California Public Employees Retirement System Purchases 2,778 Shares of Biogen Inc. (NASDAQ:BIIB)

California Public Employees Retirement System lifted its holdings in Biogen Inc. (NASDAQ:BIIB - Free Report) by 0.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 397,849 shares of the biotechnology company's stock after acquiring an additional 2,778 shares during the quarter. California Public Employees Retirement System owned approximately 0.27% of Biogen worth $60,839,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of BIIB. Larson Financial Group LLC boosted its stake in Biogen by 640.9% in the fourth quarter. Larson Financial Group LLC now owns 163 shares of the biotechnology company's stock worth $25,000 after purchasing an additional 141 shares in the last quarter. Lee Danner & Bass Inc. acquired a new position in Biogen during the 4th quarter worth about $25,000. OFI Invest Asset Management bought a new stake in Biogen during the 4th quarter worth about $32,000. SRS Capital Advisors Inc. acquired a new stake in Biogen in the 4th quarter valued at about $33,000. Finally, Golden State Wealth Management LLC bought a new position in shares of Biogen in the fourth quarter worth about $41,000. 87.93% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Biogen

In other news, Director Stephen A. Sherwin sold 8,760 shares of the firm's stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $150.02, for a total value of $1,314,175.20. Following the completion of the transaction, the director now owns 11,318 shares in the company, valued at $1,697,926.36. This trade represents a 43.63 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.16% of the company's stock.

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Biogen Stock Down 5.9 %

Shares of NASDAQ:BIIB traded down $7.73 during mid-day trading on Friday, reaching $122.98. 3,089,525 shares of the stock were exchanged, compared to its average volume of 1,324,951. The stock's 50 day simple moving average is $140.68 and its 200-day simple moving average is $157.62. Biogen Inc. has a one year low of $122.77 and a one year high of $238.00. The company has a market cap of $18.00 billion, a P/E ratio of 10.99, a P/E/G ratio of 1.51 and a beta of 0.01. The company has a quick ratio of 0.90, a current ratio of 1.35 and a debt-to-equity ratio of 0.27.

Biogen (NASDAQ:BIIB - Get Free Report) last issued its quarterly earnings results on Wednesday, February 12th. The biotechnology company reported $3.44 earnings per share for the quarter, topping the consensus estimate of $3.43 by $0.01. Biogen had a net margin of 16.87% and a return on equity of 14.98%. As a group, equities research analysts predict that Biogen Inc. will post 15.83 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Canaccord Genuity Group decreased their price target on shares of Biogen from $298.00 to $265.00 and set a "buy" rating on the stock in a research note on Thursday, February 13th. Argus lowered Biogen from a "buy" rating to a "hold" rating in a research report on Friday. Morgan Stanley cut their price target on Biogen from $192.00 to $157.00 and set an "equal weight" rating on the stock in a research note on Thursday, February 13th. Piper Sandler reiterated a "neutral" rating and issued a $135.00 price objective (down from $138.00) on shares of Biogen in a research report on Tuesday, February 18th. Finally, The Goldman Sachs Group cut their target price on shares of Biogen from $281.00 to $245.00 and set a "buy" rating on the stock in a research report on Thursday, February 13th. Eighteen research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, Biogen has an average rating of "Hold" and an average price target of $213.33.

Biogen 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.