Biogen Inc (BIIB) Shares Bought by Fifth Third Bancorp

Fifth Third Bancorp increased its stake in shares of Biogen Inc (NASDAQ:BIIB) by 12.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 87,778 shares of the biotechnology company’s stock after buying an additional 9,522 shares during the period. Fifth Third Bancorp’s holdings in Biogen were worth $31,013,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the stock. National Asset Management Inc. lifted its holdings in shares of Biogen by 120.6% in the third quarter. National Asset Management Inc. now owns 1,899 shares of the biotechnology company’s stock valued at $672,000 after purchasing an additional 1,038 shares in the last quarter. Private Advisor Group LLC lifted its holdings in shares of Biogen by 861.3% in the second quarter. Private Advisor Group LLC now owns 22,426 shares of the biotechnology company’s stock valued at $6,528,000 after purchasing an additional 20,093 shares in the last quarter. Acadian Asset Management LLC lifted its holdings in shares of Biogen by 2,188.6% in the third quarter. Acadian Asset Management LLC now owns 122,418 shares of the biotechnology company’s stock valued at $43,254,000 after purchasing an additional 117,069 shares in the last quarter. Rockefeller Capital Management L.P. lifted its holdings in shares of Biogen by 13.0% in the third quarter. Rockefeller Capital Management L.P. now owns 321,622 shares of the biotechnology company’s stock valued at $113,632,000 after purchasing an additional 37,049 shares in the last quarter. Finally, Jackson Square Partners LLC lifted its holdings in shares of Biogen by 5.7% in the third quarter. Jackson Square Partners LLC now owns 2,241,778 shares of the biotechnology company’s stock valued at $792,042,000 after purchasing an additional 121,072 shares in the last quarter. 87.16% of the stock is currently owned by hedge funds and other institutional investors.

In related news, EVP Michael D. Ehlers sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 26th. The shares were sold at an average price of $350.00, for a total transaction of $350,000.00. Following the completion of the transaction, the executive vice president now owns 4,281 shares of the company’s stock, valued at $1,498,350. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.29% of the company’s stock.

Shares of BIIB opened at $316.73 on Friday. The company has a current ratio of 2.75, a quick ratio of 2.46 and a debt-to-equity ratio of 0.43. The company has a market cap of $65.82 billion, a P/E ratio of 14.52, a PEG ratio of 1.26 and a beta of 0.95. Biogen Inc has a 1 year low of $249.17 and a 1 year high of $388.67.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings data on Tuesday, October 23rd. The biotechnology company reported $7.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.78 by $0.62. Biogen had a net margin of 24.08% and a return on equity of 38.70%. The business had revenue of $3.44 billion for the quarter, compared to the consensus estimate of $3.33 billion. During the same quarter in the prior year, the firm posted $6.31 earnings per share. The company’s quarterly revenue was up 11.7% compared to the same quarter last year. On average, equities analysts predict that Biogen Inc will post 25.82 EPS for the current year.

Several analysts have issued reports on BIIB shares. BidaskClub downgraded shares of Biogen from a “strong-buy” rating to a “buy” rating in a report on Wednesday, August 29th. Oppenheimer set a $400.00 price target on shares of Biogen and gave the company a “buy” rating in a report on Sunday, September 16th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $400.00 price target on shares of Biogen in a report on Monday, October 1st. Raymond James reaffirmed a “buy” rating on shares of Biogen in a report on Wednesday, October 3rd. Finally, Citigroup reduced their price target on shares of Biogen from $483.00 to $470.00 and set a “buy” rating on the stock in a report on Monday, October 8th. Nine analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $382.58.

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Biogen Profile

Biogen Inc discovers, develops, manufactures, and delivers therapies for the treatment of neurological and neurodegenerative diseases worldwide. The company offers TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, ZINBRYTA, and FAMPYRA for the treatment of multiple sclerosis (MS); FUMADERM for the treatment of plaque psoriasis; and SPINRAZA to treat spinal muscular atrophy.

See Also: Depreciation

Institutional Ownership by Quarter for Biogen (NASDAQ:BIIB)

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