Louisiana State Employees Retirement System Has $2.81 Million Stock Position in Biogen Inc. (NASDAQ:BIIB)

Louisiana State Employees Retirement System decreased its stake in Biogen Inc. (NASDAQ:BIIB) by 4.7% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 18,400 shares of the biotechnology company’s stock after selling 900 shares during the quarter. Louisiana State Employees Retirement System’s holdings in Biogen were worth $2,814,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. State Street Corp boosted its position in shares of Biogen by 3.5% in the 3rd quarter. State Street Corp now owns 7,344,960 shares of the biotechnology company’s stock valued at $1,423,747,000 after purchasing an additional 248,942 shares during the period. Geode Capital Management LLC lifted its stake in Biogen by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 3,613,020 shares of the biotechnology company’s stock worth $698,062,000 after acquiring an additional 47,055 shares in the last quarter. Pacer Advisors Inc. lifted its stake in Biogen by 13,574.7% in the 4th quarter. Pacer Advisors Inc. now owns 2,667,531 shares of the biotechnology company’s stock worth $407,919,000 after acquiring an additional 2,648,024 shares in the last quarter. RA Capital Management L.P. lifted its stake in Biogen by 20.6% in the 3rd quarter. RA Capital Management L.P. now owns 1,184,456 shares of the biotechnology company’s stock worth $229,595,000 after acquiring an additional 202,317 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Biogen by 1.7% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,152,691 shares of the biotechnology company’s stock worth $223,438,000 after acquiring an additional 18,905 shares in the last quarter. Institutional investors and hedge funds own 87.93% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on BIIB. Jefferies Financial Group downgraded Biogen from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $250.00 to $180.00 in a research note on Monday, December 9th. Scotiabank reduced their price objective on Biogen from $244.00 to $224.00 and set a “sector outperform” rating for the company in a research note on Thursday. Needham & Company LLC reissued a “hold” rating on shares of Biogen in a research note on Thursday. Citigroup reduced their price objective on Biogen from $160.00 to $145.00 and set a “neutral” rating for the company in a research note on Thursday. Finally, Piper Sandler downgraded Biogen from an “overweight” rating to a “neutral” rating and cut their price target for the stock from $315.00 to $138.00 in a research note on Thursday, January 2nd. Seventeen investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $211.96.

Biogen Stock Performance

BIIB opened at $138.45 on Friday. The firm has a market capitalization of $20.17 billion, a P/E ratio of 12.51, a price-to-earnings-growth ratio of 1.65 and a beta of -0.08. The stock’s 50 day moving average price is $147.73 and its two-hundred day moving average price is $174.05. The company has a quick ratio of 0.80, a current ratio of 1.26 and a debt-to-equity ratio of 0.28. Biogen Inc. has a 12-month low of $128.51 and a 12-month high of $238.00.

Biogen (NASDAQ:BIIB) last released its earnings results on Wednesday, February 12th. The biotechnology company reported $3.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.43 by $0.01. Biogen had a return on equity of 14.98% and a net margin of 16.81%. On average, equities analysts forecast that Biogen Inc. will post 16.42 earnings per share for the current year.

Biogen 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.