Sumitomo Life Insurance Co. Has $757,000 Position in Biogen Inc. (NASDAQ:BIIB)

Sumitomo Life Insurance Co. increased its holdings in shares of Biogen Inc. (NASDAQ:BIIB) by 4.3% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,906 shares of the biotechnology company’s stock after buying an additional 162 shares during the period. Sumitomo Life Insurance Co.’s holdings in Biogen were worth $757,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. KCM Investment Advisors LLC raised its position in shares of Biogen by 1.7% during the first quarter. KCM Investment Advisors LLC now owns 2,953 shares of the biotechnology company’s stock worth $637,000 after acquiring an additional 48 shares during the last quarter. First Horizon Advisors Inc. lifted its position in shares of Biogen by 39.8% in the 2nd quarter. First Horizon Advisors Inc. now owns 172 shares of the biotechnology company’s stock worth $40,000 after purchasing an additional 49 shares during the period. TFB Advisors LLC boosted its stake in shares of Biogen by 2.1% in the 1st quarter. TFB Advisors LLC now owns 2,450 shares of the biotechnology company’s stock valued at $530,000 after purchasing an additional 50 shares during the last quarter. QRG Capital Management Inc. increased its position in shares of Biogen by 2.0% during the first quarter. QRG Capital Management Inc. now owns 2,634 shares of the biotechnology company’s stock worth $568,000 after buying an additional 51 shares during the period. Finally, Plato Investment Management Ltd raised its stake in Biogen by 82.8% during the first quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock worth $25,000 after buying an additional 53 shares during the last quarter. 87.93% of the stock is owned by institutional investors.

Biogen Trading Up 0.3 %

Shares of BIIB stock opened at $189.55 on Friday. Biogen Inc. has a 52-week low of $181.31 and a 52-week high of $268.30. The company has a 50-day simple moving average of $197.32 and a two-hundred day simple moving average of $211.05. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.48 and a current ratio of 2.29. The company has a market capitalization of $27.60 billion, a price-to-earnings ratio of 23.66, a PEG ratio of 1.87 and a beta of -0.06.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings results on Thursday, August 1st. The biotechnology company reported $5.28 EPS for the quarter, beating analysts’ consensus estimates of $4.00 by $1.28. Biogen had a return on equity of 15.71% and a net margin of 11.98%. The company had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.39 billion. During the same period last year, the business posted $4.02 earnings per share. Biogen’s revenue was up .4% on a year-over-year basis. Research analysts anticipate that Biogen Inc. will post 16.13 EPS for the current fiscal year.

Insider Transactions at Biogen

In related news, insider Priya Singhal sold 431 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total transaction of $88,018.82. Following the completion of the transaction, the insider now owns 5,316 shares in the company, valued at approximately $1,085,633.52. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.16% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on BIIB. Wedbush cut their price target on shares of Biogen from $210.00 to $205.00 and set a “neutral” rating on the stock in a research report on Monday, September 23rd. Raymond James restated a “market perform” rating on shares of Biogen in a research report on Thursday, October 10th. Robert W. Baird lowered their target price on Biogen from $316.00 to $294.00 and set an “outperform” rating for the company in a report on Monday, July 29th. Barclays cut their price target on Biogen from $200.00 to $190.00 and set an “equal weight” rating on the stock in a report on Friday, August 2nd. Finally, StockNews.com upgraded shares of Biogen from a “buy” rating to a “strong-buy” rating in a research report on Monday, September 2nd. Nine equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Biogen currently has an average rating of “Moderate Buy” and an average price target of $271.39.

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.