Synovus Financial Corp Purchases 821 Shares of Biogen Inc. (NASDAQ:BIIB)

Synovus Financial Corp raised its position in Biogen Inc. (NASDAQ:BIIB) by 6.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 14,462 shares of the biotechnology company’s stock after purchasing an additional 821 shares during the quarter. Synovus Financial Corp’s holdings in Biogen were worth $2,803,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Itau Unibanco Holding S.A. bought a new stake in Biogen during the 2nd quarter worth approximately $33,000. Ashton Thomas Securities LLC acquired a new position in Biogen during the 3rd quarter worth about $33,000. Blue Trust Inc. grew its position in shares of Biogen by 249.0% in the 2nd quarter. Blue Trust Inc. now owns 178 shares of the biotechnology company’s stock valued at $38,000 after buying an additional 127 shares during the last quarter. First Horizon Advisors Inc. raised its position in shares of Biogen by 39.8% during the second quarter. First Horizon Advisors Inc. now owns 172 shares of the biotechnology company’s stock worth $40,000 after acquiring an additional 49 shares during the last quarter. Finally, Venturi Wealth Management LLC lifted its stake in shares of Biogen by 73.8% in the third quarter. Venturi Wealth Management LLC now owns 219 shares of the biotechnology company’s stock worth $42,000 after acquiring an additional 93 shares during the period. 87.93% of the stock is owned by institutional investors and hedge funds.

Biogen Trading Down 3.4 %

Biogen stock opened at $150.03 on Friday. Biogen Inc. has a 12 month low of $149.93 and a 12 month high of $268.30. The company has a current ratio of 1.26, a quick ratio of 0.80 and a debt-to-equity ratio of 0.28. The business’s fifty day simple moving average is $171.21 and its two-hundred day simple moving average is $198.27. The company has a market capitalization of $21.86 billion, a price-to-earnings ratio of 13.55, a price-to-earnings-growth ratio of 1.83 and a beta of -0.08.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, beating the consensus estimate of $3.77 by $0.31. The company had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.43 billion. Biogen had a net margin of 16.81% and a return on equity of 14.98%. Biogen’s revenue for the quarter was down 2.5% on a year-over-year basis. During the same period in the prior year, the firm posted $4.36 EPS. As a group, equities analysts predict that Biogen Inc. will post 16.43 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have issued reports on BIIB. TD Cowen lowered their price target on shares of Biogen from $300.00 to $275.00 and set a “buy” rating for the company in a report on Thursday, October 31st. Raymond James reissued a “market perform” rating on shares of Biogen in a research report on Thursday, October 10th. Mizuho dropped their price target on Biogen from $251.00 to $207.00 and set an “outperform” rating on the stock in a research note on Thursday, November 21st. Citigroup began coverage on shares of Biogen in a research report on Thursday, November 14th. They set a “neutral” rating and a $190.00 price objective for the company. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $292.00 target price on shares of Biogen in a research note on Monday, September 9th. Fourteen research analysts have rated the stock with a hold rating and fifteen have assigned a buy 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 $248.25.

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.