State of New Jersey Common Pension Fund D Sells 29,041 Shares of Biogen Inc. (NASDAQ:BIIB)

State of New Jersey Common Pension Fund D decreased its position in Biogen Inc. (NASDAQ:BIIB) by 35.4% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 52,984 shares of the biotechnology company’s stock after selling 29,041 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Biogen were worth $12,283,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in the company. Leo Wealth LLC purchased a new stake in Biogen during the 4th quarter valued at $2,265,000. Duality Advisers LP purchased a new stake in Biogen during the 1st quarter valued at $1,290,000. Tocqueville Asset Management L.P. raised its holdings in Biogen by 924.4% during the 1st quarter. Tocqueville Asset Management L.P. now owns 46,200 shares of the biotechnology company’s stock valued at $9,962,000 after buying an additional 41,690 shares during the period. Sumitomo Mitsui Trust Holdings Inc. raised its holdings in Biogen by 0.9% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 386,482 shares of the biotechnology company’s stock valued at $83,337,000 after buying an additional 3,380 shares during the period. Finally, Cetera Investment Advisers raised its holdings in Biogen by 235.1% during the 1st quarter. Cetera Investment Advisers now owns 14,860 shares of the biotechnology company’s stock valued at $3,204,000 after buying an additional 10,425 shares during the period. Institutional investors own 87.93% of the company’s stock.

Biogen Price Performance

Shares of BIIB stock opened at $195.63 on Friday. Biogen Inc. has a 1-year low of $189.44 and a 1-year high of $269.43. The stock’s 50-day moving average is $210.52 and its 200 day moving average is $215.77. The company has a market cap of $28.50 billion, a P/E ratio of 24.42, a PEG ratio of 2.01 and a beta of -0.06. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.29 and a quick ratio of 1.48.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings data on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share for the quarter, beating analysts’ consensus estimates of $4.00 by $1.28. Biogen had a return on equity of 15.71% and a net margin of 11.98%. The company had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.39 billion. During the same quarter last year, the company earned $4.02 earnings per share. The firm’s revenue for the quarter was up .4% compared to the same quarter last year. Research analysts predict that Biogen Inc. will post 16.12 earnings per share for the current fiscal year.

Insider Activity at Biogen

In related news, insider Priya Singhal sold 431 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total transaction of $88,018.82. Following the sale, the insider now owns 5,316 shares of the company’s stock, valued at $1,085,633.52. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.16% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several analysts recently weighed in on BIIB shares. Wells Fargo & Company decreased their price target on Biogen from $240.00 to $225.00 and set an “equal weight” rating on the stock in a report on Friday, August 2nd. Mizuho decreased their price target on Biogen from $277.00 to $251.00 and set an “outperform” rating on the stock in a report on Tuesday, August 6th. Robert W. Baird reduced their target price on Biogen from $316.00 to $294.00 and set an “outperform” rating on the stock in a research note on Monday, July 29th. Wedbush reduced their target price on Biogen from $215.00 to $210.00 and set a “neutral” rating on the stock in a research note on Friday, August 2nd. Finally, Piper Sandler reduced their target price on Biogen from $335.00 to $313.00 and set an “overweight” rating on the stock in a research note on Friday, July 12th. Eight equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $275.52.

Biogen Company 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.