Wells Fargo & Company MN Reduces Stake in Biogen Inc. (NASDAQ:BIIB)

Wells Fargo & Company MN trimmed its stake in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 46.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 111,043 shares of the biotechnology company's stock after selling 95,427 shares during the period. Wells Fargo & Company MN owned about 0.08% of Biogen worth $16,981,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Signaturefd LLC raised its stake in shares of Biogen by 3.5% in the 4th quarter. Signaturefd LLC now owns 2,092 shares of the biotechnology company's stock valued at $320,000 after purchasing an additional 71 shares during the period. Quent Capital LLC grew its holdings in shares of Biogen by 31.9% during the fourth quarter. Quent Capital LLC now owns 298 shares of the biotechnology company's stock worth $46,000 after buying an additional 72 shares in the last quarter. TD Private Client Wealth LLC raised its position in Biogen by 25.0% in the 3rd quarter. TD Private Client Wealth LLC now owns 385 shares of the biotechnology company's stock valued at $75,000 after buying an additional 77 shares during the last quarter. Principal Securities Inc. lifted its stake in Biogen by 30.1% in the 4th quarter. Principal Securities Inc. now owns 337 shares of the biotechnology company's stock valued at $52,000 after acquiring an additional 78 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its position in Biogen by 1.6% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 5,018 shares of the biotechnology company's stock worth $767,000 after acquiring an additional 79 shares during the last quarter. 87.93% of the stock is currently owned by institutional investors and hedge funds.

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Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on BIIB. Sanford C. Bernstein assumed coverage on shares of Biogen in a research report on Tuesday, February 11th. They issued a "market perform" rating and a $160.00 price objective on the stock. Truist Financial cut their price target on shares of Biogen from $220.00 to $210.00 and set a "buy" rating on the stock in a research report on Thursday, February 13th. Wells Fargo & Company lowered their target price on Biogen from $165.00 to $140.00 and set an "equal weight" rating on the stock in a research report on Thursday, February 13th. William Blair reissued an "outperform" rating on shares of Biogen in a research report on Monday, January 13th. Finally, HC Wainwright decreased their target price on Biogen from $300.00 to $241.00 and set a "buy" rating on the stock in a report on Thursday, February 13th. Eighteen research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $213.15.

Biogen Trading Down 1.9 %

BIIB traded down $2.28 during trading on Tuesday, reaching $116.98. 1,030,679 shares of the company's stock were exchanged, compared to its average volume of 1,354,216. The stock has a market capitalization of $17.12 billion, a PE ratio of 10.45, a price-to-earnings-growth ratio of 1.51 and a beta of 0.06. The firm has a fifty day moving average price of $135.71 and a two-hundred day moving average price of $152.96. The company has a current ratio of 1.35, a quick ratio of 0.90 and a debt-to-equity ratio of 0.27. Biogen Inc. has a one year low of $110.04 and a one year high of $238.00.

Biogen (NASDAQ:BIIB - Get Free Report) last issued its earnings results on Wednesday, February 12th. The biotechnology company reported $3.44 earnings per share for the quarter, topping analysts' consensus estimates of $3.43 by $0.01. Biogen had a return on equity of 14.98% and a net margin of 16.87%. As a group, equities research analysts forecast that Biogen Inc. will post 15.83 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Stephen A. Sherwin sold 8,760 shares of the firm's stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $150.02, for a total transaction of $1,314,175.20. Following the completion of the sale, the director now owns 11,318 shares in the company, valued at $1,697,926.36. This trade represents a 43.63 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.16% of the company's stock.

Biogen 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.