Teacher Retirement System of Texas Increases Stock Position in Biogen Inc. (NASDAQ:BIIB)

Teacher Retirement System of Texas boosted its holdings in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 32.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 52,157 shares of the biotechnology company's stock after purchasing an additional 12,765 shares during the quarter. Teacher Retirement System of Texas' holdings in Biogen were worth $7,976,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in BIIB. Larson Financial Group LLC increased its holdings in Biogen by 640.9% in the 4th quarter. Larson Financial Group LLC now owns 163 shares of the biotechnology company's stock worth $25,000 after acquiring an additional 141 shares in the last quarter. OFI Invest Asset Management purchased a new stake in shares of Biogen during the fourth quarter worth about $32,000. SRS Capital Advisors Inc. purchased a new stake in shares of Biogen during the fourth quarter worth about $33,000. Golden State Wealth Management LLC purchased a new position in Biogen in the 4th quarter valued at about $41,000. Finally, Itau Unibanco Holding S.A. boosted its holdings in Biogen by 63.8% in the 3rd quarter. Itau Unibanco Holding S.A. now owns 231 shares of the biotechnology company's stock worth $45,000 after buying an additional 90 shares during the last quarter. 87.93% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Biogen news, Director Stephen A. Sherwin sold 8,760 shares of Biogen stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $150.02, for a total transaction of $1,314,175.20. Following the transaction, the director now directly owns 11,318 shares of the company's stock, valued at $1,697,926.36. The trade was a 43.63 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.16% of the stock is owned by company insiders.

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Biogen Stock Performance

NASDAQ:BIIB traded down $2.35 during mid-day trading on Tuesday, reaching $139.25. The stock had a trading volume of 865,272 shares, compared to its average volume of 1,249,625. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.90 and a current ratio of 1.35. The business has a 50 day simple moving average of $141.99 and a 200 day simple moving average of $161.38. Biogen Inc. has a twelve month low of $128.51 and a twelve month high of $238.00. The firm has a market capitalization of $20.38 billion, a price-to-earnings ratio of 12.47, a PEG ratio of 1.51 and a beta of 0.01.

Biogen (NASDAQ:BIIB - Get Free Report) last released its quarterly earnings data on Wednesday, February 12th. The biotechnology company reported $3.44 EPS 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%. On average, analysts expect that Biogen Inc. will post 15.83 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently weighed in on BIIB shares. Morgan Stanley decreased their target price on Biogen from $192.00 to $157.00 and set an "equal weight" rating on the stock in a research report on Thursday, February 13th. StockNews.com cut shares of Biogen from a "strong-buy" rating to a "buy" rating in a research note on Saturday, December 28th. Truist Financial cut their price objective on shares of Biogen from $220.00 to $210.00 and set a "buy" rating for the company in a report on Thursday, February 13th. HC Wainwright reduced their price target on Biogen from $300.00 to $241.00 and set a "buy" rating on the stock in a report on Thursday, February 13th. Finally, Wells Fargo & Company cut their price target on shares of Biogen from $165.00 to $140.00 and set an "equal weight" rating for the company in a report on Thursday, February 13th. Seventeen equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price 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.