Biogen Inc. $BIIB Shares Purchased by KLP Kapitalforvaltning AS

Key Points

• KLP Kapitalforvaltning AS increased its stake in Biogen Inc. by 6.7%, now owning 166,577 shares valued at approximately $20.92 million.
• Analysts have set a consensus price target of $180.04 for Biogen, with ratings ranging from "Buy" to "Sell" from various investment firms.
• Biogen reported a strong quarterly earnings performance, with an EPS of $5.47, exceeding analysts' estimates of $3.93 and showing a 7.3% year-over-year revenue increase.

KLP Kapitalforvaltning AS increased its stake in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 6.7% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 166,577 shares of the biotechnology company's stock after acquiring an additional 10,500 shares during the period. KLP Kapitalforvaltning AS owned approximately 0.11% of Biogen worth $20,920,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in Biogen by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 17,032,839 shares of the biotechnology company's stock worth $2,330,774,000 after acquiring an additional 283,964 shares in the last quarter. Invesco Ltd. raised its position in shares of Biogen by 6.4% in the 1st quarter. Invesco Ltd. now owns 2,265,007 shares of the biotechnology company's stock valued at $309,944,000 after purchasing an additional 136,200 shares in the last quarter. AQR Capital Management LLC raised its position in shares of Biogen by 153.6% in the 1st quarter. AQR Capital Management LLC now owns 1,368,842 shares of the biotechnology company's stock valued at $187,258,000 after purchasing an additional 829,150 shares in the last quarter. Amundi raised its position in shares of Biogen by 8.1% in the 1st quarter. Amundi now owns 1,315,947 shares of the biotechnology company's stock valued at $172,007,000 after purchasing an additional 98,957 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Biogen by 4.9% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,019,219 shares of the biotechnology company's stock valued at $139,470,000 after purchasing an additional 47,956 shares in the last quarter. 87.93% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BIIB has been the topic of a number of recent analyst reports. Royal Bank Of Canada upped their target price on Biogen from $208.00 to $219.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Biogen in a research report on Saturday, September 27th. Piper Sandler upped their target price on Biogen from $115.00 to $118.00 and gave the company a "neutral" rating in a research report on Friday, September 12th. Morgan Stanley cut their target price on Biogen from $146.00 to $144.00 and set an "equal weight" rating on the stock in a research report on Friday, August 1st. Finally, William Blair reaffirmed an "outperform" rating on shares of Biogen in a research report on Wednesday, September 24th. Eleven investment analysts have rated the stock with a Buy rating, twenty have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $180.04.

Biogen Stock Performance

BIIB stock opened at $152.21 on Wednesday. The company has a current ratio of 2.50, a quick ratio of 1.79 and a debt-to-equity ratio of 0.36. The firm has a market cap of $22.32 billion, a P/E ratio of 14.55, a P/E/G ratio of 1.22 and a beta of 0.13. Biogen Inc. has a 12-month low of $110.04 and a 12-month high of $194.13. The stock's 50 day simple moving average is $139.00 and its 200 day simple moving average is $130.99.

Biogen (NASDAQ:BIIB - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The biotechnology company reported $5.47 EPS for the quarter, topping analysts' consensus estimates of $3.93 by $1.54. The firm had revenue of $2.65 billion during the quarter, compared to the consensus estimate of $2.32 billion. Biogen had a return on equity of 13.85% and a net margin of 15.31%.The firm's revenue was up 7.3% on a year-over-year basis. During the same period in the prior year, the business earned $5.28 EPS. Biogen has set its FY 2025 guidance at 15.500-16.000 EPS. As a group, equities research analysts predict that Biogen Inc. will post 15.83 EPS for the current year.

Insider Buying and Selling

In related news, insider Priya Singhal sold 517 shares of the company's stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $133.55, for a total transaction of $69,045.35. Following the completion of the transaction, the insider directly owned 5,772 shares in the company, valued at $770,850.60. This represents a 8.22% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.18% 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.

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