California Public Employees Retirement System Buys 82,046 Shares of Biogen Inc. (NASDAQ:BIIB)

California Public Employees Retirement System grew its stake in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 29.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 363,209 shares of the biotechnology company's stock after acquiring an additional 82,046 shares during the quarter. California Public Employees Retirement System owned about 0.25% of Biogen worth $93,988,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. AE Wealth Management LLC boosted its holdings in Biogen by 31.4% in the 3rd quarter. AE Wealth Management LLC now owns 1,666 shares of the biotechnology company's stock worth $428,000 after acquiring an additional 398 shares during the period. Flagship Harbor Advisors LLC lifted its stake in Biogen by 8.5% during the third quarter. Flagship Harbor Advisors LLC now owns 1,661 shares of the biotechnology company's stock worth $427,000 after purchasing an additional 130 shares during the last quarter. Impact Partnership Wealth LLC increased its position in Biogen by 3,433.3% in the third quarter. Impact Partnership Wealth LLC now owns 212 shares of the biotechnology company's stock worth $54,000 after buying an additional 206 shares during the period. DAVENPORT & Co LLC increased its position in Biogen by 28.5% in the third quarter. DAVENPORT & Co LLC now owns 1,360 shares of the biotechnology company's stock worth $350,000 after buying an additional 302 shares during the period. Finally, GHP Investment Advisors Inc. increased its position in Biogen by 5.5% in the third quarter. GHP Investment Advisors Inc. now owns 2,894 shares of the biotechnology company's stock worth $759,000 after buying an additional 150 shares during the period. Institutional investors and hedge funds own 87.93% of the company's stock.

Biogen Stock Up 0.2 %

Shares of BIIB traded up $0.47 during midday trading on Thursday, reaching $202.46. 1,590,154 shares of the stock were exchanged, compared to its average volume of 1,196,880. Biogen Inc. has a 12-month low of $189.44 and a 12-month high of $319.76. The firm has a 50 day simple moving average of $212.76 and a 200-day simple moving average of $234.17. The company has a quick ratio of 1.26, a current ratio of 2.00 and a debt-to-equity ratio of 0.46. The company has a market cap of $29.43 billion, a price-to-earnings ratio of 25.37, a P/E/G ratio of 1.84 and a beta of -0.02.

Biogen (NASDAQ:BIIB - Get Free Report) last posted its quarterly earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 earnings per share for the quarter, topping analysts' consensus estimates of $3.45 by $0.22. Biogen had a return on equity of 14.91% and a net margin of 11.81%. The company had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.31 billion. During the same period last year, the business earned $3.40 EPS. The business's quarterly revenue was down 7.0% on a year-over-year basis. Research analysts forecast that Biogen Inc. will post 15.47 EPS for the current year.

Insider Transactions at Biogen

In related news, insider Priya Singhal sold 419 shares of the firm's stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $239.45, for a total value of $100,329.55. Following the transaction, the insider now directly owns 4,516 shares of the company's stock, valued at approximately $1,081,356.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Priya Singhal sold 419 shares of the firm's stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $239.45, for a total value of $100,329.55. Following the transaction, the insider now directly owns 4,516 shares of the company's stock, valued at approximately $1,081,356.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Eric K. Rowinsky acquired 455 shares of the business's stock in a transaction that occurred on Thursday, February 15th. The stock was bought at an average cost of $222.54 per share, for a total transaction of $101,255.70. Following the completion of the purchase, the director now directly owns 20,629 shares in the company, valued at approximately $4,590,777.66. The disclosure for this purchase can be found here. Insiders sold 882 shares of company stock valued at $202,030 in the last three months. Corporate insiders own 0.60% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on BIIB shares. Bank of America dropped their target price on Biogen from $280.00 to $260.00 and set a "neutral" rating on the stock in a research report on Friday, April 12th. Wedbush raised their price target on Biogen from $213.00 to $215.00 and gave the company a "neutral" rating in a report on Thursday. Wells Fargo & Company lowered Biogen from an "overweight" rating to an "equal weight" rating and lowered their price target for the company from $315.00 to $240.00 in a report on Wednesday, February 14th. Barclays lowered their price target on Biogen from $215.00 to $200.00 and set an "equal weight" rating on the stock in a report on Thursday. Finally, Cantor Fitzgerald reissued an "overweight" rating and set a $311.00 price target on shares of Biogen in a report on Tuesday, February 20th. Ten analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. Based on data from MarketBeat.com, Biogen has a consensus rating of "Moderate Buy" and an average price target of $293.88.

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.