Sumitomo Mitsui DS Asset Management Company Ltd Purchases 324,703 Shares of Biogen Inc. $BIIB

Key Points

• Sumitomo Mitsui DS Asset Management increased its Biogen position by 1,552.4% in the third quarter, purchasing 324,703 additional shares and bringing its total stake to 345,619 shares valued at approximately $78.1 million.
• Institutional investors own 87.93% of Biogen, with major firms including BlackRock, Primecap Management and Wellington Management holding significant positions.
• Analysts maintain a Moderate Buy consensus rating, with an average price target of $236.04. Biogen recently exceeded quarterly earnings and revenue expectations, while shares traded near $233.48.

Sumitomo Mitsui DS Asset Management Company Ltd grew its position in Biogen Inc. (NASDAQ:BIIB - Free Report) by 1,552.4% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 345,619 shares of the biotechnology company's stock after buying an additional 324,703 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd owned 0.23% of Biogen worth $78,068,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in BIIB. BlackRock Inc. bought a new position in Biogen in the second quarter valued at about $3,453,878,000. Primecap Management Co. CA bought a new stake in Biogen during the 2nd quarter worth about $3,274,304,000. Wellington Management Group LLP raised its holdings in Biogen by 5.3% during the 2nd quarter. Wellington Management Group LLP now owns 3,117,469 shares of the biotechnology company's stock worth $673,560,000 after purchasing an additional 155,828 shares during the last quarter. Amundi raised its holdings in Biogen by 91.8% during the 2nd quarter. Amundi now owns 1,516,831 shares of the biotechnology company's stock worth $327,727,000 after purchasing an additional 726,004 shares during the last quarter. Finally, Legal & General Group Plc acquired a new position in Biogen during the 2nd quarter valued at about $322,640,000. Institutional investors own 87.93% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Citigroup upped their target price on shares of Biogen from $200.00 to $215.00 and gave the company a "neutral" rating in a research report on Monday, August 3rd. Cantor Fitzgerald reiterated an "overweight" rating on shares of Biogen in a research report on Monday, June 22nd. Stifel Nicolaus set a $242.00 price target on shares of Biogen in a research note on Thursday, September 10th. Wedbush boosted their price target on shares of Biogen from $201.00 to $215.00 and gave the stock a "neutral" rating in a research note on Thursday, July 30th. Finally, Guggenheim increased their price objective on shares of Biogen from $260.00 to $280.00 and gave the company a "buy" rating in a report on Tuesday, July 21st. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Biogen has an average rating of "Moderate Buy" and a consensus target price of $236.04.

Biogen Trading Up 0.4%

NASDAQ BIIB opened at $233.48 on Tuesday. The stock has a 50-day simple moving average of $220.49 and a 200 day simple moving average of $204.32. The company has a market capitalization of $34.50 billion, a PE ratio of 41.32, a P/E/G ratio of 2.58 and a beta of 0.09. The company has a current ratio of 1.87, a quick ratio of 1.26 and a debt-to-equity ratio of 0.39. Biogen Inc. has a 12 month low of $138.00 and a 12 month high of $240.99.

Biogen (NASDAQ:BIIB - Get Free Report) last released its earnings results on Wednesday, July 29th. The biotechnology company reported $3.60 earnings per share for the quarter, beating the consensus estimate of $2.94 by $0.66. Biogen had a return on equity of 11.18% and a net margin of 8.32%. The firm had revenue of $2.74 billion for the quarter, compared to analyst estimates of $2.46 billion. During the same quarter in the prior year, the firm posted $5.47 earnings per share. The company's quarterly revenue was up 3.4% on a year-over-year basis. Biogen has set its FY 2026 guidance at 12.000-13.000 EPS. Research analysts forecast that Biogen Inc. will post 12.38 EPS for the current year.

Biogen 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.

Want to see what other hedge funds are holding BIIB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Biogen Inc. (NASDAQ:BIIB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.