Prime Capital Investment Advisors LLC Lowers Stock Holdings in Biogen Inc. (NASDAQ:BIIB)

Prime Capital Investment Advisors LLC lowered its stake in Biogen Inc. (NASDAQ:BIIB) by 15.3% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 10,280 shares of the biotechnology company’s stock after selling 1,856 shares during the quarter. Prime Capital Investment Advisors LLC’s holdings in Biogen were worth $2,383,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in BIIB. Livelsberger Financial Advisory bought a new position in shares of Biogen during the fourth quarter valued at $26,000. Plato Investment Management Ltd increased its stake in Biogen by 82.8% during the 1st quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock valued at $25,000 after purchasing an additional 53 shares in the last quarter. Rise Advisors LLC purchased a new position in Biogen in the first quarter worth about $27,000. Versant Capital Management Inc lifted its stake in shares of Biogen by 123.2% in the second quarter. Versant Capital Management Inc now owns 154 shares of the biotechnology company’s stock worth $36,000 after buying an additional 85 shares in the last quarter. Finally, EntryPoint Capital LLC purchased a new stake in shares of Biogen during the first quarter valued at approximately $36,000. Institutional investors own 87.93% of the company’s stock.

Insider Transactions at Biogen

In other Biogen news, insider Priya Singhal sold 431 shares of Biogen stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total value of $88,018.82. Following the sale, the insider now directly owns 5,316 shares in the company, valued at approximately $1,085,633.52. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.16% of the company’s stock.

Biogen Price Performance

Shares of Biogen stock opened at $199.58 on Tuesday. The company has a market capitalization of $29.06 billion, a price-to-earnings ratio of 24.92, a PEG ratio of 2.01 and a beta of -0.06. The company has a quick ratio of 1.48, a current ratio of 2.29 and a debt-to-equity ratio of 0.40. The stock’s 50-day simple moving average is $209.95 and its 200-day simple moving average is $215.55. Biogen Inc. has a 52 week low of $189.44 and a 52 week high of $269.43.

Biogen (NASDAQ:BIIB) last issued its earnings results on Thursday, August 1st. The biotechnology company reported $5.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.00 by $1.28. Biogen had a return on equity of 15.71% and a net margin of 11.98%. The company had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.39 billion. During the same quarter last year, the company earned $4.02 EPS. The firm’s quarterly revenue was up .4% on a year-over-year basis. As a group, analysts expect that Biogen Inc. will post 16.12 earnings per share for the current fiscal year.

Analysts Set New Price Targets

BIIB has been the subject of a number of recent analyst reports. Mizuho decreased their price objective on shares of Biogen from $277.00 to $251.00 and set an “outperform” rating for the company in a report on Tuesday, August 6th. Royal Bank of Canada upped their price target on Biogen from $282.00 to $292.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Wedbush dropped their price objective on Biogen from $215.00 to $210.00 and set a “neutral” rating on the stock in a research report on Friday, August 2nd. Robert W. Baird decreased their target price on Biogen from $316.00 to $294.00 and set an “outperform” rating for the company in a research report on Monday, July 29th. Finally, Barclays dropped their price target on shares of Biogen from $200.00 to $190.00 and set an “equal weight” rating on the stock in a report on Friday, August 2nd. Eight research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $275.52.

Biogen 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.