Sumitomo Mitsui Trust Group Inc. Boosts Holdings in Biogen Inc. (NASDAQ:BIIB)

Sumitomo Mitsui Trust Group Inc. raised its stake in shares of Biogen Inc. (NASDAQ:BIIB) by 5.8% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 391,496 shares of the biotechnology company’s stock after buying an additional 21,368 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Biogen were worth $59,868,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of BIIB. Ashton Thomas Securities LLC acquired a new stake in Biogen during the third quarter worth about $33,000. Venturi Wealth Management LLC grew its stake in shares of Biogen by 73.8% during the 3rd quarter. Venturi Wealth Management LLC now owns 219 shares of the biotechnology company’s stock worth $42,000 after purchasing an additional 93 shares during the period. Itau Unibanco Holding S.A. increased its holdings in shares of Biogen by 63.8% during the 3rd quarter. Itau Unibanco Holding S.A. now owns 231 shares of the biotechnology company’s stock valued at $45,000 after purchasing an additional 90 shares in the last quarter. Versant Capital Management Inc lifted its stake in shares of Biogen by 228.7% in the 4th quarter. Versant Capital Management Inc now owns 401 shares of the biotechnology company’s stock valued at $61,000 after purchasing an additional 279 shares during the period. Finally, FSA Wealth Management LLC purchased a new stake in Biogen during the third quarter worth $74,000. Institutional investors and hedge funds own 87.93% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on BIIB. Stifel Nicolaus downgraded shares of Biogen from a “buy” rating to a “hold” rating and set a $175.00 price objective for the company. in a research report on Monday, December 16th. HC Wainwright reaffirmed a “buy” rating and issued a $300.00 price target on shares of Biogen in a report on Thursday, October 31st. TD Cowen dropped their price objective on Biogen from $300.00 to $275.00 and set a “buy” rating on the stock in a report on Thursday, October 31st. JPMorgan Chase & Co. reduced their target price on Biogen from $220.00 to $210.00 and set a “neutral” rating for the company in a research note on Monday, November 4th. Finally, BMO Capital Markets cut shares of Biogen from an “outperform” rating to a “market perform” rating and dropped their price target for the company from $230.00 to $164.00 in a research note on Friday, December 20th. Sixteen analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $228.80.

Biogen Stock Performance

NASDAQ BIIB opened at $141.35 on Monday. The stock has a fifty day simple moving average of $149.14 and a 200-day simple moving average of $175.79. The company has a current ratio of 1.26, a quick ratio of 0.80 and a debt-to-equity ratio of 0.28. The stock has a market cap of $20.60 billion, a PE ratio of 12.77, a P/E/G ratio of 1.65 and a beta of -0.08. Biogen Inc. has a twelve month low of $139.71 and a twelve month high of $244.95.

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.