M&T Bank Corp Decreases Position in Biogen Inc. (NASDAQ:BIIB)

M&T Bank Corp lowered its position in Biogen Inc. (NASDAQ:BIIB) by 5.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,233 shares of the biotechnology company’s stock after selling 863 shares during the quarter. M&T Bank Corp’s holdings in Biogen were worth $3,147,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Charles Schwab Investment Management Inc. increased its holdings in Biogen by 1.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 913,029 shares of the biotechnology company’s stock valued at $176,982,000 after acquiring an additional 12,319 shares in the last quarter. Principal Financial Group Inc. increased its stake in shares of Biogen by 3.2% during the 3rd quarter. Principal Financial Group Inc. now owns 168,631 shares of the biotechnology company’s stock worth $32,687,000 after purchasing an additional 5,270 shares in the last quarter. Arlington Partners LLC raised its position in shares of Biogen by 34.3% during the 3rd quarter. Arlington Partners LLC now owns 19,214 shares of the biotechnology company’s stock worth $3,724,000 after purchasing an additional 4,902 shares during the last quarter. Edgestream Partners L.P. lifted its stake in Biogen by 1,107.5% in the 3rd quarter. Edgestream Partners L.P. now owns 11,218 shares of the biotechnology company’s stock valued at $2,174,000 after buying an additional 10,289 shares in the last quarter. Finally, National Pension Service lifted its stake in Biogen by 10.1% in the 3rd quarter. National Pension Service now owns 359,569 shares of the biotechnology company’s stock valued at $69,699,000 after buying an additional 32,914 shares in the last quarter. Institutional investors and hedge funds own 87.93% of the company’s stock.

Wall Street Analyst Weigh In

BIIB has been the subject of several recent research reports. StockNews.com downgraded Biogen from a “strong-buy” rating to a “buy” rating in a research report on Wednesday. Royal Bank of Canada cut their target price on shares of Biogen from $292.00 to $269.00 and set an “outperform” rating for the company in a research note on Friday, October 4th. Barclays decreased their price target on shares of Biogen from $190.00 to $180.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 31st. Wedbush reduced their price objective on shares of Biogen from $210.00 to $205.00 and set a “neutral” rating on the stock in a research note on Monday, September 23rd. Finally, Needham & Company LLC downgraded shares of Biogen from a “buy” rating to a “hold” rating and set a $270.00 price objective on the stock. in a research note on Monday, November 18th. Fourteen research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $249.80.

Biogen Stock Down 3.4 %

Shares of NASDAQ:BIIB opened at $150.03 on Friday. The company has a 50 day moving average of $171.21 and a two-hundred day moving average of $198.41. Biogen Inc. has a 52-week low of $149.93 and a 52-week high of $268.30. The company has a quick ratio of 0.80, a current ratio of 1.26 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $21.86 billion, a price-to-earnings ratio of 13.55, a price-to-earnings-growth ratio of 1.83 and a beta of -0.08.

Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.77 by $0.31. The firm had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.43 billion. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The firm’s quarterly revenue was down 2.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.36 EPS. As a group, analysts forecast that Biogen Inc. will post 16.43 earnings per share for the current fiscal 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.