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

New York State Teachers Retirement System trimmed its stake in Biogen Inc. (NASDAQ:BIIB - Free Report) by 3.1% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund 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 approximately 0.07% of Biogen worth $14,734,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Larson Financial Group LLC grew its holdings in shares of Biogen by 640.9% in the 4th quarter. Larson Financial Group LLC now owns 163 shares of the biotechnology company's stock worth $25,000 after acquiring an additional 141 shares during the last quarter. Lee Danner & Bass Inc. acquired a new position in shares of Biogen in the 4th quarter worth $25,000. Opal Wealth Advisors LLC acquired a new position in shares of Biogen in the 1st quarter worth $26,000. Colonial Trust Co SC grew its holdings in shares of Biogen by 9,300.0% in the 4th quarter. Colonial Trust Co SC now owns 188 shares of the biotechnology company's stock worth $29,000 after acquiring an additional 186 shares during the last quarter. Finally, OFI Invest Asset Management acquired a new position in shares of Biogen in the 4th quarter worth $32,000. 87.93% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

BIIB has been the topic of a number of recent research reports. HSBC cut Biogen from a "buy" rating to a "hold" rating and set a $118.00 target price on the stock. in a report on Monday, April 28th. Morgan Stanley dropped their price target on Biogen from $157.00 to $152.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 9th. Truist Financial dropped their price target on Biogen from $210.00 to $199.00 and set a "buy" rating on the stock in a research report on Tuesday, April 29th. Canaccord Genuity Group dropped their price target on Biogen from $265.00 to $220.00 and set a "buy" rating on the stock in a research report on Friday, May 2nd. Finally, Argus lowered Biogen from a "buy" rating to a "hold" rating in a research report on Friday, April 4th. Twenty equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $188.48.

Biogen Stock Down 0.4%

Shares of BIIB traded down $0.57 during trading hours on Friday, hitting $132.63. 633,328 shares of the company were exchanged, compared to its average volume of 1,434,583. The company has a market cap of $19.43 billion, a PE ratio of 13.09, a PEG ratio of 1.06 and a beta of 0.14. The firm's 50 day moving average is $126.93 and its 200-day moving average is $134.57. Biogen Inc. has a 52 week low of $110.04 and a 52 week high of $238.00. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.01 and a current ratio of 1.44.

Biogen (NASDAQ:BIIB - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The biotechnology company reported $3.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.26 by ($0.24). The company 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 business's revenue was up 6.2% compared to the same quarter last year. During the same quarter last year, the company posted $3.67 EPS. On average, equities research analysts forecast that Biogen Inc. will post 15.83 EPS for the current fiscal year.

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.