PNC Financial Services Group Inc. Sells 1,173 Shares of Biogen Inc. (NASDAQ:BIIB)

PNC Financial Services Group Inc. reduced its stake in Biogen Inc. (NASDAQ:BIIB) by 4.8% during the third quarter, HoldingsChannel.com reports. The fund owned 23,421 shares of the biotechnology company’s stock after selling 1,173 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Biogen were worth $4,540,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of BIIB. Plato Investment Management Ltd raised its holdings in shares of Biogen by 82.8% in the 1st quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock valued at $25,000 after purchasing an additional 53 shares in the last quarter. Itau Unibanco Holding S.A. acquired a new position in Biogen during the second quarter worth $33,000. Ashton Thomas Securities LLC acquired a new stake in shares of Biogen in the third quarter valued at about $33,000. EntryPoint Capital LLC purchased a new stake in shares of Biogen in the first quarter valued at about $36,000. Finally, Versant Capital Management Inc boosted its stake in Biogen by 123.2% during the second quarter. Versant Capital Management Inc now owns 154 shares of the biotechnology company’s stock worth $36,000 after buying an additional 85 shares during the period. 87.93% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, insider Priya Singhal sold 431 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total value of $88,018.82. Following the completion of the sale, the insider now owns 5,316 shares of the company’s stock, valued at approximately $1,085,633.52. This represents a 7.50 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.16% of the stock is currently owned by corporate insiders.

Biogen Stock Performance

BIIB opened at $157.90 on Monday. Biogen Inc. has a 12-month low of $153.62 and a 12-month high of $268.30. The stock has a market cap of $23.01 billion, a price-to-earnings ratio of 14.26, a PEG ratio of 1.49 and a beta of -0.06. The business has a 50 day moving average of $181.85 and a 200-day moving average of $205.12. The company has a quick ratio of 0.80, a current ratio of 1.26 and a debt-to-equity ratio of 0.28.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share for the quarter, beating the consensus estimate of $3.77 by $0.31. The firm had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.43 billion. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The company’s quarterly revenue was down 2.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $4.36 EPS. On average, equities research analysts expect that Biogen Inc. will post 16.44 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts have weighed in on BIIB shares. TD Cowen cut their price objective on shares of Biogen from $300.00 to $275.00 and set a “buy” rating on the stock in a report on Thursday, October 31st. HC Wainwright restated a “buy” rating and set a $300.00 price objective on shares of Biogen in a research report on Thursday, October 31st. Truist Financial reaffirmed a “buy” rating and set a $302.00 price target (down from $340.00) on shares of Biogen in a research note on Monday, August 5th. StockNews.com raised shares of Biogen from a “buy” rating to a “strong-buy” rating in a research note on Monday, September 2nd. Finally, Scotiabank lowered their price target on shares of Biogen from $275.00 to $244.00 and set a “sector outperform” rating on the stock in a research note on Friday, August 2nd. Thirteen equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Biogen presently has a consensus rating of “Moderate Buy” and a consensus target price of $257.20.

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.