KLP Kapitalforvaltning AS Acquires Shares of 92,377 Biogen Inc. (NASDAQ:BIIB)

KLP Kapitalforvaltning AS acquired a new stake in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 92,377 shares of the biotechnology company's stock, valued at approximately $14,126,000. KLP Kapitalforvaltning AS owned about 0.06% of Biogen as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Signaturefd LLC boosted its holdings in shares of Biogen by 3.5% during the 4th quarter. Signaturefd LLC now owns 2,092 shares of the biotechnology company's stock valued at $320,000 after purchasing an additional 71 shares during the last quarter. Quent Capital LLC lifted its holdings in shares of Biogen by 31.9% in the 4th quarter. Quent Capital LLC now owns 298 shares of the biotechnology company's stock valued at $46,000 after acquiring an additional 72 shares during the last quarter. TD Private Client Wealth LLC lifted its holdings in shares of Biogen by 25.0% in the 3rd quarter. TD Private Client Wealth LLC now owns 385 shares of the biotechnology company's stock valued at $75,000 after acquiring an additional 77 shares during the last quarter. Principal Securities Inc. lifted its holdings in shares of Biogen by 30.1% in the 4th quarter. Principal Securities Inc. now owns 337 shares of the biotechnology company's stock valued at $52,000 after acquiring an additional 78 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Biogen by 1.6% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 5,018 shares of the biotechnology company's stock valued at $767,000 after acquiring an additional 79 shares during the last quarter. Institutional investors own 87.93% of the company's stock.

Biogen Stock Performance

Shares of BIIB stock opened at $140.90 on Monday. The firm 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's 50 day moving average is $142.16 and its 200 day moving average is $161.81. The company has a quick ratio of 0.90, a current ratio of 1.35 and a debt-to-equity ratio of 0.27. Biogen Inc. has a 52-week low of $128.51 and a 52-week high of $238.00.

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

Insiders Place Their Bets

In other Biogen news, Director Stephen A. Sherwin sold 8,760 shares of Biogen stock in a transaction 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 transaction, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.16% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently commented on BIIB shares. Canaccord Genuity Group lowered their price target on shares of Biogen from $298.00 to $265.00 and set a "buy" rating for the company in a report on Thursday, February 13th. HC Wainwright lowered their price target on shares of Biogen from $300.00 to $241.00 and set a "buy" rating for the company in a report on Thursday, February 13th. Royal Bank of Canada reduced their price objective on shares of Biogen from $231.00 to $225.00 and set an "outperform" rating on the stock in a research report on Thursday, February 13th. Bank Of America (Bofa) reduced their price objective on shares of Biogen from $178.00 to $163.00 and set a "neutral" rating on the stock in a research report on Tuesday, February 11th. Finally, Morgan Stanley reduced their price objective on shares of Biogen from $192.00 to $157.00 and set an "equal weight" rating on the stock in a research report on Thursday, February 13th. Seventeen analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target 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.

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