Biogen Inc. $BIIB Stock Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. lessened its stake in Biogen Inc. (NASDAQ:BIIB) by 2.9% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 336,692 shares of the biotechnology company’s stock after selling 9,925 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Biogen were worth $76,052,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in shares of Biogen during the 2nd quarter valued at about $3,453,878,000. Orbimed Advisors LLC acquired a new position in Biogen in the first quarter worth approximately $11,293,000. Tidal Investments LLC increased its stake in shares of Biogen by 9.0% during the 2nd quarter. Tidal Investments LLC now owns 63,842 shares of the biotechnology company’s stock worth $13,794,000 after purchasing an additional 5,256 shares during the last quarter. Saudi Central Bank raised its holdings in Biogen by 89.7% during the second quarter. Saudi Central Bank now owns 10,273 shares of the biotechnology company’s stock valued at $2,220,000 after buying an additional 4,858 shares in the last quarter. Finally, Nippon Life Global Investors Americas Inc. bought a new position in shares of Biogen in the 2nd quarter valued at approximately $29,648,000. 87.93% of the stock is owned by institutional investors and hedge funds.

Biogen Stock Performance

Shares of BIIB opened at $248.93 on Wednesday. The stock has a market capitalization of $36.80 billion, a P/E ratio of 106.38, a price-to-earnings-growth ratio of 2.82 and a beta of 0.10. The firm’s fifty day simple moving average is $228.34 and its two-hundred day simple moving average is $201.80. The company has a current ratio of 1.95, a quick ratio of 1.37 and a debt-to-equity ratio of 0.39. Biogen Inc. has a 12 month low of $148.51 and a 12 month high of $258.78.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings data on Wednesday, October 28th. The biotechnology company reported $2.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.99 by $0.63. Biogen had a net margin of 3.37% and a return on equity of 9.38%. The business had revenue of $2.80 billion during the quarter, compared to the consensus estimate of $2.63 billion. During the same period in the prior year, the firm posted $4.81 EPS. The firm’s quarterly revenue was up 10.6% compared to the same quarter last year. As a group, analysts predict that Biogen Inc. will post 12.47 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts recently weighed in on BIIB shares. Oppenheimer restated an “outperform” rating and issued a $300.00 target price on shares of Biogen in a report on Wednesday, July 29th. Zacks Research upgraded shares of Biogen from a “strong sell” rating to a “hold” rating in a research note on Tuesday, July 28th. TD Cowen boosted their target price on Biogen from $250.00 to $260.00 and gave the stock a “buy” rating in a report on Thursday, October 29th. Mizuho lifted their price target on shares of Biogen from $221.00 to $241.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 4th. Finally, Weiss Ratings downgraded Biogen from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday, October 29th. One research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $252.34.

Biogen Company Profile

Biogen Inc is a biotechnology company that discovers, develops and commercializes therapies for neurological and neurodegenerative diseases. Its areas of focus include multiple sclerosis, Alzheimer’s disease, spinal muscular atrophy, amyotrophic lateral sclerosis and other serious medical conditions.

The company’s portfolio includes multiple sclerosis treatments such as Tecfidera, Vumerity, Tysabri, Plegridy and Avonex, as well as Spinraza for spinal muscular atrophy. Biogen also markets Leqembi, an Alzheimer’s disease treatment developed in collaboration with Eisai, and works with partners to advance additional therapies and biosimilars.

Biogen was founded in 1978 and is headquartered in Cambridge, Massachusetts.