State of Wyoming Sells 2,588 Shares of Biogen Inc. $BIIB

State of Wyoming lessened its holdings in shares of Biogen Inc. (NASDAQ:BIIB) by 88.5% in the 3rd quarter, according to its most recent filing with the SEC. The fund 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 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in BIIB. BlackRock Inc. acquired a new position in shares of Biogen during the second quarter worth approximately $3,453,878,000. Primecap Management Co. CA bought a new stake in shares of Biogen in the second quarter valued at approximately $3,274,304,000. Wellington Management Group LLP grew its stake in shares of Biogen by 5.3% in the second quarter. Wellington Management Group LLP now owns 3,117,469 shares of the biotechnology company’s stock worth $673,560,000 after acquiring an additional 155,828 shares during the last quarter. Amundi grew its stake in shares of Biogen by 91.8% in the second quarter. Amundi now owns 1,516,831 shares of the biotechnology company’s stock worth $327,727,000 after acquiring an additional 726,004 shares during the last quarter. Finally, Legal & General Group Plc acquired a new stake in shares of Biogen in the second quarter worth $322,640,000. Institutional investors own 87.93% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on BIIB. Argus upgraded shares of Biogen from a “hold” rating to a “buy” rating and set a $280.00 target price for the company in a research note on Thursday, October 29th. Barclays increased their price target on shares of Biogen from $200.00 to $230.00 and gave the company an “equal weight” rating in a report on Wednesday, October 28th. Stifel Nicolaus set a $242.00 price target on shares of Biogen in a research report on Thursday, September 10th. UBS Group boosted their price objective on shares of Biogen from $270.00 to $300.00 and gave the stock a “buy” rating in a report on Thursday, October 29th. Finally, Weiss Ratings downgraded shares of Biogen from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, October 29th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $254.41.

Biogen Price Performance

Shares of 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 market capitalization of $37.46 billion, a PE ratio of 108.29, a PEG ratio of 2.87 and a beta of 0.10. The business’s 50 day moving average is $232.21 and its 200-day moving average is $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.

Biogen (NASDAQ:BIIB) last issued its earnings results on Wednesday, October 28th. The biotechnology company reported $2.62 EPS for the quarter, beating analysts’ consensus estimates of $1.99 by $0.63. The business had revenue of $2.80 billion during 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 was up 10.6% on a year-over-year basis. During the same period in the prior year, the company posted $4.81 earnings per share. Sell-side analysts predict that Biogen Inc. will post 12.46 earnings per share for the current year.

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.