Korea Investment CORP Reduces Stock Position in Biogen Inc. (NASDAQ:BIIB)

Korea Investment CORP decreased its holdings in Biogen Inc. (NASDAQ:BIIB - Free Report) by 3.4% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 60,108 shares of the biotechnology company's stock after selling 2,100 shares during the period. Korea Investment CORP's holdings in Biogen were worth $9,192,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in BIIB. Mitsubishi UFJ Trust & Banking Corp boosted its position in Biogen by 3.1% during the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 81,614 shares of the biotechnology company's stock valued at $12,480,000 after buying an additional 2,443 shares during the period. TIAA Trust National Association grew its position in Biogen by 3.1% during the 4th quarter. TIAA Trust National Association now owns 3,575 shares of the biotechnology company's stock worth $547,000 after acquiring an additional 108 shares during the last quarter. CoreFirst Bank & Trust purchased a new position in Biogen in the 4th quarter worth approximately $46,000. Prudential Financial Inc. lifted its position in Biogen by 36.1% in the fourth quarter. Prudential Financial Inc. now owns 576,276 shares of the biotechnology company's stock valued at $88,124,000 after purchasing an additional 152,992 shares during the last quarter. Finally, Crowley Wealth Management Inc. purchased a new position in shares of Biogen in the fourth quarter worth $944,000. Institutional investors own 87.93% of the company's stock.

Biogen Price Performance

BIIB stock traded down $0.61 during trading on Thursday, reaching $130.71. The company's stock had a trading volume of 1,755,239 shares, compared to its average volume of 1,312,627. The company's fifty day moving average is $141.40 and its 200-day moving average is $158.63. Biogen Inc. has a 1 year low of $128.51 and a 1 year high of $238.00. The company has a market capitalization of $19.13 billion, a P/E ratio of 11.68, a price-to-earnings-growth ratio of 1.51 and a beta of 0.01. The company has a quick ratio of 0.90, a current ratio of 1.35 and a debt-to-equity ratio of 0.27.

Remove Ads

Biogen (NASDAQ:BIIB - Get Free Report) last issued its earnings results on Wednesday, February 12th. The biotechnology company reported $3.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.43 by $0.01. Biogen had a return on equity of 14.98% and a net margin of 16.87%. On average, research analysts expect that Biogen Inc. will post 15.83 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Stephen A. Sherwin sold 8,760 shares of Biogen stock in a transaction dated 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 sale, the director now directly owns 11,318 shares of the company's stock, valued at approximately $1,697,926.36. The trade was a 43.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.16% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

BIIB has been the topic of several recent analyst reports. StockNews.com cut Biogen from a "strong-buy" rating to a "buy" rating in a research note on Saturday, December 28th. Canaccord Genuity Group reduced their target price on Biogen from $298.00 to $265.00 and set a "buy" rating on the stock in a research note on Thursday, February 13th. Royal Bank of Canada cut their price target on shares of Biogen from $231.00 to $225.00 and set an "outperform" rating on the stock in a report on Thursday, February 13th. Scotiabank decreased their price objective on shares of Biogen from $244.00 to $224.00 and set a "sector outperform" rating for the company in a report on Thursday, February 13th. Finally, Citigroup lowered their price objective on shares of Biogen from $160.00 to $145.00 and set a "neutral" rating for the company in a report on Thursday, February 13th. Seventeen equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $213.33.

Biogen 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.