Employees Retirement System of Texas lifted its stake in Biogen Inc. (NASDAQ:BIIB – Free Report) by 47.9% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 108,000 shares of the biotechnology company’s stock after buying an additional 35,000 shares during the quarter. Employees Retirement System of Texas owned about 0.07% of Biogen worth $30,764,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors have also recently made changes to their positions in the company. Raymond James Trust N.A. raised its position in shares of Biogen by 16.4% during the 1st quarter. Raymond James Trust N.A. now owns 3,294 shares of the biotechnology company’s stock valued at $693,000 after purchasing an additional 464 shares during the period. Cibc World Market Inc. boosted its stake in shares of 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 acquiring an additional 4,349 shares during the period. Vanguard Group Inc. grew its position in shares of Biogen by 1.6% during the first quarter. Vanguard Group Inc. now owns 11,720,584 shares of the biotechnology company’s stock worth $2,468,356,000 after purchasing an additional 183,285 shares in the last quarter. Baird Financial Group Inc. raised its stake in Biogen by 15.3% during the 1st quarter. Baird Financial Group Inc. now owns 89,722 shares of the biotechnology company’s stock valued at $18,896,000 after purchasing an additional 11,882 shares during the period. Finally, Brown Brothers Harriman & Co. lifted its holdings in Biogen by 10.7% in the 1st quarter. Brown Brothers Harriman & Co. now owns 5,938 shares of the biotechnology company’s stock worth $1,251,000 after purchasing an additional 573 shares in the last quarter. 85.99% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
BIIB has been the subject of a number of research reports. Bank of America dropped their target price on shares of Biogen from $310.00 to $290.00 in a research report on Monday, August 7th. Piper Sandler cut their price objective on Biogen from $380.00 to $350.00 in a research report on Monday, August 7th. Barclays decreased their target price on Biogen from $311.00 to $294.00 and set an “equal weight” rating on the stock in a research report on Tuesday, August 8th. Needham & Company LLC reaffirmed a “buy” rating and issued a $305.00 price objective on shares of Biogen in a research note on Thursday, October 26th. Finally, StockNews.com downgraded Biogen from a “buy” rating to a “hold” rating in a research report on Friday, November 10th. Five equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $326.08.
Biogen Trading Up 0.5 %
Shares of NASDAQ BIIB traded up $1.10 during mid-day trading on Tuesday, reaching $231.21. The company had a trading volume of 153,940 shares, compared to its average volume of 1,014,844. The stock has a market cap of $33.50 billion, a price-to-earnings ratio of 22.87, a price-to-earnings-growth ratio of 2.24 and a beta of 0.10. Biogen Inc. has a 52 week low of $220.86 and a 52 week high of $319.76. The business’s 50-day moving average is $249.76 and its 200-day moving average is $272.07. The company has a current ratio of 1.68, a quick ratio of 1.09 and a debt-to-equity ratio of 0.47.
Biogen (NASDAQ:BIIB – Get Free Report) last announced its quarterly earnings data on Wednesday, November 8th. The biotechnology company reported $4.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.99 by $0.37. The company had revenue of $2.53 billion for the quarter, compared to analysts’ expectations of $2.40 billion. Biogen had a return on equity of 16.40% and a net margin of 14.63%. Biogen’s revenue was up .9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $4.77 earnings per share. Equities analysts expect that Biogen Inc. will post 14.95 earnings per share for the current year.
Insider Buying and Selling at Biogen
In other news, insider Priya Singhal sold 431 shares of the company’s stock in a transaction that occurred on Tuesday, September 5th. The shares were sold at an average price of $269.43, for a total value of $116,124.33. Following the completion of the sale, the insider now owns 3,354 shares of the company’s stock, valued at approximately $903,668.22. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.60% of the company’s stock.
Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases in the United States, Europe, Germany, Asia, and internationally. The company offers TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; ADUHELM to treat Alzheimer's disease; FUMADERM to treat plaque psoriasis; BENEPALI, an etanercept biosimilar referencing ENBREL; IMRALDI, an adalimumab biosimilar referencing HUMIRA; FLIXABI, an infliximab biosimilar referencing REMICADE; and BYOOVIZ, a ranibizumab biosimilar referencing LUCENTIS.
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