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

Kennondale Capital Management LLC purchased a new stake in Biogen Inc. (NASDAQ:BIIB) during the 4th quarter, HoldingsChannel.com reports. The fund purchased 2,760 shares of the biotechnology company’s stock, valued at approximately $422,000.

Several other hedge funds have also recently modified their holdings of BIIB. Empowered Funds LLC lifted its position in shares of Biogen by 455.8% during the 3rd quarter. Empowered Funds LLC now owns 18,908 shares of the biotechnology company’s stock worth $3,665,000 after buying an additional 15,506 shares in the last quarter. Swiss National Bank lifted its position in shares of Biogen by 0.4% during the 3rd quarter. Swiss National Bank now owns 432,100 shares of the biotechnology company’s stock worth $83,758,000 after buying an additional 1,700 shares in the last quarter. Aljian Capital Management LLC bought a new position in shares of Biogen during the 3rd quarter worth approximately $522,000. LMR Partners LLP lifted its position in shares of Biogen by 25.7% during the 3rd quarter. LMR Partners LLP now owns 8,121 shares of the biotechnology company’s stock worth $1,574,000 after buying an additional 1,661 shares in the last quarter. Finally, Tidemark LLC bought a new position in shares of Biogen during the 3rd quarter worth approximately $115,000. Institutional investors own 87.93% of the company’s stock.

Biogen Stock Performance

NASDAQ BIIB opened at $143.54 on Tuesday. Biogen Inc. has a 52-week low of $128.51 and a 52-week high of $238.00. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.90 and a current ratio of 1.35. The company has a market capitalization of $21.01 billion, a P/E ratio of 12.83, a P/E/G ratio of 1.51 and a beta of 0.01. The company has a fifty day moving average of $142.90 and a 200-day moving average of $163.58.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings data on Wednesday, February 12th. The biotechnology company reported $3.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.43 by $0.01. Biogen had a net margin of 16.87% and a return on equity of 14.98%. As a group, equities research analysts predict that Biogen Inc. will post 15.83 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Citigroup dropped their target price on shares of Biogen from $160.00 to $145.00 and set a “neutral” rating on the stock in a research report on Thursday, February 13th. Jefferies Financial Group lowered shares of Biogen from a “buy” rating to a “hold” rating and decreased their price target for the stock from $250.00 to $180.00 in a research note on Monday, December 9th. Scotiabank decreased their price target on shares of Biogen from $244.00 to $224.00 and set a “sector outperform” rating for the company in a research note on Thursday, February 13th. Wells Fargo & Company decreased their price target on shares of Biogen from $165.00 to $140.00 and set an “equal weight” rating for the company in a research note on Thursday, February 13th. Finally, William Blair restated an “outperform” rating on shares of Biogen in a research note on Monday, January 13th. Seventeen investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Biogen currently has an average rating of “Hold” and an average target price of $213.33.

Insider Transactions 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 value of $1,314,175.20. Following the completion of the sale, the director now directly owns 11,318 shares of the company’s stock, valued at $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 SEC, which is available at the SEC website. 0.16% of the stock is currently owned by 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.