KLP Kapitalforvaltning AS Takes $14.13 Million Position in Biogen Inc. (NASDAQ:BIIB)

KLP Kapitalforvaltning AS acquired a new stake in shares of Biogen Inc. (NASDAQ:BIIB) during the fourth quarter, Holdings Channel reports. The institutional investor acquired 92,377 shares of the biotechnology company’s stock, valued at approximately $14,126,000.

Other large investors have also recently made changes to their positions in the company. Lee Danner & Bass Inc. purchased a new stake in shares of Biogen during the fourth quarter valued at $25,000. Larson Financial Group LLC boosted its holdings in Biogen by 640.9% in the fourth 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. SRS Capital Advisors Inc. purchased a new stake in Biogen in the fourth quarter valued at $33,000. OFI Invest Asset Management purchased a new stake in Biogen in the fourth quarter valued at $32,000. Finally, Itau Unibanco Holding S.A. boosted its holdings in Biogen by 63.8% in the third quarter. Itau Unibanco Holding S.A. now owns 231 shares of the biotechnology company’s stock valued at $45,000 after purchasing an additional 90 shares during the last quarter. 87.93% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Stephen A. Sherwin sold 8,760 shares of the 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 sale, the director now owns 11,318 shares of the company’s stock, valued at $1,697,926.36. This represents a 43.63 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.16% of the company’s stock.

Biogen Stock Down 0.3 %

BIIB stock opened at $140.90 on Monday. The company has a market cap of $20.62 billion, a price-to-earnings ratio of 12.59, a PEG ratio of 1.51 and a beta of 0.01. The company has a current ratio of 1.35, a quick ratio of 0.90 and a debt-to-equity ratio of 0.27. Biogen Inc. has a 12 month low of $128.51 and a 12 month high of $238.00. The firm has a 50-day moving average of $142.16 and a two-hundred day moving average of $161.81.

Biogen (NASDAQ:BIIB) last released its quarterly earnings data on Wednesday, February 12th. The biotechnology company reported $3.44 EPS for the quarter, beating analysts’ consensus estimates of $3.43 by $0.01. Biogen had a net margin of 16.87% and a return on equity of 14.98%. As a group, analysts forecast that Biogen Inc. will post 15.83 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have commented on BIIB. Needham & Company LLC reaffirmed a “hold” rating on shares of Biogen in a report on Thursday, February 13th. Wells Fargo & Company lowered their price target on shares of Biogen from $165.00 to $140.00 and set an “equal weight” rating on the stock in a report on Thursday, February 13th. Morgan Stanley lowered their price target on shares of Biogen from $192.00 to $157.00 and set an “equal weight” rating on the stock in a report on Thursday, February 13th. William Blair reaffirmed an “outperform” rating on shares of Biogen in a report on Monday, January 13th. Finally, Truist Financial decreased their price objective on shares of Biogen from $220.00 to $210.00 and set a “buy” rating for the company in a research report on Thursday, February 13th. Seventeen equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price 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.