Biogen Inc. $BIIB Shares Acquired by New Mexico Educational Retirement Board

Key Points

• New Mexico Educational Retirement Board increased its Biogen stake by 1,707.3% in the third quarter, adding 123,332 shares to own 130,556 shares valued at about $29.5 million.
• Biogen’s latest quarterly results beat expectations: earnings were $2.62 per share versus a $1.99 consensus, while revenue reached $2.80 billion and grew 10.6% year over year.
• Analysts’ consensus rating is “Moderate Buy”, with an average price target of $254.41; 21 analysts rate the stock a Buy, while 10 recommend Hold.

New Mexico Educational Retirement Board grew its holdings in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 1,707.3% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 130,556 shares of the biotechnology company's stock after acquiring an additional 123,332 shares during the period. Biogen comprises about 0.7% of New Mexico Educational Retirement Board's investment portfolio, making the stock its 21st biggest holding. New Mexico Educational Retirement Board owned approximately 0.09% of Biogen worth $29,490,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of BIIB. BlackRock Inc. bought a new position in Biogen during the 2nd quarter valued at $3,453,878,000. Orbimed Advisors LLC acquired a new position in Biogen during the 1st quarter worth $11,293,000. Tidal Investments LLC grew its holdings in Biogen by 9.0% during the 2nd quarter. Tidal Investments LLC now owns 63,842 shares of the biotechnology company's stock worth $13,794,000 after acquiring an additional 5,256 shares in the last quarter. Saudi Central Bank grew its holdings in Biogen by 89.7% during the 2nd quarter. Saudi Central Bank now owns 10,273 shares of the biotechnology company's stock worth $2,220,000 after acquiring an additional 4,858 shares in the last quarter. Finally, Nippon Life Global Investors Americas Inc. bought a new stake in shares of Biogen in the 2nd quarter worth about $29,648,000. 87.93% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

BIIB has been the topic of several research analyst reports. Mizuho increased their price target on shares of Biogen from $221.00 to $241.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 4th. Zacks Research raised Biogen from a "strong sell" rating to a "hold" rating in a report on Tuesday, July 28th. TD Cowen upped their price objective on Biogen from $250.00 to $260.00 and gave the company a "buy" rating in a research note on Thursday, October 29th. Wells Fargo & Company increased their target price on Biogen from $250.00 to $310.00 and gave the stock an "overweight" rating in a report on Tuesday, October 20th. Finally, Royal Bank Of Canada increased their target price on Biogen from $256.00 to $272.00 and gave the stock an "outperform" rating in a report on Thursday, October 29th. One analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Biogen presently has an average rating of "Moderate Buy" and a consensus price target of $254.41.

Biogen Stock Up 0.1%

Biogen stock opened at $253.40 on Thursday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.37 and a current ratio of 1.95. Biogen Inc. has a one year low of $158.05 and a one year high of $261.00. The company has a 50-day simple moving average of $232.21 and a 200-day simple moving average of $204.26. The firm has a market capitalization of $37.46 billion, a P/E ratio of 108.29, a P/E/G ratio of 2.87 and a beta of 0.10.

Biogen (NASDAQ:BIIB - Get Free Report) last posted its earnings results on Wednesday, October 28th. The biotechnology company reported $2.62 EPS for the quarter, beating the consensus estimate of $1.99 by $0.63. The firm had revenue of $2.80 billion for the quarter, compared to analysts' expectations of $2.63 billion. Biogen had a return on equity of 9.38% and a net margin of 3.37%. The firm's revenue was up 10.6% compared to the same quarter last year. During the same period last year, the firm earned $4.81 EPS. As a group, equities analysts expect that Biogen Inc. will post 12.46 earnings per share for the current 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.

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