DnB Asset Management AS Has $7.26 Million Position in Biogen Inc. (NASDAQ:BIIB)

DnB Asset Management AS cut its stake in Biogen Inc. (NASDAQ:BIIB) by 42.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 47,441 shares of the biotechnology company’s stock after selling 34,703 shares during the period. DnB Asset Management AS’s holdings in Biogen were worth $7,255,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of BIIB. Larson Financial Group LLC grew its position 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 acquiring an additional 141 shares during the period. Lee Danner & Bass Inc. bought a new stake in shares of Biogen in the 4th quarter worth about $25,000. OFI Invest Asset Management acquired a new stake in shares of Biogen during the 4th quarter worth about $32,000. SRS Capital Advisors Inc. bought a new position in Biogen during the 4th quarter valued at about $33,000. Finally, Golden State Wealth Management LLC acquired a new position in Biogen in the fourth quarter valued at about $41,000. Institutional investors own 87.93% of the company’s stock.

Biogen Price Performance

Shares of BIIB opened at $138.37 on Monday. The stock has a market cap of $20.25 billion, a P/E ratio of 12.37, a price-to-earnings-growth ratio of 1.51 and a beta of 0.01. Biogen Inc. has a 1 year low of $128.51 and a 1 year high of $238.00. The stock’s 50-day moving average price is $141.88 and its two-hundred day moving average price is $159.70. 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 (NASDAQ:BIIB) last released its quarterly earnings data on Wednesday, February 12th. The biotechnology company reported $3.44 earnings per share 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, equities analysts predict that Biogen Inc. will post 15.83 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on BIIB. Piper Sandler reaffirmed a “neutral” rating and set a $135.00 price objective (down previously from $138.00) on shares of Biogen in a report on Tuesday, February 18th. Sanford C. Bernstein began coverage on Biogen in a report on Tuesday, February 11th. They set a “market perform” rating and a $160.00 price target for the company. BMO Capital Markets cut their price objective on Biogen from $156.00 to $139.00 and set a “market perform” rating for the company in a research report on Thursday, February 13th. StockNews.com cut Biogen from a “strong-buy” rating to a “buy” rating in a report on Saturday, December 28th. Finally, Scotiabank cut their price target on Biogen from $244.00 to $224.00 and set a “sector outperform” rating for the company in a report on Thursday, February 13th. Seventeen investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $213.33.

Insider Activity

In other news, Director Stephen A. Sherwin sold 8,760 shares of Biogen stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $150.02, for a total transaction of $1,314,175.20. Following the transaction, the director now owns 11,318 shares in the company, valued at $1,697,926.36. The trade was a 43.63 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.16% of the stock is owned by company insiders.

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.