State of Alaska Department of Revenue Decreases Stock Holdings in Biogen Inc. (NASDAQ:BIIB)

State of Alaska Department of Revenue trimmed its position in shares of Biogen Inc. (NASDAQ:BIIB) by 12.7% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 33,640 shares of the biotechnology company’s stock after selling 4,910 shares during the quarter. State of Alaska Department of Revenue’s holdings in Biogen were worth $7,253,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Quent Capital LLC increased its holdings in Biogen by 17.0% in the 4th quarter. Quent Capital LLC now owns 337 shares of the biotechnology company’s stock worth $87,000 after buying an additional 49 shares during the period. Salem Investment Counselors Inc. lifted its holdings in Biogen by 8.2% in the 4th quarter. Salem Investment Counselors Inc. now owns 658 shares of the biotechnology company’s stock valued at $170,000 after purchasing an additional 50 shares in the last quarter. Massachusetts Wealth Management lifted its holdings in Biogen by 1.6% in the 4th quarter. Massachusetts Wealth Management now owns 3,250 shares of the biotechnology company’s stock valued at $841,000 after purchasing an additional 50 shares in the last quarter. DGS Capital Management LLC raised its holdings in shares of Biogen by 4.2% during the 4th quarter. DGS Capital Management LLC now owns 1,265 shares of the biotechnology company’s stock worth $327,000 after acquiring an additional 51 shares during the period. Finally, Hexagon Capital Partners LLC raised its holdings in shares of Biogen by 76.1% during the 4th quarter. Hexagon Capital Partners LLC now owns 118 shares of the biotechnology company’s stock worth $31,000 after acquiring an additional 51 shares during the period. 87.93% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Truist Financial reiterated a “buy” rating and set a $340.00 price target on shares of Biogen in a report on Thursday, May 16th. Oppenheimer reaffirmed an “outperform” rating and issued a $270.00 target price on shares of Biogen in a research report on Monday, April 29th. Wedbush boosted their price objective on Biogen from $213.00 to $215.00 and gave the stock a “neutral” rating in a research report on Thursday, April 25th. William Blair reissued an “outperform” rating on shares of Biogen in a research report on Wednesday. Finally, Bank of America decreased their target price on Biogen from $280.00 to $260.00 and set a “neutral” rating for the company in a research note on Friday, April 12th. Ten equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $286.50.

Biogen Trading Down 1.8 %

NASDAQ BIIB traded down $4.21 during trading hours on Wednesday, hitting $224.61. 580,732 shares of the company’s stock were exchanged, compared to its average volume of 1,156,063. Biogen Inc. has a 12-month low of $189.44 and a 12-month high of $287.60. The business’s 50 day moving average is $223.69 and its 200-day moving average is $228.05. 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 firm has a market capitalization of $32.70 billion, a P/E ratio of 27.97, a price-to-earnings-growth ratio of 2.33 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 for the quarter, beating analysts’ consensus estimates of $3.45 by $0.22. The firm had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.31 billion. Biogen had a return on equity of 14.83% and a net margin of 12.07%. Biogen’s quarterly revenue was down 7.0% on a year-over-year basis. During the same quarter last year, the firm earned $3.40 EPS. As a group, analysts anticipate that Biogen Inc. will post 15.63 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.