th. TheStreet cut Biogen from a “b” rating to a “c+” rating in a research note on Wednesday, February 15th. Morgan Stanley lifted their target price on Biogen from $345.00 to $351.00 and gave the company an “overweight” rating in a research report on Thursday, February 16th. Finally, Wedbush lifted their target price on Biogen from $218.00 to $247.00 and gave the company a “neutral” rating in a research report on Wednesday, November 30th. Seven investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $315.38.

Biogen Company Profile

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Biogen, Inc is a biopharmaceutical company, which engages in discovering, developing, and delivering therapies for neurological and neurodegenerative diseases. It offers TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for the treatment of multiple sclerosis, SPINRAZA for the treatment of spinal muscular atrophy, and FUMADERM for the treatment of severe plaque psoriasis.