Biogen Inc. $BIIB Position Increased by Fifth Third Bancorp

Fifth Third Bancorp boosted its holdings in Biogen Inc. (NASDAQ:BIIB) by 1,086.4% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 389,633 shares of the biotechnology company’s stock after buying an additional 356,792 shares during the quarter. Fifth Third Bancorp’s holdings in Biogen were worth $88,010,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. BlackRock Inc. purchased a new position in shares of Biogen during the second quarter valued at $3,453,878,000. Orbimed Advisors LLC acquired a new position in Biogen during the first quarter valued at $11,293,000. Tidal Investments LLC raised its position in Biogen by 9.0% during the second quarter. Tidal Investments LLC now owns 63,842 shares of the biotechnology company’s stock valued at $13,794,000 after buying an additional 5,256 shares during the period. Saudi Central Bank lifted its stake in Biogen by 89.7% in the 2nd quarter. Saudi Central Bank now owns 10,273 shares of the biotechnology company’s stock worth $2,220,000 after acquiring an additional 4,858 shares in the last quarter. Finally, Nippon Life Global Investors Americas Inc. purchased a new stake in Biogen in the 2nd quarter worth about $29,648,000. Institutional investors own 87.93% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Citigroup restated a “neutral” rating on shares of Biogen in a research report on Wednesday, October 28th. Wall Street Zen upgraded Biogen from a “hold” rating to a “strong-buy” rating in a report on Saturday, October 31st. Truist Financial reissued a “buy” rating and issued a $260.00 price target (up from $235.00) on shares of Biogen in a research report on Thursday, October 29th. HSBC raised their price target on shares of Biogen from $165.00 to $175.00 and gave the stock a “reduce” rating in a report on Thursday, September 10th. Finally, TD Cowen boosted their price objective on shares of Biogen from $250.00 to $260.00 and gave the company a “buy” rating in a research report on Thursday, October 29th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $254.41.

Biogen Price Performance

Shares of NASDAQ:BIIB opened at $250.48 on Friday. The firm has a market cap of $37.03 billion, a price-to-earnings ratio of 107.04, a P/E/G ratio of 2.87 and a beta of 0.10. Biogen Inc. has a 1 year low of $160.36 and a 1 year high of $261.00. The company has a current ratio of 1.95, a quick ratio of 1.37 and a debt-to-equity ratio of 0.39. The business has a fifty day simple moving average of $232.77 and a 200 day simple moving average of $204.64.

Biogen (NASDAQ:BIIB) last issued its earnings results on Wednesday, October 28th. The biotechnology company reported $2.62 EPS for the quarter, beating analysts’ consensus estimates of $1.99 by $0.63. Biogen had a return on equity of 9.38% and a net margin of 3.37%. The firm had revenue of $2.80 billion for the quarter, compared to the consensus estimate of $2.63 billion. During the same quarter in the previous year, the company posted $4.81 earnings per share. The business’s quarterly revenue was up 10.6% compared to the same quarter last year. As a group, sell-side analysts predict that Biogen Inc. will post 12.46 earnings per share for the current fiscal year.

About Biogen

Biogen is a biotechnology company focused on developing and commercializing medicines for neurological and rare diseases. Its areas of focus include multiple sclerosis, Alzheimer’s disease, spinal muscular atrophy and Friedreich’s ataxia. Its products include multiple sclerosis treatments such as Tysabri, Tecfidera and Vumerity, and Skyclarys for Friedreich’s ataxia. Biogen shares rights to several medicines with other companies, including Leqembi for Alzheimer’s disease with Eisai and Spinraza for spinal muscular atrophy with Ionis Pharmaceuticals.