Retirement Systems of Alabama Buys 526,484 Shares of Biogen Inc. $BIIB

Retirement Systems of Alabama raised its stake in Biogen Inc. (NASDAQ:BIIB) by 1,697.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 557,499 shares of the biotechnology company’s stock after buying an additional 526,484 shares during the quarter. Retirement Systems of Alabama’s holdings in Biogen were worth $125,928,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the stock. BlackRock Inc. acquired a new stake in Biogen in the 2nd quarter valued at approximately $3,453,878,000. Orbimed Advisors LLC acquired a new position in Biogen during the first quarter worth $11,293,000. Tidal Investments LLC lifted its stake in Biogen by 9.0% during the second quarter. Tidal Investments LLC now owns 63,842 shares of the biotechnology company’s stock worth $13,794,000 after purchasing an additional 5,256 shares in the last quarter. Saudi Central Bank boosted its position in shares of Biogen by 89.7% during the second quarter. Saudi Central Bank now owns 10,273 shares of the biotechnology company’s stock worth $2,220,000 after buying an additional 4,858 shares during the period. Finally, Nippon Life Global Investors Americas Inc. acquired a new stake in shares of Biogen in the second quarter valued at $29,648,000. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Biogen Stock Performance

NASDAQ:BIIB opened at $254.87 on Tuesday. The company has a fifty day simple moving average of $230.73 and a two-hundred day simple moving average of $203.45. The company has a market cap of $37.67 billion, a price-to-earnings ratio of 108.92, a price-to-earnings-growth ratio of 2.89 and a beta of 0.10. The company has a quick ratio of 1.37, a current ratio of 1.95 and a debt-to-equity ratio of 0.39. Biogen Inc. has a 52 week low of $153.77 and a 52 week high of $261.00.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings data on Wednesday, October 28th. The biotechnology company reported $2.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.99 by $0.63. The business had revenue of $2.80 billion for the quarter, compared to analysts’ expectations of $2.63 billion. Biogen had a return on equity of 9.38% and a net margin of 3.37%. The company’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period last year, the firm earned $4.81 earnings per share. As a group, equities analysts anticipate that Biogen Inc. will post 12.45 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. HSBC boosted their price objective on Biogen from $165.00 to $175.00 and gave the company a “reduce” rating in a report on Thursday, September 10th. Truist Financial restated a “buy” rating and set a $260.00 target price (up from $235.00) on shares of Biogen in a report on Thursday, October 29th. Weiss Ratings downgraded Biogen from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday, October 29th. BMO Capital Markets reiterated a “market perform” rating and set a $220.00 price target on shares of Biogen in a research note on Monday, October 12th. Finally, Morgan Stanley boosted their price target on shares of Biogen from $231.00 to $238.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 29th. One analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Biogen has an average rating of “Moderate Buy” and an average price target 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.

Founded in 1978, Biogen is headquartered in Cambridge, Massachusetts, and serves patients and healthcare providers in the United States and international markets.