Teachers Retirement System of The State of Kentucky Reduces Position in Biogen Inc. (NASDAQ:BIIB)

Teachers Retirement System of The State of Kentucky trimmed its position in Biogen Inc. (NASDAQ:BIIB) by 5.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 10,912 shares of the biotechnology company’s stock after selling 620 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in Biogen were worth $2,115,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC raised its position in Biogen by 1.1% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 6,122 shares of the biotechnology company’s stock valued at $1,419,000 after purchasing an additional 64 shares during the last quarter. Envestnet Portfolio Solutions Inc. increased its stake in shares of Biogen by 6.6% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 3,513 shares of the biotechnology company’s stock valued at $814,000 after buying an additional 218 shares during the period. Blue Trust Inc. raised its holdings in shares of Biogen by 249.0% during the second quarter. Blue Trust Inc. now owns 178 shares of the biotechnology company’s stock valued at $38,000 after acquiring an additional 127 shares in the last quarter. Raymond James & Associates lifted its stake in Biogen by 10.4% in the second quarter. Raymond James & Associates now owns 185,681 shares of the biotechnology company’s stock worth $43,045,000 after acquiring an additional 17,557 shares during the period. Finally, Nisa Investment Advisors LLC boosted its holdings in Biogen by 3.3% in the second quarter. Nisa Investment Advisors LLC now owns 56,528 shares of the biotechnology company’s stock valued at $13,104,000 after acquiring an additional 1,820 shares in the last quarter. 87.93% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

BIIB has been the subject of several research reports. TD Cowen decreased their price objective on shares of Biogen from $300.00 to $275.00 and set a “buy” rating for the company in a report on Thursday, October 31st. Stifel Nicolaus lowered shares of Biogen from a “buy” rating to a “hold” rating and set a $175.00 price objective for the company. in a report on Monday. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $292.00 price objective on shares of Biogen in a research report on Monday, September 9th. UBS Group decreased their target price on Biogen from $234.00 to $202.00 and set a “neutral” rating for the company in a research report on Thursday, October 3rd. Finally, Wolfe Research initiated coverage on Biogen in a research report on Friday, November 15th. They set a “peer perform” rating on the stock. Fifteen equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat, Biogen currently has a consensus rating of “Moderate Buy” and an average price target of $245.32.

Biogen Price Performance

Shares of NASDAQ:BIIB opened at $150.49 on Tuesday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.80 and a current ratio of 1.26. The firm has a market cap of $21.93 billion, a price-to-earnings ratio of 13.59, a price-to-earnings-growth ratio of 1.83 and a beta of -0.08. The business has a 50-day simple moving average of $170.55 and a two-hundred day simple moving average of $197.67. Biogen Inc. has a fifty-two week low of $148.60 and a fifty-two week high of $268.30.

Biogen (NASDAQ:BIIB) last released its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share for the quarter, beating the consensus estimate of $3.77 by $0.31. The firm 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 firm’s quarterly revenue was down 2.5% on a year-over-year basis. During the same period in the previous year, the company earned $4.36 earnings per share. On average, analysts expect that Biogen Inc. will post 16.43 earnings per share for the current year.

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.