Korea Investment CORP Increases Stock Position in Biogen Inc. (NASDAQ:BIIB)

Korea Investment CORP lifted its holdings in shares of Biogen Inc. (NASDAQ:BIIBGet Rating) by 32.4% during the second quarter, HoldingsChannel.com reports. The fund owned 228,271 shares of the biotechnology company’s stock after purchasing an additional 55,847 shares during the quarter. Korea Investment CORP’s holdings in Biogen were worth $46,554,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of BIIB. Curi Wealth Management LLC grew its position in Biogen by 476.2% in the 1st quarter. Curi Wealth Management LLC now owns 121 shares of the biotechnology company’s stock valued at $25,000 after buying an additional 100 shares during the last quarter. Urban Wealth Management LLC purchased a new stake in shares of Biogen during the 2nd quarter worth $25,000. J.W. Cole Advisors Inc. purchased a new stake in shares of Biogen during the 1st quarter worth $26,000. Retirement Group LLC boosted its position in shares of Biogen by 87.7% during the 2nd quarter. Retirement Group LLC now owns 137 shares of the biotechnology company’s stock worth $28,000 after purchasing an additional 64 shares in the last quarter. Finally, Tcwp LLC purchased a new stake in shares of Biogen during the 1st quarter worth $33,000. 83.45% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Biogen

In other Biogen news, EVP Susan H. Alexander sold 5,532 shares of the stock in a transaction on Thursday, October 27th. The stock was sold at an average price of $280.70, for a total value of $1,552,832.40. Following the sale, the executive vice president now directly owns 39,396 shares of the company’s stock, valued at $11,058,457.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.65% of the company’s stock.

Biogen Stock Performance

Shares of BIIB opened at $303.45 on Thursday. The business’s 50 day moving average is $262.34 and its two-hundred day moving average is $226.10. Biogen Inc. has a 52-week low of $187.16 and a 52-week high of $307.40. The firm has a market cap of $43.70 billion, a price-to-earnings ratio of 15.45, a PEG ratio of 1.80 and a beta of 0.19. The company has a quick ratio of 2.14, a current ratio of 2.49 and a debt-to-equity ratio of 0.49.

Biogen (NASDAQ:BIIBGet Rating) last posted its quarterly earnings results on Tuesday, October 25th. The biotechnology company reported $4.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.16 by $0.61. The business had revenue of $2.51 billion for the quarter, compared to analyst estimates of $2.47 billion. Biogen had a return on equity of 21.31% and a net margin of 27.64%. The business’s revenue was down 9.7% compared to the same quarter last year. During the same period in the prior year, the company posted $4.77 EPS. Analysts forecast that Biogen Inc. will post 17.03 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have commented on BIIB shares. Truist Financial boosted their target price on shares of Biogen from $265.00 to $350.00 and gave the stock a “buy” rating in a research report on Tuesday, November 15th. Wells Fargo & Company boosted their target price on shares of Biogen from $265.00 to $350.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 28th. Canaccord Genuity Group boosted their target price on shares of Biogen from $285.00 to $325.00 and gave the stock a “buy” rating in a research report on Wednesday, October 26th. Barclays boosted their target price on shares of Biogen from $200.00 to $275.00 and gave the stock an “equal weight” rating in a research report on Friday, October 7th. Finally, Argus raised Biogen from a “hold” rating to a “buy” rating and set a $300.00 price target for the company in a research note on Friday, October 7th. Eight equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $299.75.

Biogen Profile

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Biogen, Inc is a biopharmaceutical company, which engages in discovering, developing, and delivering therapies for neurological and neurodegenerative diseases. It offers TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for the treatment of multiple sclerosis, SPINRAZA for the treatment of spinal muscular atrophy, and FUMADERM for the treatment of severe plaque psoriasis.

Further Reading

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Institutional Ownership by Quarter for Biogen (NASDAQ:BIIB)

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