Sumitomo Mitsui Trust Holdings Inc. Increases Stock Position in Biogen Inc. (NASDAQ:BIIB)

Sumitomo Mitsui Trust Holdings Inc. increased its holdings in Biogen Inc. (NASDAQ:BIIB) by 0.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 386,482 shares of the biotechnology company’s stock after acquiring an additional 3,380 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned approximately 0.27% of Biogen worth $83,337,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Primecap Management Co. CA boosted its holdings in Biogen by 1.6% in the 4th quarter. Primecap Management Co. CA now owns 16,264,481 shares of the biotechnology company’s stock valued at $4,208,760,000 after purchasing an additional 251,915 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Biogen by 18.2% in the fourth quarter. Vanguard Group Inc. now owns 14,407,330 shares of the biotechnology company’s stock valued at $3,728,185,000 after acquiring an additional 2,218,744 shares in the last quarter. Wellington Management Group LLP boosted its position in Biogen by 0.5% during the third quarter. Wellington Management Group LLP now owns 5,374,310 shares of the biotechnology company’s stock worth $1,381,251,000 after acquiring an additional 27,951 shares during the last quarter. Morgan Stanley increased its stake in shares of Biogen by 4.3% during the 3rd quarter. Morgan Stanley now owns 1,493,113 shares of the biotechnology company’s stock valued at $383,745,000 after acquiring an additional 61,814 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Biogen during the 4th quarter worth $378,728,000. 87.93% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

BIIB has been the subject of a number of research reports. HC Wainwright reaffirmed a “buy” rating and set a $300.00 price target on shares of Biogen in a research report on Thursday, May 23rd. UBS Group decreased their target price on Biogen from $250.00 to $214.00 and set a “neutral” rating for the company in a research report on Wednesday, April 17th. Wedbush lifted their target price on Biogen from $213.00 to $215.00 and gave the company a “neutral” rating in a research note on Thursday, April 25th. HSBC increased their price objective on shares of Biogen from $339.00 to $342.00 and gave the stock a “buy” rating in a report on Friday, May 3rd. Finally, Oppenheimer reissued an “outperform” rating and set a $270.00 price target on shares of Biogen in a report on Monday, April 29th. Ten research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $286.50.

Biogen Trading Down 1.8 %

NASDAQ BIIB opened at $224.61 on Friday. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.10 and a quick ratio of 1.32. The stock’s 50-day moving average is $224.14 and its 200-day moving average is $228.03. Biogen Inc. has a one year low of $189.44 and a one year high of $287.60. The firm has a market cap of $32.70 billion, a P/E ratio of 28.04, a P/E/G ratio of 2.30 and a beta of -0.04.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 earnings per share for the quarter, beating analysts’ consensus estimates of $3.45 by $0.22. The firm had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.31 billion. Biogen had a net margin of 12.07% and a return on equity of 14.83%. The business’s revenue was down 7.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.40 earnings per share. Sell-side analysts anticipate that Biogen Inc. will post 15.63 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.