State of Alaska Department of Revenue Has $7.25 Million Stock Holdings in Biogen Inc. (NASDAQ:BIIB)

State of Alaska Department of Revenue lessened its holdings in shares of Biogen Inc. (NASDAQ:BIIB) by 12.7% in the first quarter, according to its most recent filing with the SEC. The firm owned 33,640 shares of the biotechnology company’s stock after selling 4,910 shares during the period. State of Alaska Department of Revenue’s holdings in Biogen were worth $7,253,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Primecap Management Co. CA boosted its stake in Biogen by 1.6% in the 4th quarter. Primecap Management Co. CA now owns 16,264,481 shares of the biotechnology company’s stock worth $4,208,760,000 after purchasing an additional 251,915 shares during the period. Vanguard Group Inc. lifted its position in Biogen by 18.2% during the 4th quarter. Vanguard Group Inc. now owns 14,407,330 shares of the biotechnology company’s stock worth $3,728,185,000 after buying an additional 2,218,744 shares in the last quarter. Wellington Management Group LLP lifted its position in Biogen by 0.5% during the 3rd quarter. Wellington Management Group LLP now owns 5,374,310 shares of the biotechnology company’s stock worth $1,381,251,000 after buying an additional 27,951 shares in the last quarter. Morgan Stanley lifted its position in Biogen by 4.3% during the 3rd quarter. Morgan Stanley now owns 1,493,113 shares of the biotechnology company’s stock worth $383,745,000 after buying an additional 61,814 shares in the last quarter. Finally, Norges Bank bought a new stake in Biogen during the 4th quarter worth about $378,728,000. 87.93% of the stock is owned by institutional investors and hedge funds.

Biogen Stock Performance

Shares of NASDAQ:BIIB traded down $4.21 on Wednesday, reaching $224.61. 580,732 shares of the company’s stock were exchanged, compared to its average volume of 1,156,063. The company has a fifty day moving average of $223.69 and a 200-day moving average of $228.05. Biogen Inc. has a twelve month low of $189.44 and a twelve month high of $287.60. The company has a market capitalization of $32.70 billion, a price-to-earnings ratio of 27.97, a PEG ratio of 2.33 and a beta of -0.04. The company has a current ratio of 2.10, a quick ratio of 1.32 and a debt-to-equity ratio of 0.41.

Biogen (NASDAQ:BIIB) last announced its earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.45 by $0.22. Biogen had a net margin of 12.07% and a return on equity of 14.83%. The firm had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.31 billion. During the same quarter in the prior year, the business posted $3.40 EPS. The business’s revenue was down 7.0% compared to the same quarter last year. On average, research analysts predict that Biogen Inc. will post 15.63 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have commented on BIIB. Barclays cut their price target on shares of Biogen from $215.00 to $200.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 25th. Bank of America cut their price target on shares of Biogen from $280.00 to $260.00 and set a “neutral” rating on the stock in a research report on Friday, April 12th. Royal Bank of Canada reissued an “outperform” rating and set a $317.00 price target on shares of Biogen in a research report on Wednesday, June 26th. JPMorgan Chase & Co. dropped their target price on shares of Biogen from $270.00 to $240.00 and set a “neutral” rating on the stock in a report on Thursday, April 11th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $300.00 target price on shares of Biogen in a report on Thursday, May 23rd. Ten equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $286.50.

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.