Teacher Retirement System of Texas Sells 12,285 Shares of Biogen Inc. (NASDAQ:BIIB)

Teacher Retirement System of Texas decreased its holdings in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 23.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (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 have also added to or reduced their stakes in the company. Larson Financial Group LLC lifted its holdings in shares of Biogen by 640.9% during the fourth quarter. Larson Financial Group LLC now owns 163 shares of the biotechnology company's stock worth $25,000 after buying an additional 141 shares in the last quarter. Lee Danner & Bass Inc. acquired a new stake in shares of Biogen during the fourth quarter worth $25,000. Opal Wealth Advisors LLC acquired a new position in Biogen in the first quarter valued at about $26,000. Colonial Trust Co SC raised its stake in Biogen by 9,300.0% in the fourth quarter. Colonial Trust Co SC now owns 188 shares of the biotechnology company's stock valued at $29,000 after purchasing an additional 186 shares in the last quarter. Finally, Private Trust Co. NA raised its stake in Biogen by 74.8% in the first quarter. Private Trust Co. NA now owns 229 shares of the biotechnology company's stock valued at $31,000 after purchasing an additional 98 shares in the last quarter. Institutional investors and hedge funds own 87.93% of the company's stock.

Analysts Set New Price Targets

BIIB has been the subject of a number of analyst reports. HSBC downgraded Biogen from a "buy" rating to a "hold" rating and set a $118.00 price target for the company. in a research note on Monday, April 28th. Wedbush reaffirmed a "neutral" rating and issued a $121.00 price target on shares of Biogen in a research note on Thursday, June 12th. Canaccord Genuity Group decreased their target price on Biogen from $265.00 to $220.00 and set a "buy" rating on the stock in a research report on Friday, May 2nd. Needham & Company LLC reiterated a "hold" rating on shares of Biogen in a research report on Thursday, June 12th. Finally, JPMorgan Chase & Co. reduced their price target on Biogen from $185.00 to $175.00 and set a "neutral" rating on the stock in a report on Monday, May 5th. Twenty equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $188.48.

Biogen Stock Performance

Shares of NASDAQ:BIIB traded up $4.33 during midday trading on Tuesday, reaching $134.46. 1,350,505 shares of the company's stock traded hands, compared to its average volume of 1,436,753. The company has a market cap of $19.70 billion, a price-to-earnings ratio of 13.27, a P/E/G ratio of 1.06 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 one year low of $110.04 and a one year high of $238.00. The stock has a 50 day moving average of $127.15 and a 200 day moving average of $134.28.

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 the consensus estimate of $2.25 billion. Biogen had a net margin of 15.07% and a return on equity of 14.03%. The company's revenue for the quarter was up 6.2% compared to the same quarter last year. During the same period in the previous year, the company earned $3.67 earnings per share. As a group, equities research analysts anticipate that Biogen Inc. will post 15.83 EPS for the current fiscal year.

Biogen Company 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.