Bank of New York Mellon Corp Has $149.07 Million Position in Biogen Inc. (NASDAQ:BIIB)

Bank of New York Mellon Corp cut its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 2.8% during the 4th quarter, Holdings Channel reports. The institutional investor owned 974,795 shares of the biotechnology company’s stock after selling 28,340 shares during the quarter. Bank of New York Mellon Corp’s holdings in Biogen were worth $149,066,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BIIB. Farther Finance Advisors LLC lifted its holdings in Biogen by 2.1% during the 3rd quarter. Farther Finance Advisors LLC now owns 7,656 shares of the biotechnology company’s stock worth $1,484,000 after buying an additional 160 shares during the period. Robeco Institutional Asset Management B.V. lifted its holdings in Biogen by 27.8% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 274,708 shares of the biotechnology company’s stock worth $53,249,000 after buying an additional 59,771 shares during the period. Old North State Wealth Management LLC lifted its holdings in Biogen by 0.7% during the 3rd quarter. Old North State Wealth Management LLC now owns 13,533 shares of the biotechnology company’s stock worth $2,623,000 after buying an additional 100 shares during the period. National Pension Service lifted its holdings in Biogen by 10.1% during the 3rd quarter. National Pension Service now owns 359,569 shares of the biotechnology company’s stock worth $69,699,000 after buying an additional 32,914 shares during the period. Finally, Asset Management One Co. Ltd. lifted its stake in shares of Biogen by 0.6% in the 3rd quarter. Asset Management One Co. Ltd. now owns 55,355 shares of the biotechnology company’s stock valued at $10,730,000 after purchasing an additional 324 shares during the period. 87.93% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BIIB has been the topic of a number of recent analyst reports. Jefferies Financial Group downgraded Biogen from a “buy” rating to a “hold” rating and dropped their price objective for the company from $250.00 to $180.00 in a research note on Monday, December 9th. Bank of America reissued a “neutral” rating and issued a $178.00 price objective on shares of Biogen in a research note on Tuesday, December 10th. JPMorgan Chase & Co. dropped their price objective on Biogen from $220.00 to $210.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. Needham & Company LLC reissued a “hold” rating on shares of Biogen in a research note on Thursday, February 13th. Finally, Robert W. Baird boosted their price objective on Biogen from $294.00 to $300.00 and gave the company an “outperform” rating in a research note on Friday, November 15th. Seventeen research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Biogen presently has an average rating of “Hold” and a consensus price target of $213.33.

Biogen Price Performance

Shares of NASDAQ BIIB opened at $140.50 on Friday. Biogen Inc. has a twelve month low of $128.51 and a twelve month high of $238.00. The stock’s 50 day moving average price is $144.43 and its 200-day moving average price is $168.73. The company has a market capitalization of $20.57 billion, a PE ratio of 12.56, a PEG ratio of 1.51 and a beta of -0.08. The company has a quick ratio of 0.90, a current ratio of 1.35 and a debt-to-equity ratio of 0.27.

Biogen (NASDAQ:BIIB) last announced its earnings results on Wednesday, February 12th. The biotechnology company reported $3.44 earnings per share for the quarter, topping 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%. On average, equities analysts anticipate that Biogen Inc. will post 15.83 EPS for the current year.

Biogen Company 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.