Sompo Asset Management Co. Ltd. Has $338,000 Stake in Biogen Inc. (NASDAQ:BIIB)

Sompo Asset Management Co. Ltd. increased its stake in Biogen Inc. (NASDAQ:BIIB) by 36.4% in the 2nd quarter, Holdings Channel reports. The firm owned 1,460 shares of the biotechnology company’s stock after purchasing an additional 390 shares during the period. Sompo Asset Management Co. Ltd.’s holdings in Biogen were worth $338,000 as of its most recent filing with the SEC.

A number of other large investors have also recently added to or reduced their stakes in the stock. KCM Investment Advisors LLC lifted its stake in shares of Biogen by 1.7% in the first quarter. KCM Investment Advisors LLC now owns 2,953 shares of the biotechnology company’s stock worth $637,000 after buying an additional 48 shares during the last quarter. First Horizon Advisors Inc. lifted its position in Biogen by 39.8% during the 2nd quarter. First Horizon Advisors Inc. now owns 172 shares of the biotechnology company’s stock worth $40,000 after buying an additional 49 shares in the last quarter. TFB Advisors LLC boosted its position in Biogen by 2.1% in the 1st quarter. TFB Advisors LLC now owns 2,450 shares of the biotechnology company’s stock valued at $530,000 after buying an additional 50 shares during the last quarter. QRG Capital Management Inc. boosted its stake in shares of Biogen by 2.0% in the 1st quarter. QRG Capital Management Inc. now owns 2,634 shares of the biotechnology company’s stock valued at $568,000 after purchasing an additional 51 shares during the last quarter. Finally, Plato Investment Management Ltd boosted its position in shares of Biogen by 82.8% in the 1st quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock worth $25,000 after purchasing an additional 53 shares during the last quarter. Institutional investors own 87.93% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently commented on BIIB. Truist Financial reiterated a “buy” rating and issued a $302.00 price objective (down previously from $340.00) on shares of Biogen in a report on Monday, August 5th. Scotiabank cut their price target on shares of Biogen from $275.00 to $244.00 and set a “sector outperform” rating on the stock in a research report on Friday, August 2nd. Piper Sandler reduced their price objective on shares of Biogen from $335.00 to $313.00 and set an “overweight” rating on the stock in a research note on Friday, July 12th. Robert W. Baird lowered their target price on shares of Biogen from $316.00 to $294.00 and set an “outperform” rating for the company in a research note on Monday, July 29th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $292.00 price target on shares of Biogen in a research report on Monday, September 9th. Eight research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Biogen has an average rating of “Moderate Buy” and a consensus target price of $275.52.

Biogen Price Performance

NASDAQ BIIB opened at $199.36 on Friday. The firm’s 50 day moving average is $207.31 and its 200-day moving average is $215.00. The company has a quick ratio of 1.48, a current ratio of 2.29 and a debt-to-equity ratio of 0.40. The company has a market capitalization of $29.03 billion, a PE ratio of 24.89, a price-to-earnings-growth ratio of 2.01 and a beta of -0.06. Biogen Inc. has a 12-month low of $189.44 and a 12-month high of $269.43.

Biogen (NASDAQ:BIIB) last announced its earnings results on Thursday, August 1st. The biotechnology company reported $5.28 EPS for the quarter, topping the consensus estimate of $4.00 by $1.28. Biogen had a net margin of 11.98% and a return on equity of 15.71%. The business had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.39 billion. During the same quarter in the prior year, the company posted $4.02 earnings per share. The firm’s revenue was up .4% on a year-over-year basis. Equities research analysts anticipate that Biogen Inc. will post 16.12 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Priya Singhal sold 431 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total transaction of $88,018.82. Following the completion of the transaction, the insider now owns 5,316 shares in the company, valued at $1,085,633.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.16% of the stock is currently owned by corporate insiders.

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.