Biogen Inc. $BIIB Stock Acquired by Fifth Third Bancorp

Key Points

• Fifth Third Bancorp increased its Biogen stake by 1,086.4% in the third quarter, adding 356,792 shares to own 389,633 shares valued at about $88 million.
• Biogen reported quarterly earnings of $2.62 per share and revenue of $2.80 billion, beating analyst expectations; revenue rose 10.6% year over year.
• Analysts’ consensus rating was “Moderate Buy,” with an average price target of $254.41. Several firms raised their targets, including UBS and Wolfe Research, which set targets of $300.

Fifth Third Bancorp boosted its position in Biogen Inc. (NASDAQ:BIIB - Free Report) by 1,086.4% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 389,633 shares of the biotechnology company's stock after purchasing an additional 356,792 shares during the quarter. Fifth Third Bancorp owned about 0.26% of Biogen worth $88,010,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of BIIB. BlackRock Inc. acquired a new position in shares of Biogen during the second quarter worth approximately $3,453,878,000. Primecap Management Co. CA acquired a new stake in Biogen in the 2nd quarter valued at approximately $3,274,304,000. Wellington Management Group LLP increased its position in Biogen by 5.3% in the 2nd quarter. Wellington Management Group LLP now owns 3,117,469 shares of the biotechnology company's stock valued at $673,560,000 after acquiring an additional 155,828 shares during the period. Pictet Asset Management Holding SA raised its stake in Biogen by 139.4% during the 3rd quarter. Pictet Asset Management Holding SA now owns 2,039,056 shares of the biotechnology company's stock valued at $460,582,000 after acquiring an additional 1,187,237 shares in the last quarter. Finally, Amundi raised its stake in Biogen by 91.8% during the 2nd quarter. Amundi now owns 1,516,831 shares of the biotechnology company's stock valued at $327,727,000 after acquiring an additional 726,004 shares in the last quarter. 87.93% of the stock is owned by institutional investors and hedge funds.

Biogen Stock Performance

Shares of NASDAQ BIIB opened at $250.48 on Friday. The stock has a fifty day moving average price of $232.77 and a two-hundred day moving average price of $204.64. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.37 and a current ratio of 1.95. The firm has a market cap of $37.03 billion, a P/E ratio of 107.04, a PEG 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.

Biogen (NASDAQ:BIIB - Get Free Report) last posted its quarterly earnings data on Wednesday, October 28th. The biotechnology company reported $2.62 EPS for the quarter, topping analysts' consensus estimates of $1.99 by $0.63. The company had revenue of $2.80 billion for the quarter, compared to the consensus estimate of $2.63 billion. Biogen had a return on equity of 9.38% and a net margin of 3.37%. The company's quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $4.81 EPS. Research analysts forecast that Biogen Inc. will post 12.46 EPS for the current fiscal year.

Analysts Set New Price Targets

BIIB has been the subject of a number of analyst reports. UBS Group boosted their price target on Biogen from $270.00 to $300.00 and gave the stock a "buy" rating in a research report on Thursday, October 29th. Wolfe Research raised Biogen from a "peer perform" rating to an "outperform" rating and set a $300.00 price target on the stock in a report on Thursday, August 13th. Robert W. Baird raised their price target on Biogen from $250.00 to $290.00 and gave the company an "outperform" rating in a report on Thursday, October 29th. Royal Bank Of Canada lifted their price objective on shares of Biogen from $256.00 to $272.00 and gave the company an "outperform" rating in a research note on Thursday, October 29th. Finally, Wedbush upped their price objective on shares of Biogen from $212.00 to $225.00 and gave the stock a "neutral" rating in a report on Thursday, October 29th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $254.41.

Biogen Company Profile

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.

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