Mirae Asset Global Investments Co. Ltd. Makes New $15.44 Million Investment in Biogen Inc. $BIIB

Mirae Asset Global Investments Co. Ltd. acquired a new stake in Biogen Inc. (NASDAQ:BIIB) in the third quarter, HoldingsChannel reports. The fund acquired 68,372 shares of the biotechnology company’s stock, valued at approximately $15,444,000.

Other institutional investors also recently modified their holdings of the company. BlackRock Inc. acquired a new position in Biogen in the 2nd quarter valued at about $3,453,878,000. Orbimed Advisors LLC bought a new stake in shares of Biogen during the first quarter worth approximately $11,293,000. Tidal Investments LLC boosted its holdings in shares of Biogen by 9.0% during the second quarter. Tidal Investments LLC now owns 63,842 shares of the biotechnology company’s stock worth $13,794,000 after acquiring an additional 5,256 shares during the period. Saudi Central Bank boosted its holdings in shares of Biogen by 89.7% during the second quarter. Saudi Central Bank now owns 10,273 shares of the biotechnology company’s stock worth $2,220,000 after acquiring an additional 4,858 shares during the period. Finally, Nippon Life Global Investors Americas Inc. acquired a new position in shares of Biogen in the second quarter valued at approximately $29,648,000. 87.93% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Barclays increased their target price on Biogen from $200.00 to $230.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 28th. Zacks Research upgraded Biogen from a “strong sell” rating to a “hold” rating in a research note on Tuesday, July 28th. Bank of America upped their price objective on Biogen from $219.00 to $244.00 and gave the company a “neutral” rating in a report on Thursday, October 22nd. HC Wainwright increased their price objective on Biogen from $251.00 to $270.00 and gave the stock a “buy” rating in a research report on Monday. Finally, Citigroup reissued a “neutral” rating on shares of Biogen in a report on Wednesday, October 28th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Biogen currently has an average rating of “Moderate Buy” and a consensus target price of $252.34.

Biogen Stock Down 0.0%

Shares of BIIB opened at $248.93 on Wednesday. Biogen Inc. has a 12 month low of $148.51 and a 12 month high of $258.78. The firm’s 50 day moving average is $228.34 and its 200-day moving average is $201.80. The stock has a market capitalization of $36.80 billion, a PE ratio of 106.38, a P/E/G ratio of 2.82 and a beta of 0.10. The company has a current ratio of 1.95, a quick ratio of 1.37 and a debt-to-equity ratio of 0.39.

Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Wednesday, October 28th. The biotechnology company reported $2.62 earnings per share for the quarter, beating analysts’ consensus estimates of $1.99 by $0.63. The company had revenue of $2.80 billion during the quarter, compared to the consensus estimate of $2.63 billion. Biogen had a net margin of 3.37% and a return on equity of 9.38%. The firm’s quarterly revenue was up 10.6% on a year-over-year basis. During the same period in the previous year, the business earned $4.81 earnings per share. Equities research analysts forecast that Biogen Inc. will post 12.47 EPS for the current year.

About Biogen

Biogen Inc is a biotechnology company that discovers, develops and commercializes therapies for neurological and neurodegenerative diseases. Its areas of focus include multiple sclerosis, Alzheimer’s disease, spinal muscular atrophy, amyotrophic lateral sclerosis and other serious medical conditions.

The company’s portfolio includes multiple sclerosis treatments such as Tecfidera, Vumerity, Tysabri, Plegridy and Avonex, as well as Spinraza for spinal muscular atrophy. Biogen also markets Leqembi, an Alzheimer’s disease treatment developed in collaboration with Eisai, and works with partners to advance additional therapies and biosimilars.

Biogen was founded in 1978 and is headquartered in Cambridge, Massachusetts.