Biogen Inc. $BIIB Shares Sold by State of Wyoming

State of Wyoming decreased its holdings in shares of Biogen Inc. (NASDAQ:BIIB) by 88.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 335 shares of the biotechnology company’s stock after selling 2,588 shares during the period. State of Wyoming’s holdings in Biogen were worth $76,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in BIIB. BlackRock Inc. bought a new stake in shares of Biogen in the 2nd quarter valued at approximately $3,453,878,000. Primecap Management Co. CA acquired a new position in shares of Biogen in the 2nd quarter worth approximately $3,274,304,000. Legal & General Group Plc bought a new position in shares of Biogen during the 2nd quarter worth approximately $322,640,000. Bank of America Corp DE bought a new position in shares of Biogen during the 2nd quarter worth approximately $241,172,000. Finally, Deutsche Bank AG bought a new position in shares of Biogen during the 2nd quarter worth approximately $193,165,000. 87.93% of the stock is owned by institutional investors and hedge funds.

Biogen Stock Performance

NASDAQ:BIIB opened at $253.40 on Thursday. Biogen Inc. has a 1 year low of $158.05 and a 1 year high of $261.00. The firm has a 50 day moving average of $232.21 and a 200-day moving average of $204.26. The company has a current ratio of 1.95, a quick ratio of 1.37 and a debt-to-equity ratio of 0.39. The stock has a market capitalization of $37.46 billion, a P/E ratio of 108.29, a price-to-earnings-growth ratio of 2.87 and a beta of 0.10.

Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Wednesday, October 28th. The biotechnology company reported $2.62 EPS for the quarter, topping analysts’ consensus estimates of $1.99 by $0.63. The business had revenue of $2.80 billion for the quarter, compared to analyst estimates of $2.63 billion. Biogen had a return on equity of 9.38% and a net margin of 3.37%. Biogen’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same period in the prior year, the company earned $4.81 EPS. As a group, sell-side analysts anticipate that Biogen Inc. will post 12.46 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Truist Financial reaffirmed a “buy” rating and issued a $260.00 price target (up from $235.00) on shares of Biogen in a research note on Thursday, October 29th. Robert W. Baird increased their price objective on Biogen from $250.00 to $290.00 and gave the stock an “outperform” rating in a research note on Thursday, October 29th. Mizuho lifted their price objective on Biogen from $221.00 to $241.00 and gave the company an “outperform” rating in a report on Tuesday, August 4th. HC Wainwright boosted their target price on shares of Biogen from $251.00 to $270.00 and gave the company a “buy” rating in a research note on Monday, November 2nd. Finally, Weiss Ratings lowered shares of Biogen from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, October 29th. One analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $254.41.

Biogen Profile

Biogen is a biotechnology company focused on developing and commercializing medicines for neurological and rare diseases. Its areas of focus include multiple sclerosis, Alzheimer’s disease, spinal muscular atrophy and Friedreich’s ataxia. Its products include multiple sclerosis treatments such as Tysabri, Tecfidera and Vumerity, and Skyclarys for Friedreich’s ataxia. Biogen shares rights to several medicines with other companies, including Leqembi for Alzheimer’s disease with Eisai and Spinraza for spinal muscular atrophy with Ionis Pharmaceuticals.