Kennondale Capital Management LLC Makes New Investment in Biogen Inc. (NASDAQ:BIIB)

Kennondale Capital Management LLC bought a new position in shares of Biogen Inc. (NASDAQ:BIIB) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 2,760 shares of the biotechnology company’s stock, valued at approximately $422,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Inspire Trust Co. N.A. lifted its stake in Biogen by 58.5% during the third quarter. Inspire Trust Co. N.A. now owns 10,900 shares of the biotechnology company’s stock worth $2,113,000 after purchasing an additional 4,025 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in shares of Biogen by 0.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 43,460 shares of the biotechnology company’s stock valued at $6,646,000 after acquiring an additional 111 shares during the last quarter. Centre Asset Management LLC lifted its stake in shares of Biogen by 7.7% in the 4th quarter. Centre Asset Management LLC now owns 51,530 shares of the biotechnology company’s stock valued at $7,880,000 after acquiring an additional 3,698 shares during the last quarter. Amundi lifted its stake in shares of Biogen by 35.6% in the 4th quarter. Amundi now owns 1,216,990 shares of the biotechnology company’s stock valued at $183,461,000 after acquiring an additional 319,478 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Biogen by 1.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 913,029 shares of the biotechnology company’s stock valued at $176,982,000 after acquiring an additional 12,319 shares during the last quarter. 87.93% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director Stephen A. Sherwin sold 8,760 shares of the firm’s stock in a transaction dated 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 owns 11,318 shares of the company’s stock, valued at approximately $1,697,926.36. This trade represents a 43.63 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.16% of the stock is currently owned by company insiders.

Analyst Ratings Changes

BIIB has been the subject of a number of research reports. Scotiabank dropped their price target on Biogen from $244.00 to $224.00 and set a “sector outperform” rating for the company in a research note on Thursday, February 13th. The Goldman Sachs Group dropped their price target on Biogen from $281.00 to $245.00 and set a “buy” rating for the company in a research note on Thursday, February 13th. Stifel Nicolaus cut Biogen from a “buy” rating to a “hold” rating and set a $175.00 price target for the company. in a research note on Monday, December 16th. Morgan Stanley decreased their price objective on Biogen from $192.00 to $157.00 and set an “equal weight” rating for the company in a report on Thursday, February 13th. Finally, Wells Fargo & Company decreased their price objective on Biogen from $165.00 to $140.00 and set an “equal weight” rating for the company in a report on Thursday, February 13th. Seventeen research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Biogen currently has a consensus rating of “Hold” and a consensus target price of $213.33.

Biogen Stock Performance

Shares of BIIB opened at $143.54 on Tuesday. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.35 and a quick ratio of 0.90. The stock has a 50-day moving average of $142.90 and a 200-day moving average of $163.58. The company has a market cap of $21.01 billion, a PE ratio of 12.83, 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.

Biogen (NASDAQ:BIIB) last issued its earnings results 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 research analysts predict that Biogen Inc. will post 15.83 EPS for the current fiscal year.

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.