State of Alaska Department of Revenue Decreases Stake in Biogen Inc. (NASDAQ:BIIB)

State of Alaska Department of Revenue cut its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 22.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,179 shares of the biotechnology company’s stock after selling 5,691 shares during the quarter. State of Alaska Department of Revenue’s holdings in Biogen were worth $2,932,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in BIIB. State Street Corp grew its stake in Biogen by 3.5% during the 3rd quarter. State Street Corp now owns 7,344,960 shares of the biotechnology company’s stock valued at $1,423,747,000 after purchasing an additional 248,942 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Biogen by 1.3% during the third quarter. Geode Capital Management LLC now owns 3,613,020 shares of the biotechnology company’s stock worth $698,062,000 after purchasing an additional 47,055 shares during the period. Pacer Advisors Inc. boosted its position in Biogen by 13,574.7% in the fourth quarter. Pacer Advisors Inc. now owns 2,667,531 shares of the biotechnology company’s stock valued at $407,919,000 after buying an additional 2,648,024 shares during the last quarter. RA Capital Management L.P. increased its holdings in Biogen by 20.6% in the 3rd quarter. RA Capital Management L.P. now owns 1,184,456 shares of the biotechnology company’s stock worth $229,595,000 after buying an additional 202,317 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Biogen by 1.7% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,152,691 shares of the biotechnology company’s stock worth $223,438,000 after buying an additional 18,905 shares during the last quarter. 87.93% of the stock is owned by institutional investors and hedge funds.

Biogen Stock Down 0.7 %

Shares of BIIB opened at $141.35 on Monday. Biogen Inc. has a 52-week low of $139.71 and a 52-week high of $244.95. The company has a quick ratio of 0.80, a current ratio of 1.26 and a debt-to-equity ratio of 0.28. The stock has a fifty day simple moving average of $149.14 and a two-hundred day simple moving average of $175.79. The company has a market capitalization of $20.60 billion, a PE ratio of 12.77, a price-to-earnings-growth ratio of 1.65 and a beta of -0.08.

Analyst Upgrades and Downgrades

BIIB has been the topic of several recent research reports. Barclays cut their price objective on shares of Biogen from $190.00 to $180.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 31st. HC Wainwright reaffirmed a “buy” rating and set a $300.00 price target on shares of Biogen in a research report on Thursday, October 31st. BMO Capital Markets cut Biogen from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $230.00 to $164.00 in a report on Friday, December 20th. JPMorgan Chase & Co. lowered their target price on Biogen from $220.00 to $210.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. Finally, Oppenheimer reduced their price target on Biogen from $270.00 to $255.00 and set an “outperform” rating for the company in a research report on Thursday, October 31st. Sixteen equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $228.80.

Biogen Company Profile

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.