State Street Corp Buys 248,942 Shares of Biogen Inc. (NASDAQ:BIIB)

State Street Corp boosted its stake in Biogen Inc. (NASDAQ:BIIB) by 3.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,344,960 shares of the biotechnology company’s stock after purchasing an additional 248,942 shares during the period. State Street Corp owned approximately 5.04% of Biogen worth $1,423,747,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of BIIB. Itau Unibanco Holding S.A. bought a new stake in Biogen during the second quarter valued at approximately $33,000. Ashton Thomas Securities LLC bought a new position in Biogen in the 3rd quarter worth $33,000. Blue Trust Inc. lifted its position in Biogen by 249.0% during the second quarter. Blue Trust Inc. now owns 178 shares of the biotechnology company’s stock valued at $38,000 after purchasing an additional 127 shares in the last quarter. First Horizon Advisors Inc. grew its holdings in Biogen by 39.8% during the second quarter. First Horizon Advisors Inc. now owns 172 shares of the biotechnology company’s stock valued at $40,000 after purchasing an additional 49 shares during the period. Finally, Venturi Wealth Management LLC increased its position in Biogen by 73.8% in the third quarter. Venturi Wealth Management LLC now owns 219 shares of the biotechnology company’s stock worth $42,000 after buying an additional 93 shares in the last quarter. 87.93% of the stock is currently owned by hedge funds and other institutional investors.

Biogen Price Performance

Biogen stock opened at $157.78 on Friday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.26 and a quick ratio of 0.80. The stock has a market cap of $22.99 billion, a price-to-earnings ratio of 14.25, a price-to-earnings-growth ratio of 1.52 and a beta of -0.08. The firm has a 50-day moving average of $175.31 and a two-hundred day moving average of $201.22. Biogen Inc. has a 1 year low of $153.62 and a 1 year high of $268.30.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.77 by $0.31. The firm had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.43 billion. Biogen had a return on equity of 14.98% and a net margin of 16.81%. Biogen’s quarterly revenue was down 2.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $4.36 earnings per share. On average, research analysts forecast that Biogen Inc. will post 16.45 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have weighed in on the stock. Needham & Company LLC downgraded shares of Biogen from a “buy” rating to a “hold” rating and set a $270.00 price target on the stock. in a report on Monday, November 18th. HC Wainwright restated a “buy” rating and set a $300.00 target price on shares of Biogen in a research note on Thursday, October 31st. StockNews.com raised shares of Biogen from a “buy” rating to a “strong-buy” rating in a report on Monday, September 2nd. Raymond James reissued a “market perform” rating on shares of Biogen in a report on Thursday, October 10th. Finally, Oppenheimer dropped their price objective on Biogen from $270.00 to $255.00 and set an “outperform” rating for the company in a research note on Thursday, October 31st. Thirteen investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $257.20.

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.