Biogen Inc. (NASDAQ:BIIB) Stake Increased by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 15.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 55,084 shares of the biotechnology company's stock after purchasing an additional 7,531 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in Biogen were worth $7,622,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in Biogen by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 16,748,875 shares of the biotechnology company's stock valued at $2,561,238,000 after purchasing an additional 70,368 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Biogen by 2.3% in the fourth quarter. Geode Capital Management LLC now owns 3,695,476 shares of the biotechnology company's stock valued at $563,709,000 after buying an additional 82,456 shares during the last quarter. Norges Bank purchased a new position in shares of Biogen during the fourth quarter valued at approximately $355,569,000. Invesco Ltd. boosted its position in Biogen by 30.6% during the fourth quarter. Invesco Ltd. now owns 2,128,807 shares of the biotechnology company's stock worth $325,537,000 after acquiring an additional 499,074 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its stake in Biogen by 1.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,933,716 shares of the biotechnology company's stock worth $295,705,000 after acquiring an additional 21,170 shares during the period. 87.93% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Morgan Stanley reduced their price target on Biogen from $157.00 to $152.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 9th. Truist Financial reduced their target price on Biogen from $210.00 to $199.00 and set a "buy" rating on the stock in a research report on Tuesday, April 29th. Canaccord Genuity Group decreased their price target on Biogen from $265.00 to $220.00 and set a "buy" rating on the stock in a research note on Friday, May 2nd. JPMorgan Chase & Co. dropped their price objective on shares of Biogen from $185.00 to $175.00 and set a "neutral" rating for the company in a research note on Monday, May 5th. Finally, HC Wainwright reiterated a "buy" rating and set a $187.00 price objective on shares of Biogen in a report on Thursday, June 26th. Twenty analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, Biogen currently has a consensus rating of "Hold" and a consensus target price of $188.48.

Biogen Stock Down 0.4%

NASDAQ:BIIB traded down $0.57 during trading hours on Friday, hitting $132.63. The stock had a trading volume of 633,328 shares, compared to its average volume of 1,434,583. The company has a market cap of $19.43 billion, a PE ratio of 13.09, a price-to-earnings-growth ratio of 1.06 and a beta of 0.14. The business has a 50 day simple moving average of $126.65 and a two-hundred day simple moving average of $134.69. Biogen Inc. has a 1-year low of $110.04 and a 1-year high of $238.00. The company has a current ratio of 1.44, a quick ratio of 1.01 and a debt-to-equity ratio of 0.27.

Biogen (NASDAQ:BIIB - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The biotechnology company reported $3.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.26 by ($0.24). Biogen had a return on equity of 14.03% and a net margin of 15.07%. The firm had revenue of $2.43 billion for the quarter, compared to analysts' expectations of $2.25 billion. During the same period last year, the firm earned $3.67 EPS. The business's quarterly revenue was up 6.2% on a year-over-year basis. Analysts predict 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.