State Board of Administration of Florida Retirement System Boosts Position in Biogen Inc. (NASDAQ:BIIB)

State Board of Administration of Florida Retirement System boosted its position in shares of Biogen Inc. (NASDAQ:BIIB) by 12.0% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 178,436 shares of the biotechnology company’s stock after acquiring an additional 19,115 shares during the quarter. State Board of Administration of Florida Retirement System owned 0.12% of Biogen worth $38,476,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its position in Biogen by 27.2% during the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 570,533 shares of the biotechnology company’s stock valued at $123,024,000 after acquiring an additional 122,101 shares during the last quarter. Entropy Technologies LP bought a new stake in Biogen during the first quarter valued at about $5,037,000. Edmond DE Rothschild Holding S.A. grew its holdings in Biogen by 24.0% during the first quarter. Edmond DE Rothschild Holding S.A. now owns 59,680 shares of the biotechnology company’s stock valued at $12,869,000 after purchasing an additional 11,547 shares during the period. Motley Fool Asset Management LLC grew its holdings in Biogen by 8.1% during the first quarter. Motley Fool Asset Management LLC now owns 4,289 shares of the biotechnology company’s stock valued at $925,000 after purchasing an additional 320 shares during the period. Finally, ProShare Advisors LLC grew its holdings in Biogen by 20.7% during the first quarter. ProShare Advisors LLC now owns 174,000 shares of the biotechnology company’s stock valued at $37,520,000 after purchasing an additional 29,890 shares during the period. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Biogen Trading Down 0.3 %

BIIB stock traded down $0.66 during midday trading on Friday, reaching $224.59. 211,788 shares of the company traded hands, compared to its average volume of 1,125,781. Biogen Inc. has a 52-week low of $189.44 and a 52-week high of $280.42. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.32 and a current ratio of 2.10. The business has a 50 day moving average of $226.85 and a 200-day moving average of $226.06. The firm has a market capitalization of $32.70 billion, a price-to-earnings ratio of 28.12, a P/E/G ratio of 2.30 and a beta of -0.04.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings data on Wednesday, April 24th. The biotechnology company reported $3.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.45 by $0.22. Biogen had a return on equity of 14.83% and a net margin of 12.07%. The business had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.31 billion. During the same period in the prior year, the business posted $3.40 earnings per share. The company’s quarterly revenue was down 7.0% compared to the same quarter last year. As a group, sell-side analysts expect that Biogen Inc. will post 15.61 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Royal Bank of Canada reissued an “outperform” rating and set a $317.00 price target on shares of Biogen in a report on Wednesday, June 26th. Bank of America cut their price target on Biogen from $280.00 to $260.00 and set a “neutral” rating for the company in a report on Friday, April 12th. Piper Sandler cut their price target on Biogen from $335.00 to $313.00 and set an “overweight” rating for the company in a report on Friday, July 12th. UBS Group dropped their price objective on Biogen from $250.00 to $214.00 and set a “neutral” rating for the company in a research note on Wednesday, April 17th. Finally, JPMorgan Chase & Co. dropped their price objective on Biogen from $270.00 to $240.00 and set a “neutral” rating for the company in a research note on Thursday, April 11th. Ten analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $286.00.

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.