Biogen Inc. (NASDAQ:BIIB) Shares Bought by Fifth Third Bancorp

Fifth Third Bancorp grew its position in shares of Biogen Inc. (NASDAQ:BIIB – Free Report) by 18.5% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,536 shares of the biotechnology company’s stock after acquiring an additional 551 shares during the quarter. Fifth Third Bancorp’s holdings in Biogen were worth $820,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of BIIB. Legacy Capital Group California Inc. boosted its stake in Biogen by 57.2% in the second quarter. Legacy Capital Group California Inc. now owns 1,636 shares of the biotechnology company’s stock valued at $379,000 after purchasing an additional 595 shares during the period. Summit Global Investments bought a new position in Biogen in the second quarter valued at approximately $223,000. M3 Advisory Group LLC purchased a new stake in Biogen in the second quarter valued at approximately $205,000. First Horizon Advisors Inc. boosted its stake in Biogen by 39.8% in the second quarter. First Horizon Advisors Inc. now owns 172 shares of the biotechnology company’s stock valued at $40,000 after acquiring an additional 49 shares in the last quarter. Finally, Nisa Investment Advisors LLC boosted its position in Biogen by 3.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 56,528 shares of the biotechnology company’s stock worth $13,104,000 after purchasing another 1,820 shares during that period. Institutional investors own 87.93% of the company’s shares.

Biogen price performance

Shares of BIIB opened at $203.32 on Friday. Biogen Inc. it has a one year low of $189.44 and a one year high of $270.50. The firm has a 50 day moving average of $218.29 and a two hundred day moving average of $218.80. The firm has a market cap of $29.60 billion, a PE ratio of 25.38, a P/E/G ratio of 2.09 and a beta of -0.04. The company has a current ratio of 2.29, a quick ratio of 1.32, and a debt-to-equity ratio of 0.40.

Biogen (NASDAQ:BIIB – Get Free Report ) last issued its quarterly earnings results on Thursday, August 1st. The biotechnology company reported $5.28 EPS for the quarter, beating the consensus estimate of $4.00 by $1.28. Biogen had a net margin of 11.98% and a return on equity of 15.71%. The company had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.39 billion. In the same quarter last year, the firm earned $4.02 EPS. The company’s quarterly revenue was up 0.4% year over year. On average, analysts estimate that Biogen Inc. will post 15.87 earnings per share for the current year.

Changes in Analyst Ratings

BIIB has been the subject of a number of research analyst reports. Wedbush cut their price target on Biogen from $215.00 to $210.00 and set a “neutral” rating on the stock in a report on Friday, August 2nd. Piper Sandler cut their price target on shares of Biogen from $335.00 to $313.00 and set an “overweight” rating on the stock in a research note on Friday, July 12th. StockNews.com raised shares of Biogen from a “hold” rating to a “buy” rating in a research note on Monday, August 5th. HC Wainwright reiterated a “buy” rating and set a $300.00 price objective on shares of Biogen in a research note on Thursday, May 23rd. Finally, Scotiabank dropped their target price on Biogen from $275.00 to $244.00 and set a “sector outperform” rating on the stock in a report on Friday, August 2nd. Eight research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. The stock currently has a consensus rating of “Moderate Buy” and an average price target of $276.35, according to MarketBeat.com.

Read the latest stock analysis on Biogen

Biogen Company Profile

(Free report)

Biogen Inc discovers, develops, manufactures and supplies therapies to treat 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 for treating Alzheimer’s disease; FUMADERM for treating plaque psoriasis; BENEPALI, an etanercept biosimilar that refers to ENBREL; IMRALDI, an adalimumab biosimilar that refers to HUMIRA; FLIXABI, a biosimilar infliximab that references REMICADE; and BYOOVIZ, a ranibizumab biosimilar that references LUCENTIS.

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