Biogen Inc. $BIIB Stock: Illinois Municipal Retirement Fund Raises Stake

Illinois Municipal Retirement Fund raised its position in shares of Biogen Inc. (NASDAQ:BIIB) by 570.6% in the third quarter, HoldingsChannel reports. The firm owned 665,893 shares of the biotechnology company’s stock after acquiring an additional 566,590 shares during the period. Biogen makes up 1.7% of Illinois Municipal Retirement Fund’s investment portfolio, making the stock its 6th largest position. Illinois Municipal Retirement Fund’s holdings in Biogen were worth $150,412,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Moneco Advisors LLC increased its stake in shares of Biogen by 562.4% in the third quarter. Moneco Advisors LLC now owns 9,804 shares of the biotechnology company’s stock valued at $2,215,000 after purchasing an additional 8,324 shares during the period. Lido Advisors LLC boosted its position in shares of Biogen by 1,096.4% during the third quarter. Lido Advisors LLC now owns 63,314 shares of the biotechnology company’s stock worth $14,301,000 after buying an additional 58,022 shares during the period. Keybank National Association OH boosted its position in shares of Biogen by 515.1% during the third quarter. Keybank National Association OH now owns 47,821 shares of the biotechnology company’s stock worth $10,802,000 after buying an additional 40,046 shares during the period. D Orazio & Associates Inc. boosted its position in shares of Biogen by 4.7% during the third quarter. D Orazio & Associates Inc. now owns 1,551 shares of the biotechnology company’s stock worth $350,000 after buying an additional 70 shares during the period. Finally, Nemes Rush Group LLC grew its holdings in Biogen by 48,900.0% in the 3rd quarter. Nemes Rush Group LLC now owns 490 shares of the biotechnology company’s stock worth $111,000 after buying an additional 489 shares in the last quarter. 87.93% of the stock is owned by institutional investors and hedge funds.

Biogen Trading Down 0.6%

Shares of NASDAQ:BIIB opened at $253.25 on Wednesday. The company has a 50 day moving average of $231.47 and a 200-day moving average of $203.85. The company has a current ratio of 1.95, a quick ratio of 1.37 and a debt-to-equity ratio of 0.39. The firm has a market cap of $37.44 billion, a P/E ratio of 21.64, a P/E/G ratio of 2.89 and a beta of 0.10. Biogen Inc. has a twelve month low of $154.20 and a twelve month high of $261.00.

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

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Citigroup restated a “neutral” rating on shares of Biogen in a research report on Wednesday, October 28th. Weiss Ratings lowered Biogen from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday, October 29th. Morgan Stanley boosted their price target on Biogen from $231.00 to $238.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 29th. HSBC increased their price target on Biogen from $165.00 to $175.00 and gave the stock a “reduce” rating in a research note on Thursday, September 10th. Finally, Wall Street Zen raised Biogen from a “hold” rating to a “strong-buy” rating in a report on Saturday, October 31st. One investment 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 assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $254.41.

About Biogen

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.