Teacher Retirement System of Texas Trims Stock Position in Biogen Inc. (NASDAQ:BIIB)

Teacher Retirement System of Texas trimmed its position in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 23.6% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 39,872 shares of the biotechnology company's stock after selling 12,285 shares during the quarter. Teacher Retirement System of Texas' holdings in Biogen were worth $5,456,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Larson Financial Group LLC raised its stake in 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. purchased a new position in shares of Biogen during the fourth quarter worth $25,000. Opal Wealth Advisors LLC purchased a new position in shares of Biogen during the first quarter worth $26,000. Colonial Trust Co SC raised its stake in shares of Biogen by 9,300.0% during the 4th quarter. Colonial Trust Co SC now owns 188 shares of the biotechnology company's stock valued at $29,000 after buying an additional 186 shares during the last quarter. Finally, Private Trust Co. NA raised its stake in shares of Biogen by 74.8% during the 1st quarter. Private Trust Co. NA now owns 229 shares of the biotechnology company's stock valued at $31,000 after buying an additional 98 shares during the last quarter. Hedge funds and other institutional investors own 87.93% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on BIIB shares. Royal Bank Of Canada set a $213.00 price target on Biogen and gave the company an "outperform" rating in a research report on Wednesday, June 25th. Robert W. Baird cut their price objective on shares of Biogen from $300.00 to $255.00 and set an "outperform" rating for the company in a report on Friday, May 2nd. Truist Financial cut their price target on Biogen from $210.00 to $199.00 and set a "buy" rating for the company in a research note on Tuesday, April 29th. The Goldman Sachs Group cut their price target on Biogen from $219.00 to $197.00 and set a "buy" rating for the company in a research note on Wednesday, April 23rd. Finally, Wedbush restated a "neutral" rating and issued a $121.00 price objective on shares of Biogen in a research report on Thursday, June 12th. Twenty analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $188.48.

Biogen Stock Up 1.7%

Shares of BIIB traded up $2.31 during midday trading on Thursday, hitting $135.33. The company had a trading volume of 991,708 shares, compared to its average volume of 1,442,594. The company's 50-day simple moving average is $127.67 and its 200-day simple moving average is $134.27. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.01 and a current ratio of 1.44. The firm has a market capitalization of $19.83 billion, a P/E ratio of 13.36, a P/E/G ratio of 1.07 and a beta of 0.14. Biogen Inc. has a 1 year low of $110.04 and a 1 year high of $238.00.

Biogen (NASDAQ:BIIB - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The biotechnology company reported $3.02 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $3.26 by ($0.24). The business had revenue of $2.43 billion for the quarter, compared to analysts' expectations 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 period last year, the firm earned $3.67 earnings per share. As a group, sell-side analysts expect that Biogen Inc. will post 15.83 EPS 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.