Bank of New York Mellon Corp Sells 20,984 Shares of Biogen Inc. (NASDAQ:BIIB)

Bank of New York Mellon Corp cut its holdings in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 2.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 953,811 shares of the biotechnology company's stock after selling 20,984 shares during the period. Bank of New York Mellon Corp owned about 0.65% of Biogen worth $130,520,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Signaturefd LLC increased its holdings in shares of Biogen by 3.5% during the fourth quarter. Signaturefd LLC now owns 2,092 shares of the biotechnology company's stock worth $320,000 after buying an additional 71 shares in the last quarter. Israel Discount Bank of New York increased its holdings in shares of Biogen by 6.2% during the fourth quarter. Israel Discount Bank of New York now owns 1,405 shares of the biotechnology company's stock worth $215,000 after buying an additional 82 shares in the last quarter. B. Riley Wealth Advisors Inc. increased its holdings in shares of Biogen by 4.1% during the fourth quarter. B. Riley Wealth Advisors Inc. now owns 2,343 shares of the biotechnology company's stock worth $358,000 after buying an additional 92 shares in the last quarter. Quent Capital LLC increased its holdings in shares of Biogen by 31.2% during the first quarter. Quent Capital LLC now owns 391 shares of the biotechnology company's stock worth $54,000 after buying an additional 93 shares in the last quarter. Finally, CVA Family Office LLC increased its holdings in shares of Biogen by 71.1% during the first quarter. CVA Family Office LLC now owns 231 shares of the biotechnology company's stock worth $32,000 after buying an additional 96 shares in the last quarter. 87.93% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on BIIB shares. Hsbc Global Res downgraded shares of Biogen from a "strong-buy" rating to a "hold" rating in a report on Monday, April 28th. The Goldman Sachs Group lowered their price target on shares of Biogen from $219.00 to $197.00 and set a "buy" rating for the company in a report on Wednesday, April 23rd. Mizuho lowered their price target on shares of Biogen from $207.00 to $169.00 and set an "outperform" rating for the company in a report on Wednesday, May 7th. Morgan Stanley decreased their price objective on Biogen from $157.00 to $152.00 and set an "equal weight" rating for the company in a report on Wednesday, April 9th. Finally, Argus downgraded Biogen from a "buy" rating to a "hold" rating in a report on Friday, April 4th. Twenty research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. According to MarketBeat.com, Biogen presently has an average rating of "Hold" and an average price target of $188.48.

Biogen Stock Down 0.8%

Shares of BIIB stock traded down $1.12 on Friday, reaching $134.21. 1,137,456 shares of the company were exchanged, compared to its average volume of 1,448,057. The company has a market cap of $19.67 billion, a price-to-earnings ratio of 13.25, a PEG ratio of 1.07 and a beta of 0.14. The company has a 50-day moving average of $128.17 and a 200-day moving average of $134.07. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.44 and a quick ratio of 1.01. Biogen Inc. has a one year low of $110.04 and a one year high of $236.48.

Biogen (NASDAQ:BIIB - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The biotechnology company reported $3.02 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $3.26 by ($0.24). The company had revenue of $2.43 billion for the quarter, compared to the consensus estimate of $2.25 billion. Biogen had a return on equity of 14.03% and a net margin of 15.07%. Biogen's revenue for the quarter was up 6.2% compared to the same quarter last year. During the same period last year, the company earned $3.67 EPS. Analysts anticipate that Biogen Inc. will post 15.83 earnings per share for the current 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.