Comerica Bank Has $9.12 Million Stock Position in Biogen Inc. (NASDAQ:BIIB)

Comerica Bank raised its stake in Biogen Inc. (NASDAQ:BIIB) by 2.9% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 42,314 shares of the biotechnology company’s stock after purchasing an additional 1,210 shares during the quarter. Comerica Bank’s holdings in Biogen were worth $9,124,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in BIIB. Livelsberger Financial Advisory acquired a new position in Biogen during the fourth quarter worth $26,000. Rise Advisors LLC bought a new stake in shares of Biogen in the 1st quarter valued at about $27,000. Hexagon Capital Partners LLC lifted its stake in Biogen by 76.1% in the 4th quarter. Hexagon Capital Partners LLC now owns 118 shares of the biotechnology company’s stock valued at $31,000 after purchasing an additional 51 shares during the last quarter. EntryPoint Capital LLC bought a new position in Biogen during the first quarter worth about $36,000. Finally, Atticus Wealth Management LLC bought a new stake in Biogen in the first quarter valued at approximately $43,000. Institutional investors and hedge funds own 87.93% of the company’s stock.

Biogen Trading Down 3.5 %

Shares of BIIB traded down $7.37 during mid-day trading on Friday, reaching $203.33. 658,494 shares of the company were exchanged, compared to its average volume of 1,142,553. The business has a 50 day simple moving average of $225.25 and a two-hundred day simple moving average of $223.43. Biogen Inc. has a 52 week low of $189.44 and a 52 week high of $278.95. The stock has a market capitalization of $29.60 billion, a PE ratio of 26.01, a PEG ratio of 2.15 and a beta of -0.04. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.32 and a current ratio of 2.10.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings results on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.00 by $1.28. Biogen had a net margin of 12.07% and a return on equity of 14.83%. The firm had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.39 billion. During the same quarter in the previous year, the company earned $4.02 EPS. The company’s revenue for the quarter was up .4% on a year-over-year basis. On average, analysts predict that Biogen Inc. will post 15.61 earnings per share for the current fiscal year.

Analysts Set New Price Targets

BIIB has been the topic of a number of recent analyst reports. Piper Sandler decreased their target price on Biogen from $335.00 to $313.00 and set an “overweight” rating on the stock in a report on Friday, July 12th. UBS Group reduced their target price on shares of Biogen from $250.00 to $214.00 and set a “neutral” rating for the company in a report on Wednesday, April 17th. Oppenheimer reissued an “outperform” rating and issued a $270.00 price target on shares of Biogen in a report on Monday, April 29th. Bank of America decreased their target price on Biogen from $280.00 to $260.00 and set a “neutral” rating on the stock in a research report on Friday, April 12th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $317.00 price target on shares of Biogen in a report on Wednesday, June 26th. Ten analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Biogen presently has a consensus rating of “Moderate Buy” and a consensus price target of $282.35.

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.