State of Michigan Retirement System Lowers Stock Position in Biogen Inc. (NASDAQ:BIIB)

State of Michigan Retirement System decreased its position in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 37.5% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 39,703 shares of the biotechnology company's stock after selling 23,800 shares during the quarter. State of Michigan Retirement System's holdings in Biogen were worth $5,433,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of BIIB. Cerity Partners LLC increased its holdings in Biogen by 82.7% in the 1st quarter. Cerity Partners LLC now owns 40,368 shares of the biotechnology company's stock valued at $5,524,000 after acquiring an additional 18,277 shares during the last quarter. Hunter Associates Investment Management LLC increased its holdings in Biogen by 46.3% in the 1st quarter. Hunter Associates Investment Management LLC now owns 2,906 shares of the biotechnology company's stock valued at $398,000 after acquiring an additional 920 shares during the last quarter. Financial Gravity Asset Management Inc. bought a new stake in Biogen in the 1st quarter valued at $40,000. Alps Advisors Inc. bought a new stake in Biogen in the 1st quarter valued at $342,000. Finally, Allworth Financial LP increased its holdings in shares of Biogen by 85.6% in the 1st quarter. Allworth Financial LP now owns 1,017 shares of the biotechnology company's stock worth $139,000 after buying an additional 469 shares during the last quarter. Hedge funds and other institutional investors own 87.93% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on BIIB. Mizuho reduced their target price on shares of Biogen from $207.00 to $169.00 and set an "outperform" rating on the stock in a report on Wednesday, May 7th. Canaccord Genuity Group reduced their target price on shares of Biogen from $265.00 to $220.00 and set a "buy" rating on the stock in a report on Friday, May 2nd. Royal Bank Of Canada set a $213.00 target price on shares of Biogen and gave the stock an "outperform" rating in a report on Wednesday, June 25th. Truist Financial reduced their target price on shares of Biogen from $210.00 to $199.00 and set a "buy" rating on the stock in a report on Tuesday, April 29th. Finally, Piper Sandler restated a "neutral" rating and issued a $115.00 target price on shares of Biogen in a report on Thursday, June 12th. Twenty 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, the company currently has a consensus rating of "Hold" and a consensus target price of $188.48.

Biogen Trading Down 0.8%

Biogen stock traded down $1.12 during trading hours on Friday, hitting $134.21. The company had a trading volume of 1,137,456 shares, compared to its average volume of 1,448,057. The firm has a market cap of $19.67 billion, a P/E ratio of 13.25, a P/E/G ratio of 1.07 and a beta of 0.14. 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 Inc. has a 1 year low of $110.04 and a 1 year high of $236.48. The company has a 50-day moving average price of $128.17 and a two-hundred day moving average price of $133.97.

Biogen (NASDAQ:BIIB - Get Free Report) last released its quarterly earnings data 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 during the quarter, compared to analysts' expectations of $2.25 billion. Biogen had a net margin of 15.07% and a return on equity of 14.03%. Biogen's quarterly revenue was up 6.2% on a year-over-year basis. During the same period last year, the firm earned $3.67 earnings per share. On average, sell-side analysts anticipate that Biogen Inc. will post 15.83 earnings per share for the current year.

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.