Mirae Asset Global Investments Co. Ltd. Raises Holdings in Biogen Inc. $BIIB

Key Points

• Mirae Asset Global Investments increased its holdings in Biogen Inc. by 10.8%, now owning 61,023 shares valued at approximately $7.66 million as of the latest SEC filing.
• Several other institutional investors have also raised their stakes in Biogen, with 87.93% of the stock currently owned by institutional investors and hedge funds.
• Biogen's quarterly earnings report showed a significant earnings per share of $5.47, surpassing analysts' expectations and a revenue increase of 7.3% year-over-year.

Mirae Asset Global Investments Co. Ltd. raised its stake in Biogen Inc. (NASDAQ:BIIB - Free Report) by 10.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 61,023 shares of the biotechnology company's stock after purchasing an additional 5,939 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in Biogen were worth $7,664,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in Biogen by 1.7% in the first quarter. Vanguard Group Inc. now owns 17,032,839 shares of the biotechnology company's stock valued at $2,330,774,000 after acquiring an additional 283,964 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Biogen by 6.4% in the 1st quarter. Invesco Ltd. now owns 2,265,007 shares of the biotechnology company's stock valued at $309,944,000 after purchasing an additional 136,200 shares in the last quarter. AQR Capital Management LLC lifted its position in shares of Biogen by 153.6% during the 1st quarter. AQR Capital Management LLC now owns 1,368,842 shares of the biotechnology company's stock worth $187,258,000 after purchasing an additional 829,150 shares during the last quarter. Amundi lifted its position in shares of Biogen by 8.1% during the 1st quarter. Amundi now owns 1,315,947 shares of the biotechnology company's stock worth $172,007,000 after purchasing an additional 98,957 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Biogen by 4.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,019,219 shares of the biotechnology company's stock worth $139,470,000 after purchasing an additional 47,956 shares in the last quarter. 87.93% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

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

Biogen Trading Up 3.0%

Shares of Biogen stock opened at $159.88 on Monday. The firm has a market cap of $23.44 billion, a price-to-earnings ratio of 15.28, a price-to-earnings-growth ratio of 1.26 and a beta of 0.13. Biogen Inc. has a 52-week low of $110.04 and a 52-week high of $194.13. The company's 50-day simple moving average is $138.02 and its 200-day simple moving average is $130.75. The company has a quick ratio of 1.79, a current ratio of 2.50 and a debt-to-equity ratio of 0.36.

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 for the quarter, beating analysts' consensus estimates of $3.93 by $1.54. Biogen had a return on equity of 13.85% and a net margin of 15.31%.The company had revenue of $2.65 billion for the quarter, compared to analyst estimates of $2.32 billion. During the same quarter in the previous year, the company earned $5.28 EPS. The firm'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. As a group, equities research analysts anticipate that Biogen Inc. will post 15.83 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Jefferies Financial Group initiated coverage on Biogen in a research note on Thursday, September 25th. They issued a "buy" rating and a $190.00 price target on the stock. Wedbush reissued a "neutral" rating and set a $121.00 target price on shares of Biogen in a research report on Thursday, June 12th. Truist Financial initiated coverage on Biogen in a research note on Monday, July 21st. They set a "hold" rating and a $142.00 target price for the company. Needham & Company LLC reiterated a "hold" rating on shares of Biogen in a research note on Wednesday, September 24th. Finally, Wall Street Zen raised shares of Biogen from a "buy" rating to a "strong-buy" rating in a report on Sunday, September 28th. Eleven analysts have rated the stock with a Buy rating, nineteen have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $181.24.

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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