Bank of New York Mellon Corp Sells 19,353 Shares of Biogen Inc. $BIIB

Bank of New York Mellon Corp decreased its holdings in shares of Biogen Inc. (NASDAQ:BIIB) by 2.1% during the 3rd quarter, according to the company in its most recent Form 13F 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 period. Bank of New York Mellon Corp owned approximately 0.60% of Biogen worth $123,929,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. grew its stake in Biogen by 1.5% in the 2nd quarter. Vanguard Group Inc. now owns 17,290,651 shares of the biotechnology company’s stock valued at $2,171,533,000 after purchasing an additional 257,812 shares during the period. State Street Corp boosted its position in Biogen by 1.0% during the second quarter. State Street Corp now owns 7,468,807 shares of the biotechnology company’s stock worth $938,007,000 after purchasing an additional 71,897 shares during the period. Geode Capital Management LLC boosted its holdings in Biogen by 1.9% in the 2nd quarter. Geode Capital Management LLC now owns 3,918,150 shares of the biotechnology company’s stock worth $490,089,000 after buying an additional 71,286 shares during the period. Invesco Ltd. grew its position in shares of Biogen by 2.4% in the second quarter. Invesco Ltd. now owns 2,320,126 shares of the biotechnology company’s stock valued at $291,385,000 after purchasing an additional 55,119 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Biogen in the second quarter worth about $284,358,000. Institutional investors own 87.93% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on BIIB. Guggenheim raised their price target on Biogen from $165.00 to $185.00 in a report on Friday, October 31st. Mizuho upped their price objective on shares of Biogen from $177.00 to $207.00 and gave the company an “outperform” rating in a research note on Thursday, January 8th. Hsbc Global Res lowered Biogen from a “hold” rating to a “moderate sell” rating in a research note on Wednesday, December 10th. HSBC reiterated a “reduce” rating and set a $143.00 target price (down from $144.00) on shares of Biogen in a report on Wednesday, December 10th. Finally, Citigroup lifted their price target on shares of Biogen from $180.00 to $185.00 and gave the company a “neutral” rating in a report on Tuesday. Eleven analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $192.81.

Biogen Stock Up 2.1%

NASDAQ BIIB opened at $179.89 on Friday. 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 Inc. has a 52 week low of $110.04 and a 52 week high of $190.20. The company 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 200-day moving average price is $154.81.

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

About Biogen

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.