PNC Financial Services Group Inc. Has $3.85 Million Stock Position in Biogen Inc. (NASDAQ:BIIB)

PNC Financial Services Group Inc. grew its position in Biogen Inc. (NASDAQ:BIIB) by 7.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 25,174 shares of the biotechnology company’s stock after purchasing an additional 1,753 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Biogen were worth $3,850,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Ashton Thomas Securities LLC acquired a new stake in Biogen during the third quarter worth approximately $33,000. SRS Capital Advisors Inc. acquired a new stake in shares of Biogen during the 4th quarter worth $33,000. Golden State Wealth Management LLC acquired a new stake in shares of Biogen during the 4th quarter worth $41,000. Venturi Wealth Management LLC grew its stake in Biogen by 73.8% during the third quarter. Venturi Wealth Management LLC now owns 219 shares of the biotechnology company’s stock worth $42,000 after buying an additional 93 shares in the last quarter. Finally, Itau Unibanco Holding S.A. grew its stake in Biogen by 63.8% during the third quarter. Itau Unibanco Holding S.A. now owns 231 shares of the biotechnology company’s stock worth $45,000 after buying an additional 90 shares in the last quarter. Institutional investors and hedge funds own 87.93% of the company’s stock.

Wall Street Analysts Forecast Growth

BIIB has been the topic of several analyst reports. Bank of America reiterated a “neutral” rating and set a $178.00 price target on shares of Biogen in a research report on Tuesday, December 10th. Bank Of America (Bofa) decreased their price target on Biogen from $178.00 to $163.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 11th. Piper Sandler restated a “neutral” rating and set a $135.00 price objective (down from $138.00) on shares of Biogen in a research report on Tuesday, February 18th. Canaccord Genuity Group decreased their target price on Biogen from $298.00 to $265.00 and set a “buy” rating on the stock in a research report on Thursday, February 13th. Finally, William Blair reissued an “outperform” rating on shares of Biogen in a research note on Monday, January 13th. Seventeen research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $213.33.

Insiders Place Their Bets

In related news, Director Stephen A. Sherwin sold 8,760 shares of the stock in a transaction on Friday, March 7th. The shares were sold at an average price of $150.02, for a total transaction of $1,314,175.20. Following the transaction, the director now directly 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.16% of the company’s stock.

Biogen Trading Down 0.1 %

NASDAQ:BIIB opened at $139.98 on Friday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.90 and a current ratio of 1.35. The firm has a market cap of $20.49 billion, a P/E ratio of 12.51, a P/E/G ratio of 1.51 and a beta of 0.01. The firm’s fifty day moving average is $143.35 and its 200-day moving average is $165.02. Biogen Inc. has a 52 week low of $128.51 and a 52 week high of $238.00.

Biogen (NASDAQ:BIIB) last announced its earnings results on Wednesday, February 12th. The biotechnology company reported $3.44 EPS for the quarter, beating 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%. Equities analysts expect 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.