Sumitomo Mitsui Trust Group Inc. Trims Stock Holdings in Biogen Inc. $BIIB

Sumitomo Mitsui Trust Group Inc. lowered its position in shares of Biogen Inc. (NASDAQ:BIIB) by 3.9% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 356,291 shares of the biotechnology company’s stock after selling 14,336 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.24% of Biogen worth $65,319,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Empowered Funds LLC boosted its position in Biogen by 64.9% in the first quarter. Empowered Funds LLC now owns 7,054 shares of the biotechnology company’s stock valued at $965,000 after buying an additional 2,777 shares during the last quarter. Focus Partners Wealth lifted its position in Biogen by 172.2% during the first quarter. Focus Partners Wealth now owns 10,173 shares of the biotechnology company’s stock valued at $1,392,000 after purchasing an additional 6,436 shares during the period. Sivia Capital Partners LLC purchased a new position in shares of Biogen during the 2nd quarter valued at about $216,000. Cerity Partners LLC boosted its stake in shares of Biogen by 15.3% in the second quarter. Cerity Partners LLC now owns 46,552 shares of the biotechnology company’s stock worth $5,847,000 after buying an additional 6,184 shares during the last quarter. Finally, NewEdge Advisors LLC raised its position in Biogen by 13.4% during the second quarter. NewEdge Advisors LLC now owns 2,673 shares of the biotechnology company’s stock valued at $336,000 after acquiring an additional 316 shares in the last quarter. Hedge funds and other institutional investors own 87.93% of the company’s stock.

Biogen Price Performance

Shares of Biogen stock traded up $0.24 on Friday, reaching $199.15. The company’s stock had a trading volume of 1,133,114 shares, compared to its average volume of 1,199,882. The company has a market capitalization of $29.40 billion, a P/E ratio of 21.37 and a beta of 0.16. Biogen Inc. has a 52-week low of $121.05 and a 52-week high of $219.72. The stock has a 50-day moving average price of $198.25 and a 200-day moving average price of $188.07. The company has a quick ratio of 2.41, a current ratio of 3.06 and a debt-to-equity ratio of 0.34.

Biogen (NASDAQ:BIIB) last announced its earnings results on Wednesday, April 29th. The biotechnology company reported $3.57 earnings per share for the quarter, topping the consensus estimate of $2.95 by $0.62. Biogen had a return on equity of 12.83% and a net margin of 13.81%.The business had revenue of $2.48 billion during the quarter, compared to the consensus estimate of $2.29 billion. During the same period in the prior year, the company posted $3.02 EPS. The business’s quarterly revenue was up 1.9% on a year-over-year basis. Biogen has set its FY 2026 guidance at 14.250-15.250 EPS. Analysts expect that Biogen Inc. will post 13.77 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts have commented on BIIB shares. Mizuho lowered their price objective on Biogen from $236.00 to $221.00 and set an “outperform” rating on the stock in a research report on Monday, June 15th. HSBC reaffirmed a “reduce” rating and set a $157.00 target price on shares of Biogen in a report on Monday, July 6th. Needham & Company LLC increased their price target on shares of Biogen from $255.00 to $256.00 and gave the stock a “buy” rating in a report on Monday, June 29th. Truist Financial dropped their price target on shares of Biogen from $193.00 to $189.00 and set a “hold” rating on the stock in a research report on Monday, April 13th. Finally, Wedbush lifted their price objective on shares of Biogen from $191.00 to $196.00 and gave the company a “neutral” rating in a report on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, twelve have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $218.15.

Biogen Profile

Biogen Inc is a multinational biotechnology company focused on discovering, developing and delivering therapies for neurological and neurodegenerative diseases. Headquartered in Cambridge, Massachusetts, the company has a longstanding emphasis on neuroscience, with research and commercial activities spanning multiple therapeutic areas including multiple sclerosis, spinal muscular atrophy and Alzheimer’s disease. Biogen was founded in 1978 and has grown into a global biopharmaceutical firm with operations and commercial presence across North America, Europe, Japan and other international markets.

The company’s marketed portfolio has historically included several well-known therapies for multiple sclerosis such as Avonex, Tysabri and Tecfidera, and it has pursued treatments for rare neurological conditions and genetic neuromuscular disorders.