Sumitomo Mitsui Trust Group Inc. Acquires 25,464 Shares of Biogen Inc. (NASDAQ:BIIB)

Sumitomo Mitsui Trust Group Inc. grew its stake in Biogen Inc. (NASDAQ:BIIB - Free Report) by 6.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 416,960 shares of the biotechnology company's stock after purchasing 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 filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in BIIB. Larson Financial Group LLC boosted its position in Biogen by 640.9% in the fourth quarter. Larson Financial Group LLC now owns 163 shares of the biotechnology company's stock valued at $25,000 after buying an additional 141 shares in the last quarter. Lee Danner & Bass Inc. bought a new position in shares of Biogen in the 4th quarter valued at $25,000. Opal Wealth Advisors LLC acquired a new stake in shares of Biogen during the 1st quarter valued at $26,000. Colonial Trust Co SC grew its position in Biogen by 9,300.0% during the 4th quarter. Colonial Trust Co SC now owns 188 shares of the biotechnology company's stock worth $29,000 after acquiring an additional 186 shares during the last quarter. Finally, OFI Invest Asset Management bought a new stake in Biogen during the 4th quarter worth $32,000. 87.93% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. JPMorgan Chase & Co. dropped their price objective on shares of Biogen from $185.00 to $175.00 and set a "neutral" rating for the company in a report on Monday, May 5th. Morgan Stanley dropped their price target on shares of Biogen from $157.00 to $152.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 9th. Piper Sandler reiterated a "neutral" rating and set a $115.00 price target on shares of Biogen in a report on Thursday, June 12th. Needham & Company LLC reissued a "hold" rating on shares of Biogen in a research note on Thursday, June 12th. Finally, Mizuho lowered their target price on Biogen from $207.00 to $169.00 and set an "outperform" rating for the company in a research report on Wednesday, May 7th. Twenty research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $188.48.

Biogen Stock Performance

Shares of NASDAQ:BIIB traded down $0.57 during mid-day trading on Friday, reaching $132.63. The company had a trading volume of 633,328 shares, compared to its average volume of 1,434,583. Biogen Inc. has a one year low of $110.04 and a one year high of $238.00. The company has a current ratio of 1.44, a quick ratio of 1.01 and a debt-to-equity ratio of 0.27. The company's 50-day moving average price is $126.65 and its 200-day moving average price is $134.69. The firm has a market cap of $19.43 billion, a price-to-earnings ratio of 13.09, a PEG ratio of 1.06 and a beta of 0.14.

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

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.