Public Sector Pension Investment Board Grows Position in Biogen Inc. (NASDAQ:BIIB)

Public Sector Pension Investment Board raised its position in shares of Biogen Inc. (NASDAQ:BIIB) by 12.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,361 shares of the biotechnology company’s stock after acquiring an additional 700 shares during the period. Public Sector Pension Investment Board’s holdings in Biogen were worth $1,233,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. First Horizon Advisors Inc. increased its stake in Biogen by 39.8% during the second quarter. First Horizon Advisors Inc. now owns 172 shares of the biotechnology company’s stock worth $40,000 after acquiring an additional 49 shares during the last quarter. CWM LLC raised its holdings in Biogen by 1.7% during the 2nd quarter. CWM LLC now owns 3,765 shares of the biotechnology company’s stock valued at $873,000 after buying an additional 62 shares during the period. Grandfield & Dodd LLC lifted its position in Biogen by 5.2% in the third quarter. Grandfield & Dodd LLC now owns 1,261 shares of the biotechnology company’s stock worth $244,000 after buying an additional 62 shares during the last quarter. Quintet Private Bank Europe S.A. lifted its position in Biogen by 9.7% in the third quarter. Quintet Private Bank Europe S.A. now owns 710 shares of the biotechnology company’s stock worth $138,000 after buying an additional 63 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its stake in Biogen by 1.1% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 6,122 shares of the biotechnology company’s stock worth $1,419,000 after buying an additional 64 shares during the period. 87.93% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Cantor Fitzgerald restated an “overweight” rating and issued a $292.00 target price on shares of Biogen in a report on Monday, September 9th. UBS Group decreased their price objective on shares of Biogen from $234.00 to $202.00 and set a “neutral” rating for the company in a research note on Thursday, October 3rd. Wolfe Research started coverage on Biogen in a research note on Friday, November 15th. They set a “peer perform” rating on the stock. Oppenheimer decreased their price target on Biogen from $270.00 to $255.00 and set an “outperform” rating for the company in a research note on Thursday, October 31st. Finally, Morgan Stanley downgraded Biogen from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $285.00 to $204.00 in a research report on Thursday, October 31st. Thirteen research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Biogen presently has an average rating of “Moderate Buy” and a consensus target price of $257.20.

Biogen Stock Down 0.9 %

Shares of Biogen stock opened at $157.78 on Friday. The company has a quick ratio of 0.80, a current ratio of 1.26 and a debt-to-equity ratio of 0.28. The company has a market cap of $22.99 billion, a P/E ratio of 14.25, a PEG ratio of 1.52 and a beta of -0.08. The firm’s 50 day moving average price is $175.31 and its 200-day moving average price is $201.22. Biogen Inc. has a 52-week low of $153.62 and a 52-week high of $268.30.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.77 by $0.31. The business had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.43 billion. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The business’s quarterly revenue was down 2.5% on a year-over-year basis. During the same period in the prior year, the firm posted $4.36 earnings per share. On average, sell-side analysts predict that Biogen Inc. will post 16.45 EPS for the current fiscal year.

Biogen Company 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.