M&T Bank Corp reduced its stake in Biogen Inc (NASDAQ:BIIB) by 0.6% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 74,997 shares of the biotechnology company’s stock after selling 420 shares during the period. M&T Bank Corp’s holdings in Biogen were worth $20,065,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of BIIB. Janus Henderson Group PLC boosted its position in shares of Biogen by 3.4% in the 4th quarter. Janus Henderson Group PLC now owns 82,007 shares of the biotechnology company’s stock worth $24,331,000 after purchasing an additional 2,669 shares during the last quarter. Verus Capital Partners LLC bought a new position in Biogen during the fourth quarter worth about $96,000. Franklin Resources Inc. lifted its holdings in Biogen by 2.9% during the fourth quarter. Franklin Resources Inc. now owns 589,130 shares of the biotechnology company’s stock worth $174,812,000 after acquiring an additional 16,529 shares in the last quarter. Quadrant Capital Group LLC lifted its holdings in Biogen by 29.9% during the fourth quarter. Quadrant Capital Group LLC now owns 1,247 shares of the biotechnology company’s stock worth $357,000 after acquiring an additional 287 shares in the last quarter. Finally, State of Alaska Department of Revenue lifted its holdings in Biogen by 5.4% during the first quarter. State of Alaska Department of Revenue now owns 32,329 shares of the biotechnology company’s stock worth $10,227,000 after acquiring an additional 1,647 shares in the last quarter. Institutional investors and hedge funds own 87.34% of the company’s stock.
BIIB has been the topic of several recent analyst reports. Oppenheimer reiterated a “buy” rating and set a $325.00 target price on shares of Biogen in a report on Thursday, July 16th. Citigroup lowered Biogen from a “neutral” rating to a “sell” rating and reduced their target price for the stock from $365.00 to $240.00 in a report on Thursday, April 23rd. Piper Sandler reduced their target price on Biogen from $307.00 to $260.00 and set a “neutral” rating on the stock in a report on Friday, June 19th. Mizuho reiterated a “hold” rating and set a $316.00 target price on shares of Biogen in a report on Wednesday, July 22nd. Finally, Wells Fargo & Co lifted their target price on Biogen from $311.00 to $324.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 22nd. Six equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and ten have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $307.79.
Biogen (NASDAQ:BIIB) last announced its quarterly earnings results on Wednesday, July 22nd. The biotechnology company reported $10.26 earnings per share for the quarter, topping analysts’ consensus estimates of $8.03 by $2.23. The firm had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.44 billion. Biogen had a return on equity of 50.10% and a net margin of 40.91%. During the same quarter in the previous year, the business earned $9.15 earnings per share. As a group, research analysts anticipate that Biogen Inc will post 35.51 EPS for the current fiscal year.
Biogen Company Profile
Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases worldwide. The company offers TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for the treatment of multiple sclerosis (MS); SPINRAZA for the treatment of spinal muscular atrophy; and FUMADERM for the treatment of plaque psoriasis.
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