Kornitzer Capital Management Inc. KS Acquires 625 Shares of Biogen Inc. (NASDAQ:BIIB)

Kornitzer Capital Management Inc. KS boosted its holdings in shares of Biogen Inc. (NASDAQ:BIIB) by 43.1% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,075 shares of the biotechnology company’s stock after buying an additional 625 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Biogen were worth $537,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Altshuler Shaham Ltd bought a new stake in Biogen during the fourth quarter worth about $25,000. OFI Invest Asset Management bought a new stake in Biogen during the third quarter worth about $26,000. Gladius Capital Management LP bought a new stake in Biogen during the third quarter worth about $28,000. KB Financial Partners LLC lifted its stake in Biogen by 105.1% during the third quarter. KB Financial Partners LLC now owns 121 shares of the biotechnology company’s stock worth $31,000 after purchasing an additional 62 shares during the last quarter. Finally, CVA Family Office LLC bought a new stake in Biogen during the fourth quarter worth about $36,000. Institutional investors own 87.93% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Wedbush dropped their price target on Biogen from $245.00 to $213.00 and set a “neutral” rating for the company in a research note on Wednesday, April 17th. JPMorgan Chase & Co. lowered their target price on Biogen from $270.00 to $240.00 and set a “neutral” rating for the company in a research note on Thursday, April 11th. BMO Capital Markets lowered their target price on Biogen from $295.00 to $285.00 and set an “outperform” rating for the company in a research note on Wednesday, February 14th. Bank Of America (Bofa) lowered their target price on Biogen from $290.00 to $280.00 and set a “neutral” rating for the company in a research note on Monday, February 12th. Finally, Truist Financial reissued a “buy” rating and issued a $340.00 target price on shares of Biogen in a research note on Monday, March 25th. Ten analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $295.58.

Biogen Stock Performance

Biogen stock opened at $194.38 on Monday. The company has a quick ratio of 1.26, a current ratio of 2.00 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $28.26 billion, a P/E ratio of 24.36, a PEG ratio of 1.85 and a beta of -0.02. The stock’s 50 day moving average is $215.23 and its 200 day moving average is $235.57. Biogen Inc. has a twelve month low of $189.44 and a twelve month high of $319.76.

Biogen (NASDAQ:BIIB) last released its quarterly earnings data on Tuesday, February 13th. The biotechnology company reported $2.95 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.18 by ($0.23). The business had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.47 billion. Biogen had a net margin of 11.81% and a return on equity of 14.91%. During the same period last year, the company posted $4.05 earnings per share. On average, equities research analysts predict that Biogen Inc. will post 15.48 earnings per share for the current fiscal year.

Insider Activity at Biogen

In related news, insider Priya Singhal sold 419 shares of the company’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $239.45, for a total value of $100,329.55. Following the transaction, the insider now directly owns 4,516 shares of the company’s stock, valued at approximately $1,081,356.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Priya Singhal sold 419 shares of the company’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $239.45, for a total value of $100,329.55. Following the transaction, the insider now directly owns 4,516 shares of the company’s stock, valued at approximately $1,081,356.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Eric K. Rowinsky purchased 455 shares of the stock in a transaction dated Thursday, February 15th. The shares were purchased at an average cost of $222.54 per share, for a total transaction of $101,255.70. Following the completion of the acquisition, the director now directly owns 20,629 shares in the company, valued at $4,590,777.66. The disclosure for this purchase can be found here. In the last three months, insiders have sold 882 shares of company stock valued at $202,030. 0.60% of the stock is owned by corporate 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.