State of Michigan Retirement System Increases Stock Holdings in Biogen Inc. (NASDAQ:BIIB)

State of Michigan Retirement System boosted its stake in Biogen Inc. (NASDAQ:BIIB) by 59.9% in the fourth quarter, Holdings Channel reports. The fund owned 63,503 shares of the biotechnology company’s stock after buying an additional 23,800 shares during the quarter. State of Michigan Retirement System’s holdings in Biogen were worth $9,711,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the company. Ashton Thomas Securities LLC acquired a new stake in shares of Biogen during the third quarter valued at about $33,000. SRS Capital Advisors Inc. acquired a new position in shares of Biogen in the fourth quarter worth about $33,000. Venturi Wealth Management LLC boosted its holdings in Biogen by 73.8% in the third quarter. Venturi Wealth Management LLC now owns 219 shares of the biotechnology company’s stock valued at $42,000 after purchasing an additional 93 shares during the last quarter. Itau Unibanco Holding S.A. grew its stake in Biogen by 63.8% during the 3rd quarter. Itau Unibanco Holding S.A. now owns 231 shares of the biotechnology company’s stock valued at $45,000 after purchasing an additional 90 shares in the last quarter. Finally, Golden State Wealth Management LLC purchased a new stake in Biogen during the 4th quarter worth approximately $41,000. Institutional investors and hedge funds own 87.93% of the company’s stock.

Biogen Stock Up 0.8 %

Shares of Biogen stock opened at $143.77 on Thursday. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.35 and a quick ratio of 0.90. Biogen Inc. has a 1-year low of $128.51 and a 1-year high of $238.00. The business’s fifty day moving average price is $144.05 and its two-hundred day moving average price is $167.25. The company has a market capitalization of $21.04 billion, a P/E ratio of 12.85, a PEG ratio of 1.51 and a beta of -0.08.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings data on Wednesday, February 12th. The biotechnology company reported $3.44 earnings per share for the quarter, beating analysts’ consensus estimates of $3.43 by $0.01. Biogen had a net margin of 16.87% and a return on equity of 14.98%. As a group, research analysts forecast that Biogen Inc. will post 15.83 EPS for the current year.

Analyst Ratings Changes

Several research firms have recently commented on BIIB. Scotiabank reduced their target price on Biogen from $244.00 to $224.00 and set a “sector outperform” rating for the company in a research note on Thursday, February 13th. Piper Sandler reiterated a “neutral” rating and set a $135.00 price objective (down from $138.00) on shares of Biogen in a research note on Tuesday, February 18th. Robert W. Baird boosted their target price on shares of Biogen from $294.00 to $300.00 and gave the stock an “outperform” rating in a research report on Friday, November 15th. Morgan Stanley cut their target price on shares of Biogen from $192.00 to $157.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 13th. Finally, Bank of America reiterated a “neutral” rating and issued a $178.00 price target on shares of Biogen in a research note on Tuesday, December 10th. Seventeen investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $213.33.

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.