Sumitomo Mitsui Trust Group Inc. Has $71.75 Million Stock Position in Biogen Inc. (NASDAQ:BIIB)

Sumitomo Mitsui Trust Group Inc. raised its stake in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 2.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 370,128 shares of the biotechnology company's stock after purchasing an additional 9,254 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.25% of Biogen worth $71,746,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of BIIB. Plato Investment Management Ltd increased its stake 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 valued at $25,000 after buying an additional 53 shares during the period. Itau Unibanco Holding S.A. acquired a new stake in Biogen during the 2nd quarter worth $33,000. Ashton Thomas Securities LLC acquired a new stake in Biogen during the 3rd quarter worth $33,000. EntryPoint Capital LLC bought a new stake in shares of Biogen during the 1st quarter valued at $36,000. Finally, Versant Capital Management Inc lifted its stake in shares of Biogen by 123.2% in the 2nd quarter. Versant Capital Management Inc now owns 154 shares of the biotechnology company's stock valued at $36,000 after purchasing an additional 85 shares during the period. 87.93% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, insider Priya Singhal sold 431 shares of the company's stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total value of $88,018.82. Following the completion of the transaction, the insider now owns 5,316 shares of the company's stock, valued at $1,085,633.52. This represents a 7.50 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.16% of the stock is owned by corporate insiders.

Biogen Stock Performance

NASDAQ BIIB traded down $4.90 on Friday, reaching $159.99. The stock had a trading volume of 1,916,718 shares, compared to its average volume of 1,169,550. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.26 and a quick ratio of 0.80. The firm has a fifty day moving average of $186.80 and a two-hundred day moving average of $207.77. Biogen Inc. has a 1-year low of $159.60 and a 1-year high of $268.30. The company has a market cap of $23.31 billion, a P/E ratio of 14.78, a price-to-earnings-growth ratio of 1.57 and a beta of -0.06.

Biogen (NASDAQ:BIIB - Get Free Report) last issued its earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, beating the consensus estimate of $3.77 by $0.31. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The company had revenue of $2.47 billion during the quarter, compared to analysts' expectations of $2.43 billion. During the same period in the previous year, the company earned $4.36 EPS. The business's revenue for the quarter was down 2.5% compared to the same quarter last year. On average, equities research analysts anticipate that Biogen Inc. will post 16.4 EPS for the current year.

Analyst Upgrades and Downgrades

BIIB has been the subject of a number of recent analyst reports. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $292.00 price target on shares of Biogen in a research note on Monday, September 9th. Barclays lowered their target price on shares of Biogen from $190.00 to $180.00 and set an "equal weight" rating for the company in a research note on Thursday, October 31st. Wolfe Research initiated coverage on shares of Biogen in a research report on Friday. They set a "peer perform" rating on the stock. 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 report on Monday, September 23rd. Finally, HC Wainwright reiterated a "buy" rating and set a $300.00 target price on shares of Biogen in a report on Thursday, October 31st. Twelve equities research 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, Biogen presently has an average rating of "Moderate Buy" and a consensus target price of $258.96.

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.