State of New Jersey Common Pension Fund D Cuts Stock Holdings in Biogen Inc. $BIIB

Key Points

• The State of New Jersey Common Pension Fund D reduced its Biogen Inc. stock holdings by 7.3%, now owning 48,377 shares valued at approximately $6.62 million.
• Biogen has received mixed ratings from analysts, with a "neutral" rating from Wedbush and a price target increase from Royal Bank of Canada, which now stands at $219.00.
• The company reported earnings of $5.47 per share for the recent quarter, outperforming expectations, alongside a 7.3% increase in revenue year-over-year.

State of New Jersey Common Pension Fund D lowered its position in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 7.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 48,377 shares of the biotechnology company's stock after selling 3,783 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Biogen were worth $6,620,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in BIIB. Sumitomo Mitsui Trust Group Inc. lifted its stake in Biogen by 6.5% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 416,960 shares of the biotechnology company's stock worth $57,057,000 after purchasing an additional 25,464 shares in the last quarter. Asset Management One Co. Ltd. increased its holdings in shares of Biogen by 5.5% in the first quarter. Asset Management One Co. Ltd. now owns 61,420 shares of the biotechnology company's stock valued at $8,405,000 after purchasing an additional 3,194 shares during the last quarter. Assenagon Asset Management S.A. lifted its position in Biogen by 3.1% during the first quarter. Assenagon Asset Management S.A. now owns 44,796 shares of the biotechnology company's stock worth $6,130,000 after buying an additional 1,336 shares in the last quarter. Motley Fool Asset Management LLC boosted its stake in Biogen by 64.7% during the first quarter. Motley Fool Asset Management LLC now owns 6,809 shares of the biotechnology company's stock worth $932,000 after buying an additional 2,676 shares during the last quarter. Finally, Blackhawk Capital Partners LLC. purchased a new stake in Biogen in the 1st quarter valued at $382,000. Hedge funds and other institutional investors own 87.93% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on BIIB. Wedbush reiterated a "neutral" rating and set a $121.00 price target on shares of Biogen in a report on Thursday, June 12th. HSBC downgraded shares of Biogen from a "buy" rating to a "hold" rating and set a $118.00 target price on the stock. in a research note on Monday, April 28th. Royal Bank Of Canada raised their price target on shares of Biogen from $208.00 to $219.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. Piper Sandler reiterated a "neutral" rating and issued a $118.00 price objective (up from $115.00) on shares of Biogen in a report on Thursday. Finally, Needham & Company LLC reissued a "hold" rating on shares of Biogen in a research note on Thursday, June 12th. Twenty-one investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $185.74.

Biogen Price Performance

Shares of BIIB opened at $135.91 on Tuesday. The firm has a market capitalization of $19.93 billion, a price-to-earnings ratio of 12.99, a PEG ratio of 1.09 and a beta of 0.13. The firm's fifty day simple moving average is $130.17 and its 200-day simple moving average is $130.79. Biogen Inc. has a twelve month low of $110.04 and a twelve month high of $207.59. The company has a current ratio of 2.50, a quick ratio of 1.79 and a debt-to-equity ratio of 0.36.

Biogen (NASDAQ:BIIB - Get Free Report) last posted its earnings results on Thursday, July 31st. The biotechnology company reported $5.47 EPS for the quarter, beating the consensus estimate of $3.93 by $1.54. The firm had revenue of $2.65 billion for the quarter, compared to analyst estimates of $2.32 billion. Biogen had a return on equity of 13.85% and a net margin of 15.31%. Biogen's revenue for the quarter was up 7.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $5.28 earnings per share. Equities analysts forecast that Biogen Inc. will post 15.83 EPS for the current fiscal year.

Insider Buying and Selling at Biogen

In related news, insider Rachid Izzar sold 2,223 shares of the company's stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $135.00, for a total value of $300,105.00. Following the completion of the transaction, the insider directly owned 6,330 shares of the company's stock, valued at $854,550. This represents a 25.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.18% of the company's stock.

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.

Want to see what other hedge funds are holding BIIB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Biogen Inc. (NASDAQ:BIIB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.