Fifth Third Bancorp Purchases 2,243 Shares of Biogen Inc. (NASDAQ:BIIB)

Fifth Third Bancorp increased its position in Biogen Inc. (NASDAQ:BIIB) by 69.1% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 5,489 shares of the biotechnology company’s stock after buying an additional 2,243 shares during the period. Fifth Third Bancorp’s holdings in Biogen were worth $751,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Larson Financial Group LLC lifted its stake in Biogen by 640.9% in the 4th quarter. Larson Financial Group LLC now owns 163 shares of the biotechnology company’s stock worth $25,000 after purchasing an additional 141 shares in the last quarter. Lee Danner & Bass Inc. purchased a new stake in Biogen in the 4th quarter worth $25,000. Colonial Trust Co SC lifted its stake in Biogen by 9,300.0% in the 4th quarter. Colonial Trust Co SC now owns 188 shares of the biotechnology company’s stock worth $29,000 after purchasing an additional 186 shares in the last quarter. OFI Invest Asset Management purchased a new stake in Biogen in the 4th quarter worth $32,000. Finally, SRS Capital Advisors Inc. purchased a new stake in Biogen in the 4th quarter worth $33,000. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on BIIB shares. Royal Bank of Canada decreased their price target on shares of Biogen from $217.00 to $205.00 and set an “outperform” rating on the stock in a research note on Friday, May 2nd. JPMorgan Chase & Co. decreased their target price on shares of Biogen from $185.00 to $175.00 and set a “neutral” rating on the stock in a research report on Monday, May 5th. Robert W. Baird decreased their target price on shares of Biogen from $300.00 to $255.00 and set an “outperform” rating on the stock in a research report on Friday, May 2nd. Piper Sandler restated a “neutral” rating and set a $115.00 target price on shares of Biogen in a research report on Thursday, June 12th. Finally, Needham & Company LLC restated a “hold” rating on shares of Biogen in a research report on Thursday, June 12th. Twenty research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $188.19.

Biogen Stock Performance

NASDAQ:BIIB opened at $131.04 on Tuesday. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.35 and a quick ratio of 0.90. The firm has a market capitalization of $19.20 billion, a price-to-earnings ratio of 11.71, a PEG ratio of 1.51 and a beta of 0.14. The company’s 50-day moving average is $124.09 and its two-hundred day moving average is $137.06. Biogen Inc. has a 1-year low of $110.04 and a 1-year high of $238.00.

Biogen (NASDAQ:BIIB) last posted its earnings results on Thursday, May 1st. The biotechnology company reported $3.02 earnings per share for the quarter, missing the consensus estimate of $3.26 by ($0.24). The firm had revenue of $2.43 billion during the quarter, compared to analyst estimates of $2.25 billion. Biogen had a net margin of 16.87% and a return on equity of 14.98%. The business’s revenue for the quarter was up 6.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.67 earnings per share. Analysts forecast that Biogen Inc. will post 15.83 EPS 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.