M&T Bank Corp grew its stake in shares of Biogen Inc (NASDAQ:BIIB) by 2.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 77,283 shares of the biotechnology company’s stock after acquiring an additional 1,838 shares during the quarter. M&T Bank Corp’s holdings in Biogen were worth $24,619,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Assenagon Asset Management S.A. purchased a new position in shares of Biogen in the third quarter worth approximately $123,494,000. Cambridge Investment Research Advisors Inc. boosted its holdings in shares of Biogen by 9.6% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 5,948 shares of the biotechnology company’s stock worth $1,862,000 after buying an additional 520 shares during the last quarter. Cubist Systematic Strategies LLC boosted its holdings in shares of Biogen by 151.3% in the third quarter. Cubist Systematic Strategies LLC now owns 10,646 shares of the biotechnology company’s stock worth $3,333,000 after buying an additional 6,409 shares during the last quarter. CHICAGO TRUST Co NA purchased a new position in shares of Biogen in the fourth quarter worth approximately $740,000. Finally, Beech Hill Advisors Inc. boosted its holdings in shares of Biogen by 35.2% in the fourth quarter. Beech Hill Advisors Inc. now owns 1,987 shares of the biotechnology company’s stock worth $633,000 after buying an additional 517 shares during the last quarter. 88.11% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities analysts recently issued reports on BIIB shares. Citigroup downgraded shares of Biogen from a “buy” rating to a “neutral” rating in a report on Monday, October 23rd. Mizuho set a $400.00 price objective on shares of Biogen and gave the stock a “buy” rating in a report on Monday, November 13th. Credit Suisse Group raised shares of Biogen from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $321.00 to $385.00 in a report on Wednesday, December 20th. Oppenheimer set a $350.00 price objective on shares of Biogen and gave the stock a “buy” rating in a report on Monday, December 4th. Finally, Nomura raised their price objective on shares of Biogen from $355.00 to $420.00 and gave the stock a “buy” rating in a report on Saturday, December 30th. Eight analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $368.99.
Biogen (NASDAQ:BIIB) last issued its quarterly earnings results on Thursday, January 25th. The biotechnology company reported $5.26 earnings per share for the quarter, missing the consensus estimate of $5.44 by ($0.18). Biogen had a net margin of 20.69% and a return on equity of 38.32%. The firm had revenue of $3.31 billion for the quarter, compared to analysts’ expectations of $3.08 billion. During the same period in the prior year, the firm earned $5.04 EPS. Biogen’s revenue for the quarter was up 15.1% compared to the same quarter last year. equities research analysts forecast that Biogen Inc will post 24.88 EPS for the current fiscal year.
In related news, Director Alexander J. Denner acquired 30,000 shares of Biogen stock in a transaction dated Wednesday, November 29th. The shares were purchased at an average price of $317.36 per share, for a total transaction of $9,520,800.00. Following the completion of the transaction, the director now directly owns 10,029 shares in the company, valued at approximately $3,182,803.44. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Michel Vounatsos acquired 780 shares of Biogen stock in a transaction dated Friday, December 29th. The shares were bought at an average price of $320.55 per share, for a total transaction of $250,029.00. Following the transaction, the chief executive officer now owns 4,879 shares of the company’s stock, valued at $1,563,963.45. The disclosure for this purchase can be found here. In the last quarter, insiders have bought 31,560 shares of company stock worth $10,020,858. Company insiders own 0.25% of the company’s stock.
Biogen Company Profile
Biogen Inc is a biopharmaceutical company. The Company focuses on discovering, developing, manufacturing and delivering therapies to people living with serious neurological, rare and autoimmune diseases. The Company markets products, including TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, ZINBRYTA and FAMPYRA for multiple sclerosis (MS), FUMADERM for the treatment of severe plaque psoriasis and SPINRAZA for the treatment of spinal muscular atrophy (SMA).
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