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

Korea Investment CORP cut its stake in Biogen Inc. (NASDAQ:BIIB) by 3.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund 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 large investors also recently bought and sold shares of BIIB. Larson Financial Group LLC lifted its holdings in shares of Biogen by 640.9% in the 4th quarter. Larson Financial Group LLC now owns 163 shares of the biotechnology company’s stock valued at $25,000 after purchasing an additional 141 shares during the last quarter. Lee Danner & Bass Inc. acquired a new position in Biogen during the fourth quarter worth approximately $25,000. OFI Invest Asset Management purchased a new stake in Biogen in the fourth quarter valued at approximately $32,000. SRS Capital Advisors Inc. acquired a new stake in shares of Biogen in the fourth quarter valued at approximately $33,000. Finally, Golden State Wealth Management LLC purchased a new position in shares of Biogen during the fourth quarter worth approximately $41,000. Institutional investors and hedge funds own 87.93% of the company’s stock.

Biogen Price Performance

BIIB stock opened at $136.84 on Tuesday. The stock’s 50 day moving average price is $141.81 and its 200 day moving average price is $159.27. The firm has a market cap of $20.03 billion, a P/E ratio of 12.23, a PEG ratio of 1.51 and a beta of 0.01. 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 Inc. has a 1 year low of $128.51 and a 1 year high of $238.00.

Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Wednesday, February 12th. The biotechnology company reported $3.44 earnings per share for the quarter, topping analysts’ consensus estimates of $3.43 by $0.01. Biogen had a return on equity of 14.98% and a net margin of 16.87%. On average, sell-side analysts expect that Biogen Inc. will post 15.83 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on BIIB shares. The Goldman Sachs Group decreased their price target on shares of Biogen from $281.00 to $245.00 and set a “buy” rating for the company in a research note on Thursday, February 13th. Bank of America reissued a “neutral” rating and set a $178.00 price target on shares of Biogen in a report on Tuesday, December 10th. Scotiabank decreased their price objective on Biogen from $244.00 to $224.00 and set a “sector outperform” rating for the company in a research report on Thursday, February 13th. Jefferies Financial Group cut Biogen from a “buy” rating to a “hold” rating and cut their price target for the stock from $250.00 to $180.00 in a research note on Monday, December 9th. Finally, Stifel Nicolaus lowered shares of Biogen from a “buy” rating to a “hold” rating and set a $175.00 price objective on the stock. in a research report on Monday, December 16th. Seventeen investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $213.33.

Insider Buying and Selling at Biogen

In other news, Director Stephen A. Sherwin sold 8,760 shares of the business’s stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $150.02, for a total value of $1,314,175.20. Following the completion of the transaction, the director now owns 11,318 shares of the company’s stock, valued at $1,697,926.36. The trade was a 43.63 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.16% of the stock is owned by insiders.

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.