Arizona State Retirement System Has $14.38 Million Position in Biogen Inc. (BIIB)
Arizona State Retirement System lowered its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 0.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 52,998 shares of the biotechnology company’s stock after selling 500 shares during the period. Arizona State Retirement System’s holdings in Biogen were worth $14,382,000 as of its most recent SEC filing.
Several other hedge funds have also recently added to or reduced their stakes in the stock. BlackRock Inc. increased its position in Biogen by 2,762.0% in the first quarter. BlackRock Inc. now owns 17,692,259 shares of the biotechnology company’s stock valued at $4,837,418,000 after buying an additional 17,074,075 shares during the period. Vanguard Group Inc. increased its position in Biogen by 2.4% in the first quarter. Vanguard Group Inc. now owns 14,352,490 shares of the biotechnology company’s stock valued at $3,924,258,000 after buying an additional 342,568 shares during the period. State Street Corp increased its position in Biogen by 2.3% in the first quarter. State Street Corp now owns 9,580,383 shares of the biotechnology company’s stock valued at $2,619,469,000 after buying an additional 219,502 shares during the period. Clearbridge Investments LLC increased its position in Biogen by 4.0% in the first quarter. Clearbridge Investments LLC now owns 9,121,025 shares of the biotechnology company’s stock valued at $2,493,871,000 after buying an additional 351,224 shares during the period. Finally, Alliancebernstein L.P. increased its position in Biogen by 11.1% in the first quarter. Alliancebernstein L.P. now owns 2,937,319 shares of the biotechnology company’s stock valued at $803,122,000 after buying an additional 294,308 shares during the period. 87.25% of the stock is owned by institutional investors and hedge funds.
Biogen Inc. (NASDAQ:BIIB) opened at 293.58 on Wednesday. The firm has a 50-day moving average price of $284.39 and a 200-day moving average price of $274.87. Biogen Inc. has a one year low of $244.28 and a one year high of $304.23. The stock has a market cap of $62.07 billion, a price-to-earnings ratio of 19.27 and a beta of 0.79.
Biogen (NASDAQ:BIIB) last issued its earnings results on Tuesday, July 25th. The biotechnology company reported $5.04 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $4.36 by $0.68. The business had revenue of $3.08 billion for the quarter, compared to analysts’ expectations of $2.81 billion. Biogen had a return on equity of 37.42% and a net margin of 28.10%. The company’s quarterly revenue was up 6.4% on a year-over-year basis. During the same period in the previous year, the firm posted $5.21 EPS. On average, equities analysts predict that Biogen Inc. will post $21.44 earnings per share for the current year.
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Several research firms have recently issued reports on BIIB. UBS AG restated a “neutral” rating and set a $285.00 price objective (up previously from $270.00) on shares of Biogen in a report on Wednesday, July 26th. Sanford C. Bernstein restated an “outperform” rating on shares of Biogen in a report on Thursday, May 25th. Vetr downgraded shares of Biogen from a “strong-buy” rating to a “buy” rating and set a $311.67 price objective on the stock. in a report on Wednesday, June 21st. Goldman Sachs Group, Inc. (The) upgraded shares of Biogen from a “buy” rating to a “conviction-buy” rating and set a $338.00 price objective on the stock in a report on Wednesday, August 16th. Finally, Deutsche Bank AG restated a “buy” rating and set a $319.00 price objective (up previously from $315.00) on shares of Biogen in a report on Wednesday, July 26th. Eleven equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the stock. Biogen currently has an average rating of “Buy” and a consensus price target of $328.81.
In related news, EVP Susan H. Alexander sold 4,974 shares of Biogen stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $290.01, for a total value of $1,442,509.74. Following the transaction, the executive vice president now directly owns 22,258 shares in the company, valued at approximately $6,455,042.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Brian S. Posner sold 1,084 shares of Biogen stock in a transaction on Friday, June 9th. The stock was sold at an average price of $256.31, for a total value of $277,840.04. Following the completion of the transaction, the director now owns 6,330 shares in the company, valued at $1,622,442.30. The disclosure for this sale can be found here. Insiders sold a total of 13,816 shares of company stock worth $3,931,380 over the last 90 days. Insiders own 0.32% of the company’s stock.
Biogen Company Profile
Biogen Inc is a biopharmaceutical company. The Company focuses on discovering, developing, manufacturing and delivering therapies to people living with serious neurological, rare and autoimmune diseases. The Company markets products, including TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, ZINBRYTA and FAMPYRA for multiple sclerosis (MS), FUMADERM for the treatment of severe plaque psoriasis and SPINRAZA for the treatment of spinal muscular atrophy (SMA).
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