Wells Fargo & Company MN Cuts Position in Biogen Inc. (NASDAQ:BIIB)

Wells Fargo & Company MN decreased its position in Biogen Inc. (NASDAQ:BIIB) by 46.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 111,043 shares of the biotechnology company’s stock after selling 95,427 shares during the quarter. Wells Fargo & Company MN’s holdings in Biogen were worth $16,981,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in BIIB. MML Investors Services LLC lifted its position in shares of Biogen by 3.8% during the 3rd quarter. MML Investors Services LLC now owns 10,280 shares of the biotechnology company’s stock worth $1,993,000 after purchasing an additional 380 shares during the last quarter. TD Private Client Wealth LLC lifted its holdings in Biogen by 25.0% during the 3rd quarter. TD Private Client Wealth LLC now owns 385 shares of the biotechnology company’s stock worth $75,000 after buying an additional 77 shares during the last quarter. Virtu Financial LLC purchased a new stake in Biogen during the 3rd quarter worth about $4,111,000. World Investment Advisors LLC acquired a new position in shares of Biogen during the 3rd quarter worth about $1,118,000. Finally, Wilmington Savings Fund Society FSB purchased a new position in shares of Biogen in the 3rd quarter valued at about $150,000. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Biogen Price Performance

BIIB stock opened at $115.17 on Monday. The firm has a 50 day moving average of $136.74 and a 200-day moving average of $153.74. The company has a market cap of $16.86 billion, a price-to-earnings ratio of 10.29, a PEG ratio of 1.51 and a beta of 0.06. The company has a current ratio of 1.35, a quick ratio of 0.90 and a debt-to-equity ratio of 0.27. Biogen Inc. has a 12-month low of $110.04 and a 12-month high of $238.00.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings data on Wednesday, February 12th. The biotechnology company reported $3.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.43 by $0.01. Biogen had a return on equity of 14.98% and a net margin of 16.87%. As a group, equities analysts expect that Biogen Inc. will post 15.83 EPS for the current fiscal year.

Insider Buying and Selling

In other Biogen news, Director Stephen A. Sherwin sold 8,760 shares of the company’s stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $150.02, for a total value of $1,314,175.20. Following the sale, the director now owns 11,318 shares of the company’s stock, valued at $1,697,926.36. This represents a 43.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.16% of the company’s stock.

Analyst Upgrades and Downgrades

BIIB has been the subject of a number of research analyst reports. Royal Bank of Canada lowered their price target on Biogen from $231.00 to $225.00 and set an “outperform” rating for the company in a report on Thursday, February 13th. Bank Of America (Bofa) dropped their target price on shares of Biogen from $178.00 to $163.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 11th. BMO Capital Markets reduced their price target on shares of Biogen from $156.00 to $139.00 and set a “market perform” rating for the company in a research report on Thursday, February 13th. Morgan Stanley dropped their price objective on Biogen from $157.00 to $152.00 and set an “equal weight” rating on the stock 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. Eighteen investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $213.15.

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.