MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Decreases Stock Holdings in Biogen Inc. (NASDAQ:BIIB)

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. decreased its position in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 10.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 117,240 shares of the biotechnology company's stock after selling 14,148 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned approximately 0.08% of Biogen worth $17,919,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in BIIB. Pacer Advisors Inc. raised its position in shares of Biogen by 13,574.7% in the 4th quarter. Pacer Advisors Inc. now owns 2,667,531 shares of the biotechnology company's stock worth $407,919,000 after acquiring an additional 2,648,024 shares in the last quarter. Norges Bank bought a new stake in Biogen during the fourth quarter valued at about $355,569,000. Van ECK Associates Corp grew its stake in Biogen by 977.9% in the fourth quarter. Van ECK Associates Corp now owns 1,066,460 shares of the biotechnology company's stock valued at $163,083,000 after purchasing an additional 967,523 shares during the last quarter. Invesco Ltd. raised its holdings in Biogen by 30.6% in the fourth quarter. Invesco Ltd. now owns 2,128,807 shares of the biotechnology company's stock worth $325,537,000 after purchasing an additional 499,074 shares in the last quarter. Finally, AQR Capital Management LLC raised its holdings in Biogen by 982.0% in the fourth quarter. AQR Capital Management LLC now owns 539,692 shares of the biotechnology company's stock worth $81,914,000 after purchasing an additional 489,811 shares in the last quarter. Hedge funds and other institutional investors own 87.93% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on BIIB. Mizuho cut their price objective on shares of Biogen from $207.00 to $169.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 7th. The Goldman Sachs Group lowered their target price on shares of Biogen from $219.00 to $197.00 and set a "buy" rating for the company in a research note on Wednesday, April 23rd. Truist Financial reduced their price target on Biogen from $210.00 to $199.00 and set a "buy" rating on the stock in a research report on Tuesday, April 29th. Bank Of America (Bofa) lowered their price target on Biogen from $178.00 to $163.00 and set a "neutral" rating for the company in a report on Tuesday, February 11th. Finally, Wells Fargo & Company dropped their price target on Biogen from $165.00 to $140.00 and set an "equal weight" rating on the stock in a research note on Thursday, February 13th. Twenty research 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, the company has a consensus rating of "Hold" and a consensus target price of $191.30.

Biogen Price Performance

Shares of NASDAQ:BIIB traded up $3.85 during midday trading on Monday, reaching $129.44. 2,386,544 shares of the company's stock traded hands, compared to its average volume of 1,386,658. The company has a fifty day simple moving average of $125.96 and a two-hundred day simple moving average of $142.09. Biogen Inc. has a 1 year low of $110.04 and a 1 year high of $238.00. The company has a market cap of $18.97 billion, a P/E ratio of 11.57, a PEG ratio of 1.51 and a beta of 0.12. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.90 and a current ratio of 1.35.

Biogen (NASDAQ:BIIB - Get Free Report) last posted its quarterly earnings data 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 net margin of 16.87% and a return on equity of 14.98%. The company had revenue of $2.43 billion for the quarter, compared to analysts' expectations of $2.25 billion. During the same period in the previous year, the business earned $3.67 earnings per share. The business's revenue for the quarter was up 6.2% on a year-over-year basis. Equities analysts predict that Biogen Inc. will post 15.83 EPS for the current fiscal year.

Insider Buying and Selling

In other Biogen news, Director Stephen A. Sherwin sold 8,760 shares of the firm's stock in a transaction on Friday, March 7th. The stock was sold at an average price of $150.02, for a total value of $1,314,175.20. Following the transaction, the director now owns 11,318 shares in the company, valued at approximately $1,697,926.36. This trade represents a 43.63% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.16% of the stock is currently owned by insiders.

Biogen Company Profile

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.