Biogen Inc. $BIIB Stock: New Mexico Educational Retirement Board Boosts Holdings

New Mexico Educational Retirement Board lifted its position in Biogen Inc. (NASDAQ:BIIB) by 1,707.3% in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 130,556 shares of the biotechnology company’s stock after acquiring an additional 123,332 shares during the quarter. Biogen makes up about 0.7% of New Mexico Educational Retirement Board’s holdings, making the stock its 21st biggest holding. New Mexico Educational Retirement Board’s holdings in Biogen were worth $29,490,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in BIIB. Maryland State Retirement & Pension System grew its holdings in shares of Biogen by 15.3% during the third quarter. Maryland State Retirement & Pension System now owns 9,043 shares of the biotechnology company’s stock valued at $2,043,000 after buying an additional 1,200 shares in the last quarter. First Command Advisory Services Inc. raised its position in Biogen by 191.8% during the third quarter. First Command Advisory Services Inc. now owns 569 shares of the biotechnology company’s stock valued at $129,000 after buying an additional 374 shares during the period. Silver Grove Financial Group Inc. raised its position in Biogen by 1,551.0% during the third quarter. Silver Grove Financial Group Inc. now owns 809 shares of the biotechnology company’s stock valued at $183,000 after buying an additional 760 shares during the period. Turn8 Private Wealth Inc. lifted its stake in Biogen by 15.4% in the 3rd quarter. Turn8 Private Wealth Inc. now owns 13,932 shares of the biotechnology company’s stock worth $3,147,000 after acquiring an additional 1,864 shares in the last quarter. Finally, Illinois Municipal Retirement Fund boosted its position in Biogen by 570.6% during the 3rd quarter. Illinois Municipal Retirement Fund now owns 665,893 shares of the biotechnology company’s stock worth $150,412,000 after acquiring an additional 566,590 shares during the period. 87.93% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Wells Fargo & Company lifted their target price on Biogen from $250.00 to $310.00 and gave the company an “overweight” rating in a research note on Tuesday, October 20th. Argus raised shares of Biogen from a “hold” rating to a “buy” rating and set a $280.00 price target for the company in a research report on Thursday, October 29th. Truist Financial reissued a “buy” rating and issued a $260.00 price target (up from $235.00) on shares of Biogen in a research report on Thursday, October 29th. Canaccord Genuity Group boosted their price objective on shares of Biogen from $248.00 to $272.00 and gave the company a “buy” rating in a research report on Thursday, October 29th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $305.00 price objective (up from $245.00) on shares of Biogen in a research report on Monday. One research analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $254.41.

Biogen Price Performance

BIIB opened at $253.40 on Thursday. The stock has a fifty day moving average price of $232.21 and a 200 day moving average price of $204.26. The company has a current ratio of 1.95, a quick ratio of 1.37 and a debt-to-equity ratio of 0.39. Biogen Inc. has a 1 year low of $158.05 and a 1 year high of $261.00. The stock has a market cap of $37.46 billion, a price-to-earnings ratio of 108.29, a PEG ratio of 2.87 and a beta of 0.10.

Biogen (NASDAQ:BIIB) last issued its earnings results on Wednesday, October 28th. The biotechnology company reported $2.62 earnings per share for the quarter, topping the consensus estimate of $1.99 by $0.63. Biogen had a return on equity of 9.38% and a net margin of 3.37%. The company had revenue of $2.80 billion for the quarter, compared to analyst estimates of $2.63 billion. During the same period in the prior year, the firm posted $4.81 EPS. The business’s revenue was up 10.6% compared to the same quarter last year. Analysts forecast that Biogen Inc. will post 12.46 EPS for the current fiscal year.

Biogen Company Profile

Biogen is a biotechnology company focused on developing and commercializing medicines for neurological and rare diseases. Its areas of focus include multiple sclerosis, Alzheimer’s disease, spinal muscular atrophy and Friedreich’s ataxia. Its products include multiple sclerosis treatments such as Tysabri, Tecfidera and Vumerity, and Skyclarys for Friedreich’s ataxia. Biogen shares rights to several medicines with other companies, including Leqembi for Alzheimer’s disease with Eisai and Spinraza for spinal muscular atrophy with Ionis Pharmaceuticals.