Retirement Systems of Alabama Sells 796 Shares of Biogen Inc. (NASDAQ:BIIB)

Retirement Systems of Alabama lowered its stake in Biogen Inc. (NASDAQ:BIIB) by 2.5% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 31,321 shares of the biotechnology company’s stock after selling 796 shares during the period. Retirement Systems of Alabama’s holdings in Biogen were worth $6,071,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Inspire Trust Co. N.A. lifted its position in Biogen by 58.5% in the 3rd quarter. Inspire Trust Co. N.A. now owns 10,900 shares of the biotechnology company’s stock valued at $2,113,000 after acquiring an additional 4,025 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Biogen by 1.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 913,029 shares of the biotechnology company’s stock valued at $176,982,000 after purchasing an additional 12,319 shares in the last quarter. Principal Financial Group Inc. boosted its position in shares of Biogen by 3.2% during the third quarter. Principal Financial Group Inc. now owns 168,631 shares of the biotechnology company’s stock worth $32,687,000 after buying an additional 5,270 shares during the period. Arlington Partners LLC grew its holdings in shares of Biogen by 34.3% during the third quarter. Arlington Partners LLC now owns 19,214 shares of the biotechnology company’s stock worth $3,724,000 after buying an additional 4,902 shares in the last quarter. Finally, Edgestream Partners L.P. grew its holdings in shares of Biogen by 1,107.5% during the third quarter. Edgestream Partners L.P. now owns 11,218 shares of the biotechnology company’s stock worth $2,174,000 after buying an additional 10,289 shares in the last quarter. Institutional investors and hedge funds own 87.93% of the company’s stock.

Biogen Stock Down 2.6 %

BIIB stock opened at $146.79 on Thursday. Biogen Inc. has a fifty-two week low of $146.57 and a fifty-two week high of $268.30. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.26 and a quick ratio of 0.80. The stock has a market capitalization of $21.39 billion, a price-to-earnings ratio of 13.26, a PEG ratio of 1.83 and a beta of -0.08. The business’s fifty day moving average price is $169.14 and its two-hundred day moving average price is $196.79.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share for the quarter, topping the consensus estimate of $3.77 by $0.31. The business had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.43 billion. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The business’s revenue was down 2.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $4.36 EPS. On average, equities analysts anticipate that Biogen Inc. will post 16.43 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on BIIB shares. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $292.00 price target on shares of Biogen in a research report on Monday, September 9th. Citigroup initiated coverage on shares of Biogen in a research report on Thursday, November 14th. They issued a “neutral” rating and a $190.00 target price for the company. Needham & Company LLC cut shares of Biogen from a “buy” rating to a “hold” rating and set a $270.00 price target on the stock. in a research report on Monday, November 18th. HC Wainwright restated a “buy” rating and issued a $300.00 price objective on shares of Biogen in a report on Thursday, October 31st. Finally, Wedbush lowered their target price on Biogen from $210.00 to $205.00 and set a “neutral” rating on the stock in a research report on Monday, September 23rd. Fifteen equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $245.32.

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.