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

Mirae Asset Global Investments Co. Ltd. bought a new stake in Biogen Inc. (NASDAQ:BIIB) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 68,372 shares of the biotechnology company’s stock, valued at approximately $15,444,000.

Several other hedge funds have also recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new position in shares of Biogen in the 2nd quarter valued at $3,453,878,000. Primecap Management Co. CA acquired a new stake in Biogen during the 2nd quarter worth $3,274,304,000. Wellington Management Group LLP raised its stake in Biogen by 5.3% during the 2nd quarter. Wellington Management Group LLP now owns 3,117,469 shares of the biotechnology company’s stock worth $673,560,000 after buying an additional 155,828 shares during the period. Amundi lifted its holdings in Biogen by 91.8% during the second quarter. Amundi now owns 1,516,831 shares of the biotechnology company’s stock worth $327,727,000 after acquiring an additional 726,004 shares in the last quarter. Finally, Legal & General Group Plc bought a new position in Biogen during the second quarter worth about $322,640,000. Institutional investors and hedge funds own 87.93% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. TD Cowen boosted their target price on Biogen from $250.00 to $260.00 and gave the company a “buy” rating in a research note on Thursday, October 29th. BMO Capital Markets reiterated a “market perform” rating and set a $220.00 price objective on shares of Biogen in a report on Monday, October 12th. HSBC boosted their price objective on Biogen from $165.00 to $175.00 and gave the company a “reduce” rating in a research report on Thursday, September 10th. Argus raised Biogen from a “hold” rating to a “buy” rating and set a $280.00 target price for the company in a research note on Thursday, October 29th. Finally, Guggenheim increased their target price on Biogen from $280.00 to $300.00 and gave the stock a “buy” rating in a research note on Monday. One research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $252.34.

Biogen Trading Down 0.0%

Biogen stock opened at $248.93 on Wednesday. The company has a market cap of $36.80 billion, a price-to-earnings ratio of 106.38, a P/E/G ratio of 2.82 and a beta of 0.10. The firm has a 50-day moving average of $228.34 and a 200-day moving average of $201.80. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.95 and a quick ratio of 1.37. Biogen Inc. has a one year low of $148.51 and a one year high of $258.78.

Biogen (NASDAQ:BIIB) last released its earnings results on Wednesday, October 28th. The biotechnology company reported $2.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.99 by $0.63. The business had revenue of $2.80 billion for the quarter, compared to analyst estimates of $2.63 billion. Biogen had a return on equity of 9.38% and a net margin of 3.37%. Biogen’s revenue was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $4.81 earnings per share. On average, equities analysts expect that Biogen Inc. will post 12.47 earnings per share for the current fiscal 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.