Synovus Financial Corp Buys 2,974 Shares of Biogen Inc. $BIIB

Key Points

• Synovus Financial Corp increased its holdings in Biogen Inc. by 19.9% during the first quarter, owning a total of 17,928 shares valued at approximately $2.45 million.
• Analysts have a consensus rating of "Hold" for Biogen's stock with a target price around $185.74, following various ratings updates from firms like Truist Financial and Canaccord Genuity.
• Biogen reported an EPS of $5.47 for its latest quarter, surpassing expectations and showing a 7.3% revenue growth compared to the previous year.

Synovus Financial Corp grew its stake in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 19.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 17,928 shares of the biotechnology company's stock after acquiring an additional 2,974 shares during the period. Synovus Financial Corp's holdings in Biogen were worth $2,453,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in Biogen by 1.7% during the first quarter. Vanguard Group Inc. now owns 17,032,839 shares of the biotechnology company's stock worth $2,330,774,000 after acquiring an additional 283,964 shares during the last quarter. Invesco Ltd. raised its position in shares of Biogen by 6.4% in the first quarter. Invesco Ltd. now owns 2,265,007 shares of the biotechnology company's stock valued at $309,944,000 after buying an additional 136,200 shares in the last quarter. Northern Trust Corp raised its position in shares of Biogen by 14.6% in the fourth quarter. Northern Trust Corp now owns 1,550,130 shares of the biotechnology company's stock valued at $237,046,000 after buying an additional 196,995 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Biogen by 33.1% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,533,813 shares of the biotechnology company's stock valued at $234,551,000 after buying an additional 381,122 shares in the last quarter. Finally, Deutsche Bank AG raised its position in shares of Biogen by 63.7% in the fourth quarter. Deutsche Bank AG now owns 1,169,570 shares of the biotechnology company's stock valued at $178,851,000 after buying an additional 455,285 shares in the last quarter. 87.93% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Truist Financial assumed coverage on shares of Biogen in a research report on Monday, July 21st. They issued a "hold" rating and a $142.00 price target for the company. JPMorgan Chase & Co. dropped their price target on shares of Biogen from $185.00 to $175.00 and set a "neutral" rating for the company in a research report on Monday, May 5th. Wedbush reiterated a "neutral" rating and issued a $121.00 price target on shares of Biogen in a research report on Thursday, June 12th. HC Wainwright lifted their price target on shares of Biogen from $187.00 to $194.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Finally, Piper Sandler lifted their price target on shares of Biogen from $115.00 to $118.00 and gave the company a "neutral" rating in a research report on Thursday, August 14th. Eleven investment analysts have rated the stock with a Buy rating and twenty-one have issued a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $185.74.

Insider Buying and Selling at Biogen

In other Biogen news, insider Rachid Izzar sold 2,223 shares of the business's stock in a transaction on Tuesday, July 8th. The shares were sold at an average price of $135.00, for a total transaction of $300,105.00. Following the sale, the insider owned 6,330 shares of the company's stock, valued at approximately $854,550. The trade was a 25.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.18% of the company's stock.

Biogen Price Performance

BIIB traded down $3.71 during trading on Thursday, hitting $132.65. 1,557,767 shares of the stock traded hands, compared to its average volume of 1,557,239. The business has a 50 day moving average price of $131.29 and a 200 day moving average price of $130.65. The company has a market cap of $19.45 billion, a price-to-earnings ratio of 12.68, a PEG ratio of 1.07 and a beta of 0.13. Biogen Inc. has a twelve month low of $110.04 and a twelve month high of $206.70. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.50 and a quick ratio of 1.79.

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

Biogen Company 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.