Kentucky Retirement Systems Has $1.97 Million Stock Position in Biogen Inc. (NASDAQ:BIIB)

Kentucky Retirement Systems cut its holdings in Biogen Inc. (NASDAQ:BIIB) by 7.5% during the 3rd quarter, HoldingsChannel reports. The fund owned 10,148 shares of the biotechnology company’s stock after selling 824 shares during the quarter. Kentucky Retirement Systems’ holdings in Biogen were worth $1,967,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the business. Plato Investment Management Ltd boosted its holdings in Biogen by 82.8% in the 1st quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock valued at $25,000 after purchasing an additional 53 shares during the period. Itau Unibanco Holding S.A. bought a new position in Biogen during the 2nd quarter worth $33,000. Ashton Thomas Securities LLC acquired a new position in Biogen in the 3rd quarter valued at $33,000. EntryPoint Capital LLC bought a new stake in shares of Biogen during the 1st quarter valued at $36,000. Finally, Versant Capital Management Inc grew its holdings in shares of Biogen by 123.2% during the 2nd quarter. Versant Capital Management Inc now owns 154 shares of the biotechnology company’s stock worth $36,000 after purchasing an additional 85 shares in the last quarter. 87.93% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have issued reports on BIIB shares. Wolfe Research began coverage on shares of Biogen in a research note on Friday. They set a “peer perform” rating on the stock. Cantor Fitzgerald reissued an “overweight” rating and issued a $292.00 price objective on shares of Biogen in a research note on Monday, September 9th. Wedbush cut their target price on Biogen from $210.00 to $205.00 and set a “neutral” rating for the company in a research note on Monday, September 23rd. TD Cowen decreased their price target on Biogen from $300.00 to $275.00 and set a “buy” rating on the stock in a research note on Thursday, October 31st. Finally, HC Wainwright restated a “buy” rating and set a $300.00 price objective on shares of Biogen in a research report on Thursday, October 31st. Twelve research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $258.96.

Biogen Stock Down 3.0 %

Biogen stock opened at $159.99 on Monday. The firm has a 50 day moving average price of $185.99 and a two-hundred day moving average price of $207.27. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.80 and a current ratio of 1.26. Biogen Inc. has a 52-week low of $159.60 and a 52-week high of $268.30. The firm has a market cap of $23.31 billion, a price-to-earnings ratio of 14.45, a PEG ratio of 1.51 and a beta of -0.06.

Biogen (NASDAQ:BIIB) last announced its earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share for the quarter, topping analysts’ consensus estimates of $3.77 by $0.31. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The business had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.43 billion. During the same quarter last year, the firm earned $4.36 earnings per share. Biogen’s quarterly revenue was down 2.5% on a year-over-year basis. Equities analysts predict that Biogen Inc. will post 16.42 EPS for the current year.

Insider Activity at Biogen

In other Biogen news, insider Priya Singhal sold 431 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total value of $88,018.82. Following the transaction, the insider now directly owns 5,316 shares of the company’s stock, valued at approximately $1,085,633.52. The trade was a 7.50 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.16% of the stock is owned by corporate insiders.

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.