Sumitomo Life Insurance Co. Trims Stake in Biogen Inc. (NASDAQ:BIIB)

Sumitomo Life Insurance Co. lessened its position in Biogen Inc. (NASDAQ:BIIB) by 11.0% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 3,744 shares of the biotechnology company’s stock after selling 461 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in Biogen were worth $868,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of BIIB. Cerity Partners LLC grew its position in Biogen by 15.5% during the 4th quarter. Cerity Partners LLC now owns 2,678 shares of the biotechnology company’s stock valued at $693,000 after purchasing an additional 360 shares during the last quarter. Simplicity Solutions LLC increased its position in shares of Biogen by 13.4% during the fourth quarter. Simplicity Solutions LLC now owns 2,291 shares of the biotechnology company’s stock valued at $593,000 after acquiring an additional 270 shares in the last quarter. Mackenzie Financial Corp raised its holdings in Biogen by 29.5% in the 4th quarter. Mackenzie Financial Corp now owns 60,626 shares of the biotechnology company’s stock worth $15,688,000 after acquiring an additional 13,796 shares during the last quarter. SVB Wealth LLC lifted its position in Biogen by 48.0% in the 4th quarter. SVB Wealth LLC now owns 1,174 shares of the biotechnology company’s stock valued at $304,000 after acquiring an additional 381 shares in the last quarter. Finally, Livforsakringsbolaget Skandia Omsesidigt increased its holdings in shares of Biogen by 157.5% in the 4th quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 430 shares of the biotechnology company’s stock worth $111,000 after purchasing an additional 263 shares in the last quarter. Institutional investors own 87.93% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on BIIB shares. Wells Fargo & Company lowered their price target on Biogen from $240.00 to $225.00 and set an “equal weight” rating on the stock in a report on Friday, August 2nd. Piper Sandler dropped their price target on shares of Biogen from $335.00 to $313.00 and set an “overweight” rating on the stock in a report on Friday, July 12th. Royal Bank of Canada boosted their price objective on shares of Biogen from $282.00 to $292.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. StockNews.com upgraded shares of Biogen from a “hold” rating to a “buy” rating in a report on Monday, August 5th. Finally, Wedbush cut their target price on shares of Biogen from $215.00 to $210.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. Eight analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $276.48.

Biogen Price Performance

Shares of Biogen stock traded up $0.28 during trading hours on Friday, hitting $201.91. The company’s stock had a trading volume of 706,008 shares, compared to its average volume of 1,134,084. The company has a market cap of $29.40 billion, a PE ratio of 25.21, a PEG ratio of 2.09 and a beta of -0.04. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.32 and a current ratio of 2.29. The business has a 50 day moving average price of $220.20 and a two-hundred day moving average price of $219.75. Biogen Inc. has a 12-month low of $189.44 and a 12-month high of $270.50.

Biogen (NASDAQ:BIIB) last released its earnings results on Thursday, August 1st. The biotechnology company reported $5.28 EPS for the quarter, topping the consensus estimate of $4.00 by $1.28. The firm had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.39 billion. Biogen had a net margin of 11.98% and a return on equity of 15.71%. The company’s quarterly revenue was up .4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $4.02 earnings per share. Analysts expect that Biogen Inc. will post 15.87 earnings per share for the current fiscal year.

Biogen 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.