Sumitomo Life Insurance Co. Cuts Holdings in Biogen Inc. (NASDAQ:BIIB)

Sumitomo Life Insurance Co. reduced its position in Biogen Inc. (NASDAQ:BIIB) by 55.7% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 1,730 shares of the biotechnology company’s stock after selling 2,176 shares during the period. Sumitomo Life Insurance Co.’s holdings in Biogen were worth $265,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in BIIB. AQR Capital Management LLC raised its holdings in shares of Biogen by 270.3% during the 2nd quarter. AQR Capital Management LLC now owns 23,557 shares of the biotechnology company’s stock worth $5,461,000 after acquiring an additional 17,195 shares in the last quarter. Creative Planning increased its position in Biogen by 32.4% in the second quarter. Creative Planning now owns 18,274 shares of the biotechnology company’s stock worth $4,236,000 after purchasing an additional 4,473 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in Biogen by 8.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 7,309 shares of the biotechnology company’s stock valued at $1,694,000 after purchasing an additional 543 shares during the last quarter. Sanctuary Advisors LLC purchased a new position in shares of Biogen in the 2nd quarter worth $1,387,000. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Biogen in the 2nd quarter worth about $9,898,000. 87.93% of the stock is owned by institutional investors.

Biogen Stock Performance

Shares of Biogen stock opened at $146.23 on Friday. Biogen Inc. has a one year low of $139.71 and a one year high of $251.99. The company has a market capitalization of $21.31 billion, a PE ratio of 13.21, a P/E/G ratio of 1.64 and a beta of -0.07. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.80 and a current ratio of 1.26. The company has a 50-day simple moving average of $151.32 and a two-hundred day simple moving average of $179.80.

Biogen (NASDAQ:BIIB) last posted its earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, beating analysts’ consensus estimates of $3.77 by $0.31. Biogen had a net margin of 16.81% and a return on equity of 14.98%. The company had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.43 billion. During the same quarter in the prior year, the company posted $4.36 earnings per share. Biogen’s revenue for the quarter was down 2.5% compared to the same quarter last year. Research analysts expect that Biogen Inc. will post 16.41 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on BIIB shares. Jefferies Financial Group lowered Biogen from a “buy” rating to a “hold” rating and dropped their price target for the stock from $250.00 to $180.00 in a research report on Monday, December 9th. Bank of America reiterated a “neutral” rating and issued a $178.00 target price on shares of Biogen in a report on Tuesday, December 10th. Raymond James restated a “market perform” rating on shares of Biogen in a report on Thursday, October 10th. Needham & Company LLC lowered shares of Biogen from a “buy” rating to a “hold” rating and set a $270.00 price objective for the company. in a research note on Monday, November 18th. Finally, Royal Bank of Canada cut their price objective on shares of Biogen from $292.00 to $269.00 and set an “outperform” rating on the stock in a research report on Friday, October 4th. Sixteen analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $228.80.

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.