Kentucky Retirement Systems Insurance Trust Fund Has $836,000 Holdings in Biogen Inc. (NASDAQ:BIIB)

Kentucky Retirement Systems Insurance Trust Fund lowered its stake in Biogen Inc. (NASDAQ:BIIB) by 8.2% in the third quarter, Holdings Channel.com reports. The institutional investor owned 4,313 shares of the biotechnology company’s stock after selling 383 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Biogen were worth $836,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. Primecap Management Co. CA boosted its position in Biogen by 0.7% during the second quarter. Primecap Management Co. CA now owns 16,338,294 shares of the biotechnology company’s stock worth $3,787,543,000 after purchasing an additional 117,578 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in shares of Biogen by 5.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,589,629 shares of the biotechnology company’s stock worth $342,772,000 after buying an additional 81,283 shares during the period. RA Capital Management L.P. grew its stake in Biogen by 39.0% in the 1st quarter. RA Capital Management L.P. now owns 740,727 shares of the biotechnology company’s stock valued at $159,723,000 after buying an additional 207,835 shares during the last quarter. abrdn plc raised its holdings in Biogen by 6.2% in the 3rd quarter. abrdn plc now owns 568,510 shares of the biotechnology company’s stock worth $110,123,000 after acquiring an additional 33,333 shares during the period. Finally, TD Asset Management Inc lifted its position in shares of Biogen by 3.7% during the 2nd quarter. TD Asset Management Inc now owns 380,788 shares of the biotechnology company’s stock worth $88,274,000 after purchasing an additional 13,552 shares during the last quarter. Institutional investors own 87.93% of the company’s stock.

Biogen Stock Performance

Biogen stock opened at $159.99 on Monday. The stock has a 50-day simple moving average of $185.99 and a 200 day simple moving average of $207.27. The stock has a market capitalization of $23.31 billion, a price-to-earnings ratio of 14.45, a P/E/G ratio of 1.51 and a beta of -0.06. The company has a quick ratio of 0.80, a current ratio of 1.26 and a debt-to-equity ratio of 0.28. Biogen Inc. has a 12-month low of $159.60 and a 12-month high of $268.30.

Biogen (NASDAQ:BIIB) last released its earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, beating the consensus estimate of $3.77 by $0.31. The company had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.43 billion. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The business’s revenue for the quarter was down 2.5% on a year-over-year basis. During the same period last year, the firm earned $4.36 EPS. On average, research analysts anticipate that Biogen Inc. will post 16.42 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on BIIB shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $270.00 target price on shares of Biogen in a report on Wednesday, October 30th. Citigroup assumed coverage on shares of Biogen in a research note on Thursday. They set a “neutral” rating and a $190.00 target price for the company. Truist Financial restated a “buy” rating and issued a $302.00 price target (down from $340.00) on shares of Biogen in a research report on Monday, August 5th. TD Cowen cut their price objective on shares of Biogen from $300.00 to $275.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. Finally, Wells Fargo & Company decreased their target price on Biogen from $240.00 to $225.00 and set an “equal weight” rating on the stock in a research report on Friday, August 2nd. Twelve investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Biogen currently has an average rating of “Moderate Buy” and an average price target of $258.96.

Insiders Place Their Bets

In other Biogen news, insider Priya Singhal sold 431 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total value of $88,018.82. Following the transaction, the insider now directly owns 5,316 shares of the company’s stock, valued at approximately $1,085,633.52. This trade represents a 7.50 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.16% of the company’s stock.

About Biogen

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.