Sumitomo Mitsui Trust Group Inc. Grows Stock Holdings in Biogen Inc. (NASDAQ:BIIB)

Sumitomo Mitsui Trust Group Inc. grew its position in Biogen Inc. (NASDAQ:BIIB) by 2.6% during the third quarter, Holdings Channel reports. The institutional investor owned 370,128 shares of the biotechnology company’s stock after acquiring an additional 9,254 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Biogen were worth $71,746,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of BIIB. First Horizon Advisors Inc. lifted its position in Biogen by 39.8% during the second quarter. First Horizon Advisors Inc. now owns 172 shares of the biotechnology company’s stock valued at $40,000 after acquiring an additional 49 shares during the last quarter. QRG Capital Management Inc. increased its position in shares of Biogen by 2.0% during the first quarter. QRG Capital Management Inc. now owns 2,634 shares of the biotechnology company’s stock worth $568,000 after purchasing an additional 51 shares in the last quarter. Plato Investment Management Ltd lifted its holdings in shares of Biogen by 82.8% during the 1st quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock valued at $25,000 after purchasing an additional 53 shares during the last quarter. Jacobi Capital Management LLC boosted its position in shares of Biogen by 3.4% in the 1st quarter. Jacobi Capital Management LLC now owns 1,664 shares of the biotechnology company’s stock worth $359,000 after purchasing an additional 55 shares in the last quarter. Finally, CWM LLC grew its stake in Biogen by 1.7% during the 2nd quarter. CWM LLC now owns 3,765 shares of the biotechnology company’s stock worth $873,000 after buying an additional 62 shares during the last quarter. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Insider Activity

In related news, insider Priya Singhal sold 431 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total value of $88,018.82. Following the completion of the sale, the insider now owns 5,316 shares of the company’s stock, valued at approximately $1,085,633.52. The trade was a 7.50 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.16% of the company’s stock.

Analysts Set New Price Targets

BIIB has been the subject of a number of research analyst reports. Mizuho decreased their price target on Biogen from $277.00 to $251.00 and set an “outperform” rating for the company in a research note on Tuesday, August 6th. Truist Financial reaffirmed a “buy” rating and issued a $302.00 price objective (down from $340.00) on shares of Biogen in a research report on Monday, August 5th. TD Cowen dropped their target price on shares of Biogen from $300.00 to $275.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. Needham & Company LLC reaffirmed a “buy” rating and issued a $270.00 price target on shares of Biogen in a report on Wednesday, October 30th. Finally, Wedbush lowered their price objective on shares of Biogen from $210.00 to $205.00 and set a “neutral” rating for the company in a research note on Monday, September 23rd. Eleven analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $258.72.

Biogen Stock Down 0.5 %

BIIB stock opened at $164.89 on Friday. Biogen Inc. has a one year low of $163.35 and a one year high of $268.30. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.80 and a current ratio of 1.26. The firm’s fifty day moving average is $187.54 and its 200 day moving average is $208.07. The firm has a market cap of $24.03 billion, a PE ratio of 14.90, a P/E/G ratio of 1.60 and a beta of -0.06.

Biogen (NASDAQ:BIIB) last posted its earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, beating analysts’ consensus estimates of $3.77 by $0.31. The firm had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.43 billion. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The company’s quarterly revenue was down 2.5% on a year-over-year basis. During the same period last year, the firm earned $4.36 EPS. On average, research analysts forecast that Biogen Inc. will post 16.4 EPS for the current year.

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.