MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Has $19.79 Million Stake in Biogen Inc. $BIIB

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 23.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 144,593 shares of the biotechnology company's stock after buying an additional 27,353 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned about 0.10% of Biogen worth $19,792,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the company. Jacobs Levy Equity Management Inc. acquired a new stake in shares of Biogen during the first quarter worth approximately $8,401,000. Gotham Asset Management LLC increased its holdings in shares of Biogen by 10.7% during the first quarter. Gotham Asset Management LLC now owns 99,228 shares of the biotechnology company's stock worth $13,578,000 after buying an additional 9,602 shares in the last quarter. Cinctive Capital Management LP acquired a new stake in shares of Biogen during the first quarter worth approximately $1,080,000. Cutter Capital Management LP acquired a new stake in shares of Biogen during the first quarter worth approximately $15,531,000. Finally, Alliancebernstein L.P. increased its holdings in shares of Biogen by 26.7% during the first quarter. Alliancebernstein L.P. now owns 229,054 shares of the biotechnology company's stock worth $31,344,000 after buying an additional 48,331 shares in the last quarter. Institutional investors and hedge funds own 87.93% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Needham & Company LLC reaffirmed a "hold" rating on shares of Biogen in a report on Thursday. Citigroup raised their price target on shares of Biogen from $125.00 to $135.00 and gave the company a "neutral" rating in a report on Friday, August 1st. Truist Financial initiated coverage on shares of Biogen in a report on Monday, July 21st. They issued a "hold" rating and a $142.00 price target for the company. Piper Sandler raised their price target on shares of Biogen from $115.00 to $118.00 and gave the company a "neutral" rating in a report on Thursday, August 14th. Finally, Wall Street Zen raised shares of Biogen from a "buy" rating to a "strong-buy" rating in a report on Friday. Eleven research analysts have rated the stock with a Buy rating and twenty-one have given a Hold rating to the company. According to data from MarketBeat, Biogen has an average rating of "Hold" and a consensus target price of $185.74.

Insiders Place Their Bets

In other news, insider Rachid Izzar sold 2,223 shares of Biogen stock in a transaction on Tuesday, July 8th. The shares were sold at an average price of $135.00, for a total transaction of $300,105.00. Following the transaction, the insider directly owned 6,330 shares of the company's stock, valued at $854,550. This trade represents a 25.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Priya Singhal sold 517 shares of Biogen stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $133.55, for a total transaction of $69,045.35. Following the transaction, the insider directly owned 5,772 shares in the company, valued at approximately $770,850.60. This represents a 8.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.18% of the company's stock.

Biogen Price Performance

Shares of BIIB stock opened at $140.67 on Monday. Biogen Inc. has a 52-week low of $110.04 and a 52-week high of $204.18. The stock has a market cap of $20.63 billion, a PE ratio of 13.45, a PEG ratio of 1.11 and a beta of 0.11. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.79 and a current ratio of 2.50. The firm's 50 day moving average price is $132.65 and its two-hundred day moving average price is $130.59.

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

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