Biogen Inc. (NASDAQ:BIIB) Shares Purchased by Sumitomo Mitsui DS Asset Management Company Ltd

Sumitomo Mitsui DS Asset Management Company Ltd raised its position in Biogen Inc. (NASDAQ:BIIB) by 2.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 19,702 shares of the biotechnology company’s stock after purchasing an additional 489 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Biogen were worth $3,819,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Duality Advisers LP bought a new stake in Biogen during the 1st quarter valued at $1,290,000. Tocqueville Asset Management L.P. raised its stake in shares of Biogen by 924.4% during the first quarter. Tocqueville Asset Management L.P. now owns 46,200 shares of the biotechnology company’s stock valued at $9,962,000 after purchasing an additional 41,690 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in Biogen by 0.9% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 386,482 shares of the biotechnology company’s stock worth $83,337,000 after purchasing an additional 3,380 shares during the period. Cetera Investment Advisers increased its stake in Biogen by 235.1% during the 1st quarter. Cetera Investment Advisers now owns 14,860 shares of the biotechnology company’s stock valued at $3,204,000 after buying an additional 10,425 shares during the period. Finally, M&G Plc bought a new stake in shares of Biogen during the 1st quarter worth about $1,856,000. Institutional investors own 87.93% of the company’s stock.

Biogen Stock Up 0.3 %

Shares of BIIB opened at $190.16 on Monday. Biogen Inc. has a 52 week low of $181.31 and a 52 week high of $268.30. The firm has a market capitalization of $27.69 billion, a P/E ratio of 23.74, a P/E/G ratio of 1.87 and a beta of -0.06. The company has a 50-day simple moving average of $197.09 and a 200-day simple moving average of $210.94. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.48 and a current ratio of 2.29.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings data on Thursday, August 1st. The biotechnology company reported $5.28 EPS for the quarter, topping analysts’ consensus estimates of $4.00 by $1.28. The company had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.39 billion. Biogen had a return on equity of 15.71% and a net margin of 11.98%. The company’s quarterly revenue was up .4% on a year-over-year basis. During the same quarter last year, the company earned $4.02 EPS. On average, equities research analysts expect that Biogen Inc. will post 16.13 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on BIIB shares. UBS Group cut their target price on Biogen from $234.00 to $202.00 and set a “neutral” rating for the company in a research report on Thursday, October 3rd. Scotiabank dropped their price objective on Biogen from $275.00 to $244.00 and set a “sector outperform” rating on the stock in a research note on Friday, August 2nd. Mizuho decreased their target price on Biogen from $277.00 to $251.00 and set an “outperform” rating for the company in a research note on Tuesday, August 6th. Royal Bank of Canada lowered their target price on Biogen from $292.00 to $269.00 and set an “outperform” rating on the stock in a report on Friday, October 4th. Finally, Robert W. Baird cut their price target on shares of Biogen from $316.00 to $294.00 and set an “outperform” rating for the company in a report on Monday, July 29th. Nine analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Biogen presently has an average rating of “Moderate Buy” and an average target price of $271.39.

Insiders Place Their Bets

In other news, insider Priya Singhal sold 431 shares of the firm’s stock in a transaction dated 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 directly owns 5,316 shares of the company’s stock, valued at approximately $1,085,633.52. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.16% of the company’s stock.

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.