Public Sector Pension Investment Board Purchases 2,465 Shares of Biogen Inc. (NASDAQ:BIIB)

Public Sector Pension Investment Board boosted its position in Biogen Inc. (NASDAQ:BIIB) by 77.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 5,661 shares of the biotechnology company’s stock after acquiring an additional 2,465 shares during the period. Public Sector Pension Investment Board’s holdings in Biogen were worth $1,312,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Leo Wealth LLC purchased a new stake in shares of Biogen in the fourth quarter worth approximately $2,265,000. Duality Advisers LP purchased a new stake in shares of Biogen during the first quarter valued at approximately $1,290,000. Tocqueville Asset Management L.P. increased its position in shares of Biogen by 924.4% during the first quarter. Tocqueville Asset Management L.P. now owns 46,200 shares of the biotechnology company’s stock valued at $9,962,000 after acquiring an additional 41,690 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its position in shares of Biogen by 0.9% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 386,482 shares of the biotechnology company’s stock valued at $83,337,000 after acquiring an additional 3,380 shares during the last quarter. Finally, Cetera Investment Advisers increased its position in Biogen by 235.1% in the first quarter. Cetera Investment Advisers now owns 14,860 shares of the biotechnology company’s stock worth $3,204,000 after buying an additional 10,425 shares during the last quarter. Institutional investors own 87.93% of the company’s stock.

Biogen Stock Performance

Shares of BIIB opened at $190.80 on Wednesday. The stock has a market cap of $27.78 billion, a P/E ratio of 23.82, a P/E/G ratio of 1.97 and a beta of -0.06. Biogen Inc. has a 52 week low of $188.78 and a 52 week high of $269.43. The company has a quick ratio of 1.48, a current ratio of 2.29 and a debt-to-equity ratio of 0.40. The business’s 50 day moving average price is $202.80 and its 200-day moving average price is $213.48.

Biogen (NASDAQ:BIIB) last released its quarterly earnings data on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.00 by $1.28. The business had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.39 billion. Biogen had a return on equity of 15.71% and a net margin of 11.98%. The firm’s quarterly revenue was up .4% on a year-over-year basis. During the same period in the prior year, the firm posted $4.02 EPS. Equities research analysts anticipate that Biogen Inc. will post 16.12 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

BIIB has been the subject of a number of analyst reports. Barclays cut their price target on Biogen from $200.00 to $190.00 and set an “equal weight” rating for the company in a report on Friday, August 2nd. Royal Bank of Canada reissued an “outperform” rating and set a $292.00 price objective on shares of Biogen in a research note on Thursday, September 19th. Needham & Company LLC reissued a “buy” rating and set a $285.00 price objective on shares of Biogen in a research note on Tuesday, September 24th. StockNews.com raised Biogen from a “buy” rating to a “strong-buy” rating in a research note on Monday, September 2nd. Finally, Mizuho dropped their price objective on Biogen from $277.00 to $251.00 and set an “outperform” rating for the company in a research note on Tuesday, August 6th. Eight research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Biogen presently has an average rating of “Moderate Buy” and an average price target of $275.30.

Insider Buying and Selling at Biogen

In other Biogen news, insider Priya Singhal sold 431 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total transaction of $88,018.82. Following the completion of the sale, the insider now directly owns 5,316 shares in the company, valued at approximately $1,085,633.52. The sale was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 0.16% of the company’s stock.

About Biogen

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.