Kennondale Capital Management LLC Takes Position in Biogen Inc. (NASDAQ:BIIB)

Kennondale Capital Management LLC acquired a new position in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 2,760 shares of the biotechnology company's stock, valued at approximately $422,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Empowered Funds LLC raised its stake in Biogen by 455.8% in the 3rd quarter. Empowered Funds LLC now owns 18,908 shares of the biotechnology company's stock valued at $3,665,000 after acquiring an additional 15,506 shares during the period. Swiss National Bank raised its stake in Biogen by 0.4% in the 3rd quarter. Swiss National Bank now owns 432,100 shares of the biotechnology company's stock valued at $83,758,000 after acquiring an additional 1,700 shares during the period. Aljian Capital Management LLC bought a new stake in Biogen in the 3rd quarter valued at $522,000. LMR Partners LLP raised its stake in Biogen by 25.7% in the 3rd quarter. LMR Partners LLP now owns 8,121 shares of the biotechnology company's stock valued at $1,574,000 after acquiring an additional 1,661 shares during the period. Finally, Tidemark LLC bought a new stake in Biogen in the 3rd quarter valued at $115,000. Institutional investors own 87.93% of the company's stock.

Insider Buying and Selling at Biogen

In other Biogen news, Director Stephen A. Sherwin sold 8,760 shares of the company's stock in a transaction on 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 completion of the transaction, the director now owns 11,318 shares in the company, valued at $1,697,926.36. This represents a 43.63 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.16% of the company's stock.

Remove Ads

Biogen Stock Down 0.3 %

Shares of NASDAQ BIIB traded down $0.48 during midday trading on Friday, hitting $140.90. 3,437,611 shares of the stock traded hands, compared to its average volume of 1,246,912. The company has a market cap of $20.62 billion, a PE ratio of 12.59, a P/E/G ratio of 1.51 and a beta of 0.01. Biogen Inc. has a one year low of $128.51 and a one year high of $238.00. The business has a 50 day moving average price of $142.16 and a two-hundred day moving average price of $162.40. 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 (NASDAQ:BIIB - Get Free Report) last released its quarterly earnings data on Wednesday, February 12th. The biotechnology company reported $3.44 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, equities analysts predict that Biogen Inc. will post 15.83 EPS for the current year.

Analysts Set New Price Targets

BIIB has been the topic of several recent research reports. Canaccord Genuity Group lowered their price objective on Biogen from $298.00 to $265.00 and set a "buy" rating on the stock in a research report on Thursday, February 13th. Truist Financial lowered their price objective on Biogen from $220.00 to $210.00 and set a "buy" rating on the stock in a research report on Thursday, February 13th. Citigroup lowered their price objective on Biogen from $160.00 to $145.00 and set a "neutral" rating on the stock in a research report on Thursday, February 13th. Sanford C. Bernstein began coverage on Biogen in a research report on Tuesday, February 11th. They set a "market perform" rating and a $160.00 price objective on the stock. Finally, Wells Fargo & Company reduced their target price on Biogen from $165.00 to $140.00 and set an "equal weight" rating on the stock in a report on Thursday, February 13th. Seventeen research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $213.33.

Biogen Company 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.