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

Sumitomo Life Insurance Co. cut its holdings in shares of Biogen Inc. (NASDAQ:BIIB) by 4.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,391 shares of the biotechnology company’s stock after selling 228 shares during the period. Sumitomo Life Insurance Co.’s holdings in Biogen were worth $1,136,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Raymond James Trust N.A. boosted its holdings in Biogen by 16.4% in the first quarter. Raymond James Trust N.A. now owns 3,294 shares of the biotechnology company’s stock worth $693,000 after purchasing an additional 464 shares during the last quarter. Cibc World Market Inc. grew its holdings in shares of Biogen by 39.9% in the first quarter. Cibc World Market Inc. now owns 15,244 shares of the biotechnology company’s stock worth $3,210,000 after acquiring an additional 4,349 shares during the period. Vanguard Group Inc. increased its position in Biogen by 1.6% during the first quarter. Vanguard Group Inc. now owns 11,720,584 shares of the biotechnology company’s stock valued at $2,468,356,000 after acquiring an additional 183,285 shares during the last quarter. Baird Financial Group Inc. lifted its holdings in Biogen by 15.3% in the first quarter. Baird Financial Group Inc. now owns 89,722 shares of the biotechnology company’s stock valued at $18,896,000 after acquiring an additional 11,882 shares during the period. Finally, Brown Brothers Harriman & Co. boosted its position in Biogen by 10.7% in the first quarter. Brown Brothers Harriman & Co. now owns 5,938 shares of the biotechnology company’s stock worth $1,251,000 after purchasing an additional 573 shares during the last quarter. 87.93% of the stock is currently owned by institutional investors.

Biogen Trading Down 2.7 %

BIIB opened at $198.18 on Monday. The stock has a 50-day moving average of $220.04 and a 200 day moving average of $237.74. The company has a current ratio of 2.00, a quick ratio of 1.26 and a debt-to-equity ratio of 0.46. Biogen Inc. has a 12 month low of $197.78 and a 12 month high of $319.76. The firm has a market cap of $28.81 billion, a P/E ratio of 24.83, a P/E/G ratio of 1.66 and a beta of -0.02.

Biogen (NASDAQ:BIIB) last announced its earnings results on Tuesday, February 13th. The biotechnology company reported $2.95 EPS for the quarter, missing analysts’ consensus estimates of $3.18 by ($0.23). Biogen had a return on equity of 14.91% and a net margin of 11.81%. The company had revenue of $2.39 billion during the quarter, compared to analysts’ expectations of $2.47 billion. During the same quarter last year, the firm posted $4.05 EPS. As a group, research analysts forecast that Biogen Inc. will post 15.45 EPS for the current year.

Analysts Set New Price Targets

BIIB has been the topic of several recent research reports. Oppenheimer lowered their price objective on shares of Biogen from $295.00 to $290.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 14th. HC Wainwright restated a “buy” rating and issued a $325.00 price objective on shares of Biogen in a research note on Wednesday, February 14th. Wells Fargo & Company downgraded Biogen from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $315.00 to $240.00 in a research report on Wednesday, February 14th. Wedbush upped their price target on Biogen from $239.00 to $245.00 and gave the stock a “neutral” rating in a research report on Monday, February 12th. Finally, BTIG Research reaffirmed a “neutral” rating on shares of Biogen in a research report on Sunday, January 7th. Ten research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. According to data from MarketBeat.com, Biogen presently has a consensus rating of “Moderate Buy” and a consensus price target of $298.96.

Insider Buying and Selling at Biogen

In related news, insider Priya Singhal sold 419 shares of the company’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $239.45, for a total transaction of $100,329.55. Following the transaction, the insider now directly owns 4,516 shares in the company, valued at approximately $1,081,356.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Priya Singhal sold 419 shares of the business’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $239.45, for a total transaction of $100,329.55. Following the completion of the transaction, the insider now owns 4,516 shares in the company, valued at approximately $1,081,356.20. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Eric K. Rowinsky purchased 455 shares of the business’s stock in a transaction dated Thursday, February 15th. The stock was bought at an average price of $222.54 per share, for a total transaction of $101,255.70. Following the completion of the acquisition, the director now owns 20,629 shares of the company’s stock, valued at approximately $4,590,777.66. The disclosure for this purchase can be found here. Insiders have sold 882 shares of company stock worth $202,030 over the last quarter. Insiders own 0.60% of the company’s stock.

Biogen Company 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.