Biogen Inc. $BIIB Stake Raised by Fifth Third Bancorp

Key Points

• Fifth Third Bancorp increased its stake in Biogen Inc. by 34.4% during the second quarter, now owning 7,377 shares worth approximately $926,000.
• Several institutional investors have significantly raised their positions in Biogen, with Farmers Trust Co. and UMB Bank n.a. increasing their stakes by 98.7% and 118.0%, respectively.
• Biogen's stock has received varied analyst ratings, with the consensus rating at "Hold" and an average price target of $182.04.

Fifth Third Bancorp boosted its holdings in Biogen Inc. (NASDAQ:BIIB - Free Report) by 34.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 7,377 shares of the biotechnology company's stock after acquiring an additional 1,888 shares during the quarter. Fifth Third Bancorp's holdings in Biogen were worth $926,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. Farmers Trust Co. raised its position in Biogen by 98.7% in the second quarter. Farmers Trust Co. now owns 29,527 shares of the biotechnology company's stock worth $3,708,000 after acquiring an additional 14,666 shares in the last quarter. GAMMA Investing LLC raised its holdings in Biogen by 92.6% during the 2nd quarter. GAMMA Investing LLC now owns 3,587 shares of the biotechnology company's stock worth $450,000 after buying an additional 1,725 shares during the period. Park Avenue Securities LLC raised its holdings in Biogen by 4.5% during the 2nd quarter. Park Avenue Securities LLC now owns 3,203 shares of the biotechnology company's stock worth $402,000 after buying an additional 137 shares during the period. UMB Bank n.a. raised its holdings in Biogen by 118.0% during the 2nd quarter. UMB Bank n.a. now owns 1,029 shares of the biotechnology company's stock worth $129,000 after buying an additional 557 shares during the period. Finally, IFM Investors Pty Ltd raised its holdings in Biogen by 6.0% during the 2nd quarter. IFM Investors Pty Ltd now owns 35,752 shares of the biotechnology company's stock worth $4,490,000 after buying an additional 2,023 shares during the period. 87.93% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

BIIB has been the topic of several recent analyst reports. Truist Financial initiated coverage on Biogen in a report on Monday, July 21st. They set a "hold" rating and a $142.00 price objective on the stock. Needham & Company LLC restated a "hold" rating on shares of Biogen in a report on Wednesday, September 24th. Wall Street Zen upgraded Biogen from a "buy" rating to a "strong-buy" rating in a report on Sunday. Morgan Stanley cut their price objective on Biogen from $146.00 to $144.00 and set an "equal weight" rating on the stock in a report on Friday, August 1st. Finally, HC Wainwright boosted their price objective on Biogen from $187.00 to $194.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Eleven analysts have rated the stock with a Buy rating and twenty have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $182.04.

Insider Activity at Biogen

In related news, insider Priya Singhal sold 517 shares of the business's stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $133.55, for a total value of $69,045.35. Following the completion of the sale, the insider owned 5,772 shares of the company's stock, valued at approximately $770,850.60. The trade was a 8.22% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Rachid Izzar sold 2,223 shares of the business's stock in a transaction that occurred on Tuesday, July 8th. The shares were sold at an average price of $135.00, for a total value of $300,105.00. Following the completion of the sale, the insider directly owned 6,330 shares of the company's stock, valued at approximately $854,550. The trade was a 25.99% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.18% of the company's stock.

Biogen Trading Up 1.3%

Shares of NASDAQ BIIB opened at $137.37 on Monday. The stock has a market cap of $20.14 billion, a price-to-earnings ratio of 13.13, a PEG ratio of 1.08 and a beta of 0.11. The business has a 50 day simple moving average of $135.97 and a 200 day simple moving average of $130.47. Biogen Inc. has a 52 week low of $110.04 and a 52 week high of $197.70. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.79 and a current ratio of 2.50.

Biogen (NASDAQ:BIIB - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The biotechnology company reported $5.47 EPS for the quarter, beating the consensus estimate of $3.93 by $1.54. The business had revenue of $2.65 billion during the quarter, compared to analysts' expectations of $2.32 billion. Biogen had a return on equity of 13.85% and a net margin of 15.31%.The firm's quarterly revenue was up 7.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $5.28 EPS. Biogen has set its FY 2025 guidance at 15.500-16.000 EPS. On average, research analysts predict that Biogen Inc. will post 15.83 earnings per share for the current fiscal year.

Biogen Profile

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.

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