Prime Capital Investment Advisors LLC Reduces Stock Position in Biogen Inc. (NASDAQ:BIIB)

Prime Capital Investment Advisors LLC reduced its stake in Biogen Inc. (NASDAQ:BIIB) by 15.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,280 shares of the biotechnology company’s stock after selling 1,856 shares during the period. Prime Capital Investment Advisors LLC’s holdings in Biogen were worth $2,383,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Leo Wealth LLC purchased a new stake in Biogen in the 4th quarter worth approximately $2,265,000. Duality Advisers LP purchased a new position in Biogen during the first quarter worth about $1,290,000. Tocqueville Asset Management L.P. increased its stake in Biogen by 924.4% in the 1st quarter. Tocqueville Asset Management L.P. now owns 46,200 shares of the biotechnology company’s stock worth $9,962,000 after acquiring an additional 41,690 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its holdings in shares of Biogen by 0.9% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 386,482 shares of the biotechnology company’s stock valued at $83,337,000 after acquiring an additional 3,380 shares in the last quarter. Finally, Cetera Investment Advisers boosted its position in shares of Biogen by 235.1% during the 1st quarter. Cetera Investment Advisers now owns 14,860 shares of the biotechnology company’s stock valued at $3,204,000 after acquiring an additional 10,425 shares during the last quarter. 87.93% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

BIIB has been the topic of a number of recent analyst reports. Royal Bank of Canada raised their target price on shares of Biogen from $282.00 to $292.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Piper Sandler cut their target price on shares of Biogen from $335.00 to $313.00 and set an “overweight” rating for the company in a research report on Friday, July 12th. Barclays lowered their price target on Biogen from $200.00 to $190.00 and set an “equal weight” rating on the stock in a research report on Friday, August 2nd. Mizuho cut their price objective on Biogen from $277.00 to $251.00 and set an “outperform” rating for the company in a report on Tuesday, August 6th. Finally, Robert W. Baird decreased their price objective on Biogen from $316.00 to $294.00 and set an “outperform” rating on the stock in a report on Monday, July 29th. Eight equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $275.52.

Biogen Stock Performance

NASDAQ:BIIB opened at $199.58 on Tuesday. 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 firm’s fifty day simple moving average is $209.95 and its 200 day simple moving average is $215.55. The stock has a market cap of $29.06 billion, a P/E ratio of 24.92, a price-to-earnings-growth ratio of 2.01 and a beta of -0.06. Biogen Inc. has a twelve month low of $189.44 and a twelve month high of $269.43.

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

Insider Activity

In related news, insider Priya Singhal sold 431 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was 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 of the company’s stock, valued at $1,085,633.52. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.16% of the stock is currently owned by company insiders.

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.