Sumitomo Mitsui Trust Group Inc. Decreases Stake in Biogen Inc. $BIIB

Sumitomo Mitsui Trust Group Inc. reduced its holdings in Biogen Inc. (NASDAQ:BIIB) by 0.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 414,830 shares of the biotechnology company’s stock after selling 2,130 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Biogen were worth $52,098,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Sector Gamma AS lifted its stake in shares of Biogen by 171.7% in the second quarter. Sector Gamma AS now owns 50,639 shares of the biotechnology company’s stock worth $6,360,000 after buying an additional 32,000 shares in the last quarter. Asset Management One Co. Ltd. lifted its stake in shares of Biogen by 2.3% in the second quarter. Asset Management One Co. Ltd. now owns 62,810 shares of the biotechnology company’s stock worth $7,888,000 after buying an additional 1,390 shares in the last quarter. Freedom Investment Management Inc. lifted its stake in shares of Biogen by 9.8% in the second quarter. Freedom Investment Management Inc. now owns 3,144 shares of the biotechnology company’s stock worth $395,000 after buying an additional 281 shares in the last quarter. Ethic Inc. lifted its stake in shares of Biogen by 58.3% in the second quarter. Ethic Inc. now owns 12,438 shares of the biotechnology company’s stock worth $1,568,000 after buying an additional 4,583 shares in the last quarter. Finally, Citizens & Northern Corp lifted its stake in shares of Biogen by 49.1% in the second quarter. Citizens & Northern Corp now owns 7,028 shares of the biotechnology company’s stock worth $883,000 after buying an additional 2,315 shares in the last quarter. 87.93% of the stock is owned by hedge funds and other institutional investors.

Biogen Price Performance

Biogen stock opened at $150.43 on Tuesday. The company’s 50 day simple moving average is $143.32 and its 200-day simple moving average is $132.69. The company has a market capitalization of $22.06 billion, a price-to-earnings ratio of 14.38, a price-to-earnings-growth ratio of 1.19 and a beta of 0.13. Biogen Inc. has a 1 year low of $110.04 and a 1 year high of $187.28. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.79 and a current ratio of 2.50.

Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Thursday, July 31st. The biotechnology company reported $5.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.93 by $1.54. The business had revenue of $2.65 billion for the quarter, compared to the consensus estimate of $2.32 billion. Biogen had a net margin of 15.31% and a return on equity of 13.85%. The business’s revenue was up 7.3% on a year-over-year basis. During the same period in the previous year, the firm earned $5.28 EPS. Biogen has set its FY 2025 guidance at 15.500-16.000 EPS. As a group, equities research analysts expect that Biogen Inc. will post 15.83 earnings per share for the current year.

Wall Street Analyst Weigh In

BIIB has been the topic of a number of analyst reports. Truist Financial initiated coverage on shares of Biogen in a research note on Monday, July 21st. They set a “hold” rating and a $142.00 target price on the stock. Citigroup reaffirmed a “neutral” rating on shares of Biogen in a research note on Wednesday, September 24th. Piper Sandler lifted their target price on shares of Biogen from $115.00 to $118.00 and gave the stock a “neutral” rating in a research note on Friday, September 12th. Rothschild & Co Redburn lifted their target price on shares of Biogen from $149.00 to $150.00 and gave the stock a “neutral” rating in a research note on Monday, October 6th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Biogen in a research note on Wednesday, September 24th. Eleven investment analysts have rated the stock with a Buy rating and twenty have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $180.69.

Insider Buying and Selling at Biogen

In related news, insider Priya Singhal sold 517 shares of Biogen stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $133.55, for a total value of $69,045.35. Following the completion of the transaction, the insider owned 5,772 shares in the company, valued at approximately $770,850.60. The trade was a 8.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.18% of the company’s stock.

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.