Biogen Inc. (NASDAQ:BIIB) Shares Sold by M&T Bank Corp

M&T Bank Corp reduced its position in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 10.6% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 14,509 shares of the biotechnology company's stock after selling 1,724 shares during the quarter. M&T Bank Corp's holdings in Biogen were worth $2,218,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of BIIB. State Street Corp raised its stake in Biogen by 3.5% during the third 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 in the last quarter. Geode Capital Management LLC raised its position in shares of Biogen by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 3,613,020 shares of the biotechnology company's stock valued at $698,062,000 after buying an additional 47,055 shares in the last quarter. Pacer Advisors Inc. lifted its holdings in shares of Biogen by 13,574.7% in the 4th quarter. Pacer Advisors Inc. now owns 2,667,531 shares of the biotechnology company's stock valued at $407,919,000 after acquiring an additional 2,648,024 shares during the last quarter. RA Capital Management L.P. lifted its holdings in shares of 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 valued at $229,595,000 after acquiring an additional 202,317 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Biogen by 1.7% in the third 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 acquiring an additional 18,905 shares in the last quarter. 87.93% of the stock is currently owned by institutional investors.

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Insider Transactions at Biogen

In other Biogen 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 value of $1,314,175.20. Following the completion of the sale, the director now directly owns 11,318 shares in the company, valued at $1,697,926.36. This trade represents a 43.63 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.16% of the company's stock.

Biogen Stock Up 0.2 %

NASDAQ BIIB traded up $0.33 during midday trading on Monday, hitting $150.71. 2,650,792 shares of the company traded hands, compared to its average volume of 1,545,971. Biogen Inc. has a 52 week low of $128.51 and a 52 week high of $238.00. The company's 50-day simple moving average is $143.98 and its 200-day simple moving average is $166.18. The company has a market cap of $22.06 billion, a PE ratio of 13.47, a price-to-earnings-growth ratio of 1.51 and a beta of 0.01. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.35 and a quick ratio of 0.90.

Biogen (NASDAQ:BIIB - Get Free Report) last issued its quarterly earnings data on Wednesday, February 12th. The biotechnology company reported $3.44 earnings per share for the quarter, beating 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 year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on BIIB shares. Mizuho lowered their price objective on Biogen from $251.00 to $207.00 and set an "outperform" rating for the company in a research note on Thursday, November 21st. Bank of America restated a "neutral" rating and issued a $178.00 price target on shares of Biogen in a research report on Tuesday, December 10th. Scotiabank dropped their price objective on shares of Biogen from $244.00 to $224.00 and set a "sector outperform" rating for the company in a research note on Thursday, February 13th. BMO Capital Markets reduced their target price on shares of Biogen from $156.00 to $139.00 and set a "market perform" rating on the stock in a research note on Thursday, February 13th. Finally, Wells Fargo & Company dropped their price target on shares of Biogen from $165.00 to $140.00 and set an "equal weight" rating for the company in a research note on Thursday, February 13th. Seventeen investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. According to MarketBeat.com, Biogen has a consensus rating of "Hold" and a consensus price target of $213.33.

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.