Biogen Inc. (NASDAQ:BIIB) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. reduced its stake in Biogen Inc. (NASDAQ:BIIB) by 3.0% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 24,367 shares of the biotechnology company’s stock after selling 746 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Biogen were worth $6,305,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Dynamic Technology Lab Private Ltd acquired a new stake in Biogen during the 4th quarter worth approximately $213,000. Norges Bank acquired a new stake in Biogen during the 4th quarter worth approximately $378,728,000. FUKOKU MUTUAL LIFE INSURANCE Co acquired a new stake in Biogen during the 4th quarter worth approximately $221,000. ING Groep NV lifted its holdings in Biogen by 1.1% during the 4th quarter. ING Groep NV now owns 49,492 shares of the biotechnology company’s stock worth $12,807,000 after buying an additional 516 shares in the last quarter. Finally, Brown Advisory Inc. lifted its holdings in Biogen by 1.4% during the 4th quarter. Brown Advisory Inc. now owns 171,304 shares of the biotechnology company’s stock worth $44,328,000 after buying an additional 2,282 shares in the last quarter. 87.93% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

BIIB has been the topic of a number of research reports. BMO Capital Markets reduced their target price on shares of Biogen from $295.00 to $285.00 and set an “outperform” rating on the stock in a report on Wednesday, February 14th. HSBC increased their price objective on shares of Biogen from $339.00 to $342.00 and gave the company a “buy” rating in a research report on Friday, May 3rd. Royal Bank of Canada reissued an “outperform” rating and issued a $364.00 price objective on shares of Biogen in a research report on Tuesday, March 5th. Barclays dropped their price objective on shares of Biogen from $215.00 to $200.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 25th. Finally, Truist Financial reissued a “buy” rating and issued a $340.00 price objective on shares of Biogen in a research report on Thursday, May 16th. Ten analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $288.46.

Biogen Trading Down 3.2 %

Shares of Biogen stock opened at $218.06 on Friday. Biogen Inc. has a 1 year low of $189.44 and a 1 year high of $319.76. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.32 and a current ratio of 2.10. The company has a market capitalization of $31.75 billion, a P/E ratio of 27.22, a PEG ratio of 2.27 and a beta of -0.01. The company’s fifty day moving average is $212.91 and its two-hundred day moving average is $229.84.

Biogen (NASDAQ:BIIB) last released its earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 EPS for the quarter, topping the consensus estimate of $3.45 by $0.22. Biogen had a net margin of 12.07% and a return on equity of 14.83%. The company had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.31 billion. During the same quarter last year, the business earned $3.40 EPS. The business’s revenue was down 7.0% on a year-over-year basis. Analysts forecast that Biogen Inc. will post 15.61 earnings per share for the current year.

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.