Biogen Inc. $BIIB Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp cut its holdings in shares of Biogen Inc. (NASDAQ:BIIB) by 2.1% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 884,701 shares of the biotechnology company’s stock after selling 19,353 shares during the quarter. Bank of New York Mellon Corp’s holdings in Biogen were worth $123,929,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Empowered Funds LLC grew its stake in Biogen by 64.9% during the 1st quarter. Empowered Funds LLC now owns 7,054 shares of the biotechnology company’s stock valued at $965,000 after acquiring an additional 2,777 shares in the last quarter. Focus Partners Wealth increased its position in shares of Biogen by 172.2% in the 1st quarter. Focus Partners Wealth now owns 10,173 shares of the biotechnology company’s stock valued at $1,392,000 after purchasing an additional 6,436 shares during the last quarter. Sivia Capital Partners LLC purchased a new position in Biogen in the second quarter valued at approximately $216,000. Janney Montgomery Scott LLC grew its stake in Biogen by 6.5% during the 2nd quarter. Janney Montgomery Scott LLC now owns 19,099 shares of the biotechnology company’s stock worth $2,399,000 after buying an additional 1,158 shares during the last quarter. Finally, HB Wealth Management LLC increased its position in Biogen by 12.6% in the 2nd quarter. HB Wealth Management LLC now owns 2,712 shares of the biotechnology company’s stock valued at $341,000 after acquiring an additional 303 shares during the period. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on BIIB. Robert W. Baird decreased their target price on Biogen from $255.00 to $250.00 in a research report on Friday, October 31st. Sanford C. Bernstein upped their price objective on shares of Biogen from $157.00 to $197.00 and gave the company a “market perform” rating in a research report on Friday, January 9th. Stifel Nicolaus upgraded Biogen from a “hold” rating to a “buy” rating and raised their price objective for the stock from $144.00 to $202.00 in a research note on Thursday, November 6th. Weiss Ratings restated a “hold (c-)” rating on shares of Biogen in a research report on Monday, December 29th. Finally, Morgan Stanley upped their price target on shares of Biogen from $149.00 to $156.00 and gave the company an “equal weight” rating in a report on Friday, December 12th. Eleven research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Biogen has an average rating of “Hold” and a consensus price target of $192.81.

Biogen Stock Performance

BIIB opened at $179.89 on Friday. Biogen Inc. has a 12-month low of $110.04 and a 12-month high of $190.20. The firm has a market capitalization of $26.39 billion, a P/E ratio of 16.40, a price-to-earnings-growth ratio of 1.47 and a beta of 0.13. The stock’s 50 day moving average price is $176.47 and its two-hundred day moving average price is $154.81. The company has a quick ratio of 2.04, a current ratio of 2.72 and a debt-to-equity ratio of 0.35.

Biogen (NASDAQ:BIIB) last issued its earnings results on Thursday, October 30th. The biotechnology company reported $4.81 EPS for the quarter, topping the consensus estimate of $3.89 by $0.92. Biogen had a return on equity of 14.13% and a net margin of 15.98%.The firm had revenue of $2.53 billion during the quarter, compared to analysts’ expectations of $2.34 billion. During the same period last year, the business earned $4.08 earnings per share. Biogen’s quarterly revenue was up 2.8% compared to the same quarter last year. On average, equities analysts forecast that Biogen Inc. will post 15.83 earnings per share for the current year.

Biogen Company Profile

Biogen Inc is a multinational biotechnology company focused on discovering, developing and delivering therapies for neurological and neurodegenerative diseases. Headquartered in Cambridge, Massachusetts, the company has a longstanding emphasis on neuroscience, with research and commercial activities spanning multiple therapeutic areas including multiple sclerosis, spinal muscular atrophy and Alzheimer’s disease. Biogen was founded in 1978 and has grown into a global biopharmaceutical firm with operations and commercial presence across North America, Europe, Japan and other international markets.

The company’s marketed portfolio has historically included several well-known therapies for multiple sclerosis such as Avonex, Tysabri and Tecfidera, and it has pursued treatments for rare neurological conditions and genetic neuromuscular disorders.