California Public Employees Retirement System Raises Holdings in Biogen Inc. (NASDAQ:BIIB)

California Public Employees Retirement System boosted its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 29.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 363,209 shares of the biotechnology company’s stock after buying an additional 82,046 shares during the period. California Public Employees Retirement System owned 0.25% of Biogen worth $93,988,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. International Assets Investment Management LLC boosted its position in shares of Biogen by 24,726.3% in the 4th quarter. International Assets Investment Management LLC now owns 476,913 shares of the biotechnology company’s stock worth $123,411,000 after purchasing an additional 474,992 shares in the last quarter. abrdn plc grew its stake in shares of Biogen by 237.4% during the fourth quarter. abrdn plc now owns 437,075 shares of the biotechnology company’s stock worth $113,102,000 after acquiring an additional 307,532 shares during the last quarter. Massachusetts Financial Services Co. MA increased its holdings in shares of Biogen by 204.8% during the third quarter. Massachusetts Financial Services Co. MA now owns 446,602 shares of the biotechnology company’s stock valued at $114,781,000 after acquiring an additional 300,086 shares in the last quarter. Van ECK Associates Corp raised its position in shares of Biogen by 24.5% in the 3rd quarter. Van ECK Associates Corp now owns 1,189,546 shares of the biotechnology company’s stock valued at $305,725,000 after purchasing an additional 233,889 shares during the last quarter. Finally, American Century Companies Inc. grew its position in Biogen by 28.7% during the 3rd quarter. American Century Companies Inc. now owns 898,928 shares of the biotechnology company’s stock worth $231,033,000 after purchasing an additional 200,310 shares during the last quarter. Institutional investors own 87.93% of the company’s stock.

Biogen Trading Up 4.6 %

Shares of Biogen stock opened at $201.99 on Thursday. Biogen Inc. has a 1-year low of $189.44 and a 1-year high of $319.76. The stock has a market cap of $29.36 billion, a P/E ratio of 25.31, a P/E/G ratio of 1.84 and a beta of -0.02. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.00 and a quick ratio of 1.26. The stock’s 50 day simple moving average is $213.18 and its 200-day simple moving average is $234.39.

Biogen (NASDAQ:BIIB) last issued its earnings results on Tuesday, February 13th. The biotechnology company reported $2.95 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.18 by ($0.23). The company had revenue of $2.39 billion during the quarter, compared to analyst estimates of $2.47 billion. Biogen had a return on equity of 14.91% and a net margin of 11.81%. During the same period last year, the business earned $4.05 earnings per share. Analysts predict that Biogen Inc. will post 15.47 EPS for the current fiscal year.

Insider Activity

In other Biogen news, insider Priya Singhal sold 419 shares of Biogen stock in a transaction on Monday, February 12th. The stock was sold at an average price of $239.45, for a total value of $100,329.55. Following the sale, the insider now owns 4,516 shares in the company, valued at $1,081,356.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Biogen news, Director Eric K. Rowinsky purchased 455 shares of Biogen stock in a transaction dated Thursday, February 15th. The shares were acquired at an average price of $222.54 per share, with a total value of $101,255.70. Following the completion of the transaction, the director now owns 20,629 shares of the company’s stock, valued at $4,590,777.66. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Priya Singhal sold 419 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $239.45, for a total transaction of $100,329.55. Following the completion of the transaction, the insider now directly owns 4,516 shares of the company’s stock, valued at approximately $1,081,356.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 882 shares of company stock valued at $202,030. 0.60% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on BIIB shares. Barclays lowered their price objective on shares of Biogen from $230.00 to $215.00 and set an “equal weight” rating for the company in a research note on Thursday, April 4th. Bank of America decreased their target price on Biogen from $280.00 to $260.00 and set a “neutral” rating for the company in a report on Friday, April 12th. HC Wainwright reiterated a “buy” rating and issued a $325.00 price target on shares of Biogen in a report on Wednesday, February 14th. Needham & Company LLC reaffirmed a “buy” rating and issued a $294.00 price objective on shares of Biogen in a report on Wednesday. Finally, BTIG Research restated a “neutral” rating on shares of Biogen in a research report on Sunday, January 7th. Ten analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. According to data from MarketBeat, Biogen currently has an average rating of “Moderate Buy” and an average price target of $295.35.

Biogen Profile

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 provides 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.