Korea Investment CORP Raises Stake in Biogen Inc. $BIIB

Key Points

• Korea Investment CORP increased its stake in Biogen Inc. by 10.5%, now holding a total of 66,408 shares valued at approximately $9.09 million.
• Insider Rachid Izzar sold 2,223 shares of Biogen at an average price of $135.00, reducing their ownership by 25.99%.
• Biogen's stock has received mixed ratings from analysts, with eleven firms giving it a Buy rating while twenty-one others assigned a Hold rating, indicating varied expectations for future performance.

Korea Investment CORP increased its position in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 10.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 66,408 shares of the biotechnology company's stock after purchasing an additional 6,300 shares during the period. Korea Investment CORP's holdings in Biogen were worth $9,087,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Brooklyn Investment Group increased its position in Biogen by 49.8% during the first quarter. Brooklyn Investment Group now owns 929 shares of the biotechnology company's stock worth $127,000 after purchasing an additional 309 shares during the last quarter. Philadelphia Trust Co. increased its position in Biogen by 12.5% during the first quarter. Philadelphia Trust Co. now owns 2,250 shares of the biotechnology company's stock worth $308,000 after purchasing an additional 250 shares during the last quarter. Wealthedge Investment Advisors LLC increased its position in Biogen by 123.4% during the first quarter. Wealthedge Investment Advisors LLC now owns 3,873 shares of the biotechnology company's stock worth $530,000 after purchasing an additional 2,139 shares during the last quarter. Horizon Investments LLC increased its position in Biogen by 5.7% during the first quarter. Horizon Investments LLC now owns 2,158 shares of the biotechnology company's stock worth $295,000 after purchasing an additional 117 shares during the last quarter. Finally, Fox Run Management L.L.C. acquired a new stake in Biogen during the first quarter worth about $1,247,000. 87.93% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Biogen

In other news, insider Rachid Izzar sold 2,223 shares of the firm's stock in a transaction that occurred on Tuesday, July 8th. The shares were sold at an average price of $135.00, for a total value of $300,105.00. Following the completion of the transaction, the insider owned 6,330 shares of the company's stock, valued at approximately $854,550. This trade represents a 25.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.18% of the company's stock.

Biogen Stock Down 0.1%

Shares of NASDAQ BIIB traded down $0.15 during midday trading on Wednesday, hitting $136.58. The company's stock had a trading volume of 807,392 shares, compared to its average volume of 1,548,976. The business's fifty day simple moving average is $130.97 and its two-hundred day simple moving average is $130.68. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.50 and a quick ratio of 1.79. Biogen Inc. has a 1 year low of $110.04 and a 1 year high of $206.70. The firm has a market capitalization of $20.02 billion, a price-to-earnings ratio of 13.06, a price-to-earnings-growth ratio of 1.07 and a beta of 0.13.

Biogen (NASDAQ:BIIB - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The biotechnology company reported $5.47 EPS for the quarter, beating the consensus estimate of $3.93 by $1.54. Biogen had a net margin of 15.31% and a return on equity of 13.85%. The business had revenue of $2.65 billion during the quarter, compared to analyst estimates of $2.32 billion. During the same quarter last year, the firm posted $5.28 earnings per share. The business's revenue for the quarter was up 7.3% compared to the same quarter last year. Biogen has set its FY 2025 guidance at 15.500-16.000 EPS. On average, equities analysts predict that Biogen Inc. will post 15.83 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. HC Wainwright raised their price objective on shares of Biogen from $187.00 to $194.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Truist Financial started coverage on shares of Biogen in a research report on Monday, July 21st. They set a "hold" rating and a $142.00 price objective for the company. Robert W. Baird lowered their target price on shares of Biogen from $300.00 to $255.00 and set an "outperform" rating for the company in a research note on Friday, May 2nd. Wall Street Zen raised shares of Biogen from a "hold" rating to a "buy" rating in a research note on Saturday, August 2nd. Finally, Royal Bank Of Canada increased their target price on shares of Biogen from $208.00 to $219.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. Eleven investment analysts have rated the stock with a Buy rating and twenty-one have assigned a Hold rating to the stock. According to data from MarketBeat, Biogen currently has an average rating of "Hold" and an average price target of $185.74.

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.