Biogen Inc. (NASDAQ:BIIB) Shares Purchased by State of Michigan Retirement System

State of Michigan Retirement System increased its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 59.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 63,503 shares of the biotechnology company’s stock after buying an additional 23,800 shares during the period. State of Michigan Retirement System’s holdings in Biogen were worth $9,711,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Ashton Thomas Securities LLC acquired a new stake in shares of Biogen during the 3rd quarter valued at approximately $33,000. SRS Capital Advisors Inc. purchased a new position in Biogen in the 4th quarter valued at approximately $33,000. Golden State Wealth Management LLC acquired a new position in Biogen during the fourth quarter worth $41,000. Venturi Wealth Management LLC boosted its position in Biogen by 73.8% during the third quarter. Venturi Wealth Management LLC now owns 219 shares of the biotechnology company’s stock worth $42,000 after purchasing an additional 93 shares in the last quarter. Finally, Itau Unibanco Holding S.A. grew its holdings in Biogen by 63.8% in the third quarter. Itau Unibanco Holding S.A. now owns 231 shares of the biotechnology company’s stock valued at $45,000 after purchasing an additional 90 shares during the last quarter. 87.93% of the stock is currently owned by institutional investors and hedge funds.

Biogen Stock Performance

Biogen stock opened at $143.77 on Thursday. The company has a market cap of $21.04 billion, a price-to-earnings ratio of 12.85, a price-to-earnings-growth ratio of 1.51 and a beta of -0.08. Biogen Inc. has a 12 month low of $128.51 and a 12 month high of $238.00. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.35 and a quick ratio of 0.90. The stock’s 50-day moving average is $144.05 and its 200-day moving average is $167.25.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings results on Wednesday, February 12th. The biotechnology company reported $3.44 EPS for the quarter, beating the consensus estimate of $3.43 by $0.01. Biogen had a net margin of 16.87% and a return on equity of 14.98%. Equities analysts anticipate that Biogen Inc. will post 15.83 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on BIIB. Royal Bank of Canada cut their price target on Biogen from $231.00 to $225.00 and set an “outperform” rating for the company in a research note on Thursday, February 13th. StockNews.com cut shares of Biogen from a “strong-buy” rating to a “buy” rating in a research report on Saturday, December 28th. Robert W. Baird increased their price target on shares of Biogen from $294.00 to $300.00 and gave the company an “outperform” rating in a research report on Friday, November 15th. Bank of America restated a “neutral” rating and set a $178.00 price objective on shares of Biogen in a research report on Tuesday, December 10th. Finally, Scotiabank lowered their target price on Biogen from $244.00 to $224.00 and set a “sector outperform” rating on the stock in a report on Thursday, February 13th. Seventeen research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $213.33.

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.