Biogen Inc. (NASDAQ:BIIB) Shares Sold by DnB Asset Management AS

DnB Asset Management AS decreased its holdings in shares of Biogen Inc. (NASDAQ:BIIB) by 42.2% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 47,441 shares of the biotechnology company’s stock after selling 34,703 shares during the quarter. DnB Asset Management AS’s holdings in Biogen were worth $7,255,000 as of its most recent SEC filing.

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

Analyst Ratings Changes

BIIB has been the subject of several research reports. StockNews.com cut shares of Biogen from a “strong-buy” rating to a “buy” rating in a research note on Saturday, December 28th. Morgan Stanley lowered their price target on Biogen from $192.00 to $157.00 and set an “equal weight” rating for the company in a research report on Thursday, February 13th. Piper Sandler restated a “neutral” rating and issued a $135.00 price objective (down from $138.00) on shares of Biogen in a report on Tuesday, February 18th. BMO Capital Markets decreased their target price on Biogen from $156.00 to $139.00 and set a “market perform” rating for the company in a report on Thursday, February 13th. Finally, Scotiabank cut their price target on shares of Biogen from $244.00 to $224.00 and set a “sector outperform” rating on the stock in a report on Thursday, February 13th. Seventeen investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $213.33.

Insider Buying and Selling at Biogen

In other Biogen news, Director Stephen A. Sherwin sold 8,760 shares of the business’s stock in a transaction on Friday, March 7th. The shares were sold at an average price of $150.02, for a total transaction of $1,314,175.20. Following the completion of the transaction, the director now owns 11,318 shares of the company’s stock, valued at $1,697,926.36. The trade was a 43.63 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.16% of the company’s stock.

Biogen Price Performance

Shares of NASDAQ:BIIB opened at $138.37 on Monday. The company 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. The company’s fifty day moving average is $141.88 and its two-hundred day moving average is $159.70. 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 12-month low of $128.51 and a 12-month high of $238.00.

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

About Biogen

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.