Korea Investment CORP Reduces Holdings in Biogen Inc. (NASDAQ:BIIB)

Korea Investment CORP lowered its position in Biogen Inc. (NASDAQ:BIIB) by 3.4% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 60,108 shares of the biotechnology company’s stock after selling 2,100 shares during the period. Korea Investment CORP’s holdings in Biogen were worth $9,192,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Pacer Advisors Inc. lifted its stake in shares of Biogen by 13,574.7% in the fourth quarter. Pacer Advisors Inc. now owns 2,667,531 shares of the biotechnology company’s stock worth $407,919,000 after buying an additional 2,648,024 shares in the last quarter. Van ECK Associates Corp raised its holdings in Biogen by 977.9% in the 4th quarter. Van ECK Associates Corp now owns 1,066,460 shares of the biotechnology company’s stock valued at $163,083,000 after acquiring an additional 967,523 shares during the last quarter. Amundi lifted its stake in Biogen by 35.6% in the 4th quarter. Amundi now owns 1,216,990 shares of the biotechnology company’s stock worth $183,461,000 after purchasing an additional 319,478 shares in the last quarter. State Street Corp boosted its holdings in shares of Biogen by 3.5% during the 3rd quarter. State Street Corp now owns 7,344,960 shares of the biotechnology company’s stock worth $1,423,747,000 after purchasing an additional 248,942 shares during the last quarter. Finally, Two Sigma Advisers LP grew its position in shares of Biogen by 122.1% in the third quarter. Two Sigma Advisers LP now owns 427,600 shares of the biotechnology company’s stock valued at $82,886,000 after purchasing an additional 235,100 shares in the last quarter. Institutional investors and hedge funds own 87.93% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on BIIB shares. Sanford C. Bernstein started coverage on Biogen in a research report on Tuesday, February 11th. They set a “market perform” rating and a $160.00 price objective on the stock. HC Wainwright lowered their price target on shares of Biogen from $300.00 to $241.00 and set a “buy” rating on the stock in a research report on Thursday, February 13th. Royal Bank of Canada cut their price objective on shares of Biogen from $231.00 to $225.00 and set an “outperform” rating for the company in a research report on Thursday, February 13th. The Goldman Sachs Group decreased their target price on shares of Biogen from $281.00 to $245.00 and set a “buy” rating on the stock in a report on Thursday, February 13th. Finally, Truist Financial cut their price target on shares of Biogen from $220.00 to $210.00 and set a “buy” rating for the company in a report on Thursday, February 13th. Seventeen research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, Biogen presently has an average rating of “Hold” and an average target price of $213.33.

Insider Buying and Selling

In other Biogen news, Director Stephen A. Sherwin sold 8,760 shares of Biogen stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $150.02, for a total transaction of $1,314,175.20. Following the completion of the sale, the director now directly owns 11,318 shares of the company’s stock, valued at $1,697,926.36. The trade was a 43.63 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.16% of the company’s stock.

Biogen Price Performance

BIIB stock opened at $136.84 on Tuesday. Biogen Inc. has a 1 year low of $128.51 and a 1 year high of $238.00. The firm has a market capitalization of $20.03 billion, a P/E ratio of 12.23, a P/E/G ratio of 1.51 and a beta of 0.01. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.35 and a quick ratio of 0.90. The business’s 50-day moving average is $141.81 and its two-hundred day moving average is $159.27.

Biogen (NASDAQ:BIIB) last issued its earnings results on Wednesday, February 12th. The biotechnology company reported $3.44 earnings per share for the quarter, beating the consensus estimate of $3.43 by $0.01. Biogen had a net margin of 16.87% and a return on equity of 14.98%. Analysts anticipate that Biogen Inc. will post 15.83 earnings per share for the current fiscal year.

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.