M&T Bank Corp Sells 2,207 Shares of Biogen Inc. (NASDAQ:BIIB)

M&T Bank Corp lessened its holdings in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 15.2% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 12,302 shares of the biotechnology company's stock after selling 2,207 shares during the period. M&T Bank Corp's holdings in Biogen were worth $1,684,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Lee Danner & Bass Inc. acquired a new position in shares of Biogen during the 4th quarter worth approximately $25,000. Opal Wealth Advisors LLC acquired a new position in shares of Biogen during the 1st quarter worth approximately $26,000. Colonial Trust Co SC grew its position in shares of Biogen by 9,300.0% during the 4th quarter. Colonial Trust Co SC now owns 188 shares of the biotechnology company's stock worth $29,000 after purchasing an additional 186 shares in the last quarter. Private Trust Co. NA grew its position in shares of Biogen by 74.8% during the 1st quarter. Private Trust Co. NA now owns 229 shares of the biotechnology company's stock worth $31,000 after purchasing an additional 98 shares in the last quarter. Finally, CVA Family Office LLC grew its position in shares of Biogen by 71.1% during the 1st quarter. CVA Family Office LLC now owns 231 shares of the biotechnology company's stock worth $32,000 after purchasing an additional 96 shares in the last quarter. Institutional investors and hedge funds own 87.93% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on BIIB shares. The Goldman Sachs Group reduced their price target on shares of Biogen from $219.00 to $197.00 and set a "buy" rating on the stock in a research report on Wednesday, April 23rd. Morgan Stanley reduced their price target on shares of Biogen from $157.00 to $152.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 9th. JPMorgan Chase & Co. reduced their price target on shares of Biogen from $185.00 to $175.00 and set a "neutral" rating on the stock in a research report on Monday, May 5th. Mizuho reduced their price target on shares of Biogen from $207.00 to $169.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 7th. Finally, Canaccord Genuity Group reduced their price target on shares of Biogen from $265.00 to $220.00 and set a "buy" rating on the stock in a research report on Friday, May 2nd. Twenty analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $188.48.

Biogen Trading Down 1.1%

Shares of BIIB stock traded down $1.50 during trading hours on Monday, hitting $132.71. 81,200 shares of the company's stock traded hands, compared to its average volume of 1,442,670. The stock's 50 day simple moving average is $128.17 and its 200 day simple moving average is $133.85. The stock has a market cap of $19.45 billion, a PE ratio of 13.15, a price-to-earnings-growth ratio of 1.07 and a beta of 0.14. Biogen Inc. has a 12 month low of $110.04 and a 12 month high of $236.48. The company has a quick ratio of 1.01, a current ratio of 1.44 and a debt-to-equity ratio of 0.27.

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