M&T Bank Corp Sells 1,724 Shares of Biogen Inc. (NASDAQ:BIIB)

M&T Bank Corp trimmed its holdings in Biogen Inc. (NASDAQ:BIIB) by 10.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm 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 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Ashton Thomas Securities LLC bought a new stake in shares of Biogen in the third quarter valued at approximately $33,000. SRS Capital Advisors Inc. bought a new stake in shares of Biogen in the fourth quarter valued at approximately $33,000. Venturi Wealth Management LLC boosted its position in shares of Biogen by 73.8% in the third quarter. Venturi Wealth Management LLC now owns 219 shares of the biotechnology company’s stock valued at $42,000 after acquiring an additional 93 shares during the period. Itau Unibanco Holding S.A. boosted its position in shares of Biogen by 63.8% in the third quarter. Itau Unibanco Holding S.A. now owns 231 shares of the biotechnology company’s stock valued at $45,000 after acquiring an additional 90 shares during the period. Finally, Golden State Wealth Management LLC bought a new stake in shares of Biogen in the fourth quarter valued at approximately $41,000. 87.93% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently weighed in on BIIB. The Goldman Sachs Group reduced their price objective on Biogen from $281.00 to $245.00 and set a “buy” rating for the company in a research report on Thursday, February 13th. Piper Sandler restated a “neutral” rating and issued a $135.00 target price (down from $138.00) on shares of Biogen in a research note on Tuesday, February 18th. Canaccord Genuity Group cut their target price on Biogen from $298.00 to $265.00 and set a “buy” rating for the company in a research note on Thursday, February 13th. Bank Of America (Bofa) cut their target price on Biogen from $178.00 to $163.00 and set a “neutral” rating for the company in a research note on Tuesday, February 11th. Finally, Citigroup cut their target price on Biogen from $160.00 to $145.00 and set a “neutral” rating for the company in a research note on Thursday, February 13th. Seventeen research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, Biogen presently has an average rating of “Hold” and a consensus price target of $213.33.

Biogen Trading Up 2.0 %

NASDAQ BIIB opened at $150.38 on Monday. The stock’s 50-day moving average is $143.98 and its 200-day moving average is $166.18. Biogen Inc. has a one year low of $128.51 and a one year high of $238.00. The firm has a market cap of $22.01 billion, a P/E ratio of 13.44, a P/E/G 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) last announced its earnings results on Wednesday, February 12th. The biotechnology company reported $3.44 earnings per share (EPS) 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%. Sell-side analysts anticipate that Biogen Inc. will post 15.83 earnings per share for the current fiscal year.

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.