Sumitomo Mitsui Trust Group Inc. Raises Stock Holdings in Biogen Inc. (NASDAQ:BIIB)

Sumitomo Mitsui Trust Group Inc. raised its stake in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 6.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 416,960 shares of the biotechnology company's stock after acquiring an additional 25,464 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.28% of Biogen worth $57,057,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of BIIB. Norges Bank bought a new position in Biogen during the 4th quarter valued at $355,569,000. Invesco Ltd. lifted its stake in Biogen by 30.6% during the 4th quarter. Invesco Ltd. now owns 2,128,807 shares of the biotechnology company's stock valued at $325,537,000 after acquiring an additional 499,074 shares in the last quarter. AQR Capital Management LLC lifted its stake in Biogen by 982.0% during the 4th quarter. AQR Capital Management LLC now owns 539,692 shares of the biotechnology company's stock valued at $81,914,000 after acquiring an additional 489,811 shares in the last quarter. Deutsche Bank AG lifted its stake in Biogen by 63.7% during the 4th quarter. Deutsche Bank AG now owns 1,169,570 shares of the biotechnology company's stock valued at $178,851,000 after acquiring an additional 455,285 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Biogen by 33.1% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,533,813 shares of the biotechnology company's stock valued at $234,551,000 after acquiring an additional 381,122 shares in the last quarter. 87.93% of the stock is currently owned by institutional investors.

Biogen Price Performance

BIIB stock traded up $4.48 during mid-day trading on Tuesday, reaching $130.07. 1,919,281 shares of the company traded hands, compared to its average volume of 1,429,646. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.44 and a quick ratio of 1.01. The company has a market capitalization of $19.06 billion, a P/E ratio of 12.84, a P/E/G ratio of 1.00 and a beta of 0.14. Biogen Inc. has a 52-week low of $110.04 and a 52-week high of $238.00. The company has a fifty day moving average price of $125.86 and a 200-day moving average price of $134.86.

Biogen (NASDAQ:BIIB - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The biotechnology company reported $3.02 EPS for the quarter, missing the consensus estimate of $3.26 by ($0.24). Biogen had a return on equity of 14.03% and a net margin of 15.07%. The business had revenue of $2.43 billion for the quarter, compared to analysts' expectations of $2.25 billion. During the same period in the previous year, the firm posted $3.67 EPS. The firm's revenue for the quarter was up 6.2% compared to the same quarter last year. As a group, analysts anticipate that Biogen Inc. will post 15.83 earnings per share for the current year.

Wall Street Analysts Forecast Growth

BIIB has been the topic of several recent analyst reports. Mizuho dropped their price objective on Biogen from $207.00 to $169.00 and set an "outperform" rating on the stock in a research note on Wednesday, May 7th. Hsbc Global Res lowered shares of Biogen from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 28th. Morgan Stanley dropped their target price on shares of Biogen from $157.00 to $152.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 9th. JPMorgan Chase & Co. decreased their price target on shares of Biogen from $185.00 to $175.00 and set a "neutral" rating for the company in a research note on Monday, May 5th. Finally, Argus downgraded Biogen from a "buy" rating to a "hold" rating in a research note on Friday, April 4th. Twenty research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $188.48.

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.