State of New Jersey Common Pension Fund D Trims Position in Biogen Inc. (NASDAQ:BIIB)

State of New Jersey Common Pension Fund D lessened its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 1.6% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 52,160 shares of the biotechnology company’s stock after selling 824 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Biogen were worth $7,976,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of BIIB. Blue Trust Inc. raised its holdings in shares of Biogen by 165.2% during the 3rd quarter. Blue Trust Inc. now owns 472 shares of the biotechnology company’s stock worth $91,000 after acquiring an additional 294 shares during the period. Raymond James & Associates raised its holdings in Biogen by 3.4% in the 3rd quarter. Raymond James & Associates now owns 192,065 shares of the biotechnology company’s stock valued at $37,230,000 after buying an additional 6,384 shares during the period. Eastern Bank purchased a new stake in Biogen in the 3rd quarter valued at about $179,000. Private Advisor Group LLC raised its holdings in Biogen by 10.6% in the 3rd quarter. Private Advisor Group LLC now owns 9,645 shares of the biotechnology company’s stock valued at $1,870,000 after buying an additional 924 shares during the period. Finally, International Assets Investment Management LLC raised its holdings in Biogen by 19,722.9% in the 3rd quarter. International Assets Investment Management LLC now owns 358,992 shares of the biotechnology company’s stock valued at $695,870,000 after buying an additional 357,181 shares during the period. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Biogen Stock Performance

Shares of BIIB opened at $136.57 on Wednesday. The stock has a 50 day moving average price of $146.52 and a 200 day moving average price of $172.19. 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 capitalization of $19.90 billion, a price-to-earnings ratio of 12.34, a price-to-earnings-growth ratio of 1.65 and a beta of -0.08. Biogen Inc. has a 52-week low of $128.51 and a 52-week high of $238.00.

Biogen (NASDAQ:BIIB) last announced its quarterly 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%. Research analysts predict that Biogen Inc. will post 16.42 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Stifel Nicolaus lowered shares of Biogen from a “buy” rating to a “hold” rating and set a $175.00 price objective on the stock. in a report on Monday, December 16th. JPMorgan Chase & Co. reduced their price objective on shares of Biogen from $220.00 to $210.00 and set a “neutral” rating on the stock in a report on Monday, November 4th. BMO Capital Markets reduced their price objective on shares of Biogen from $156.00 to $139.00 and set a “market perform” rating on the stock in a report on Thursday, February 13th. Oppenheimer reduced their price objective on shares of Biogen from $270.00 to $255.00 and set an “outperform” rating on the stock in a report on Thursday, October 31st. Finally, StockNews.com downgraded Biogen from a “strong-buy” rating to a “buy” rating in a research report on Saturday, December 28th. Seventeen analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $211.85.

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.