New York State Teachers Retirement System Sells 3,452 Shares of Biogen Inc. (NASDAQ:BIIB)

New York State Teachers Retirement System lessened its position in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 3.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 107,676 shares of the biotechnology company's stock after selling 3,452 shares during the quarter. New York State Teachers Retirement System owned about 0.07% of Biogen worth $14,734,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in BIIB. Vanguard Group Inc. lifted its position in Biogen by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 16,748,875 shares of the biotechnology company's stock valued at $2,561,238,000 after purchasing an additional 70,368 shares during the period. Geode Capital Management LLC lifted its holdings in Biogen by 2.3% during the fourth quarter. Geode Capital Management LLC now owns 3,695,476 shares of the biotechnology company's stock worth $563,709,000 after acquiring an additional 82,456 shares in the last quarter. Norges Bank acquired a new position in shares of Biogen in the 4th quarter valued at approximately $355,569,000. Invesco Ltd. boosted its holdings in shares of Biogen by 30.6% in the fourth quarter. Invesco Ltd. now owns 2,128,807 shares of the biotechnology company's stock valued at $325,537,000 after buying an additional 499,074 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its holdings in Biogen by 1.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,933,716 shares of the biotechnology company's stock worth $295,705,000 after purchasing an additional 21,170 shares in the last quarter. Institutional investors own 87.93% of the company's stock.

Biogen Stock Performance

Shares of NASDAQ BIIB traded down $0.57 during mid-day trading on Friday, reaching $132.63. 633,328 shares of the company were exchanged, compared to its average volume of 1,438,503. The stock has a market capitalization of $19.43 billion, a P/E ratio of 13.09, a P/E/G ratio of 1.06 and a beta of 0.14. The company has a quick ratio of 1.01, a current ratio of 1.44 and a debt-to-equity ratio of 0.27. The company's 50-day simple moving average is $126.93 and its 200-day simple moving average is $134.48. Biogen Inc. has a twelve month low of $110.04 and a twelve month high of $238.00.

Biogen (NASDAQ:BIIB - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The biotechnology company reported $3.02 earnings per share for the quarter, missing the consensus estimate of $3.26 by ($0.24). The firm had revenue of $2.43 billion for the quarter, compared to the consensus estimate of $2.25 billion. Biogen had a return on equity of 14.03% and a net margin of 15.07%. The firm's quarterly revenue was up 6.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.67 EPS. As a group, research analysts predict that Biogen Inc. will post 15.83 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Wedbush restated a "neutral" rating and issued a $121.00 target price on shares of Biogen in a research note on Thursday, June 12th. Robert W. Baird lowered their price objective on shares of Biogen from $300.00 to $255.00 and set an "outperform" rating on the stock in a report on Friday, May 2nd. JPMorgan Chase & Co. reduced their target price on shares of Biogen from $185.00 to $175.00 and set a "neutral" rating for the company in a report on Monday, May 5th. Canaccord Genuity Group lowered their price target on shares of Biogen from $265.00 to $220.00 and set a "buy" rating on the stock in a research note on Friday, May 2nd. Finally, HSBC cut shares of Biogen from a "buy" rating to a "hold" rating and set a $118.00 price target on the stock. in a research report on Monday, April 28th. Twenty research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $188.48.

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.