PNC Financial Services Group Inc. Cuts Stock Position in Biogen Inc. (NASDAQ:BIIB)

PNC Financial Services Group Inc. lessened its stake in Biogen Inc. (NASDAQ:BIIB) by 3.0% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 24,367 shares of the biotechnology company’s stock after selling 746 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Biogen were worth $6,305,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Primecap Management Co. CA increased its holdings in Biogen by 1.6% in the 4th quarter. Primecap Management Co. CA now owns 16,264,481 shares of the biotechnology company’s stock worth $4,208,760,000 after acquiring an additional 251,915 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Biogen by 18.2% during the fourth quarter. Vanguard Group Inc. now owns 14,407,330 shares of the biotechnology company’s stock worth $3,728,185,000 after buying an additional 2,218,744 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of Biogen by 0.5% during the third quarter. Wellington Management Group LLP now owns 5,374,310 shares of the biotechnology company’s stock worth $1,381,251,000 after buying an additional 27,951 shares in the last quarter. Northern Trust Corp grew its holdings in shares of Biogen by 2.8% during the third quarter. Northern Trust Corp now owns 1,643,035 shares of the biotechnology company’s stock worth $422,276,000 after buying an additional 45,437 shares in the last quarter. Finally, Morgan Stanley grew its holdings in shares of Biogen by 4.3% during the third quarter. Morgan Stanley now owns 1,493,113 shares of the biotechnology company’s stock worth $383,745,000 after buying an additional 61,814 shares in the last quarter. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Biogen Stock Performance

Shares of BIIB opened at $226.46 on Tuesday. The company has a current ratio of 2.10, a quick ratio of 1.32 and a debt-to-equity ratio of 0.41. The firm has a market cap of $32.97 billion, a PE ratio of 28.27, a price-to-earnings-growth ratio of 2.33 and a beta of -0.02. The company’s 50 day simple moving average is $217.16 and its 200-day simple moving average is $229.27. Biogen Inc. has a 12-month low of $189.44 and a 12-month high of $298.73.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings data on Wednesday, April 24th. The biotechnology company reported $3.67 earnings per share for the quarter, beating analysts’ consensus estimates of $3.45 by $0.22. Biogen had a net margin of 12.07% and a return on equity of 14.83%. The firm had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.31 billion. During the same period last year, the firm posted $3.40 EPS. Biogen’s quarterly revenue was down 7.0% on a year-over-year basis. As a group, equities analysts predict that Biogen Inc. will post 15.63 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on BIIB. HC Wainwright reaffirmed a “buy” rating and set a $300.00 target price on shares of Biogen in a report on Thursday, May 23rd. UBS Group dropped their price objective on shares of Biogen from $250.00 to $214.00 and set a “neutral” rating for the company in a report on Wednesday, April 17th. Canaccord Genuity Group dropped their price objective on shares of Biogen from $310.00 to $305.00 and set a “buy” rating for the company in a report on Tuesday, February 20th. Bank of America dropped their price objective on shares of Biogen from $280.00 to $260.00 and set a “neutral” rating for the company in a report on Friday, April 12th. Finally, Mizuho dropped their price objective on shares of Biogen from $355.00 to $277.00 and set a “buy” rating for the company in a report on Thursday, February 22nd. Ten investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. Based on data from MarketBeat.com, Biogen has a consensus rating of “Moderate Buy” and an average price target of $286.50.

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.