Biogen Inc. (NASDAQ:BIIB) Shares Sold by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. trimmed its position in Biogen Inc. (NASDAQ:BIIB) by 8.8% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 198,676 shares of the biotechnology company’s stock after selling 19,062 shares during the period. Envestnet Asset Management Inc.’s holdings in Biogen were worth $46,057,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Plato Investment Management Ltd raised its stake in shares of Biogen by 82.8% in the 1st quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock worth $25,000 after buying an additional 53 shares in the last quarter. Livelsberger Financial Advisory bought a new stake in Biogen in the fourth quarter worth about $26,000. Rise Advisors LLC acquired a new stake in Biogen in the 1st quarter valued at about $27,000. EntryPoint Capital LLC bought a new position in shares of Biogen during the 1st quarter valued at about $36,000. Finally, Versant Capital Management Inc grew its stake in shares of Biogen by 123.2% in the 2nd quarter. Versant Capital Management Inc now owns 154 shares of the biotechnology company’s stock worth $36,000 after purchasing an additional 85 shares during the last quarter. 87.93% of the stock is owned by institutional investors.

Biogen Trading Up 1.9 %

Shares of NASDAQ BIIB opened at $201.44 on Friday. The business has a 50 day simple moving average of $207.92 and a 200 day simple moving average of $215.17. Biogen Inc. has a 52 week low of $189.44 and a 52 week high of $269.43. The stock has a market cap of $29.33 billion, a price-to-earnings ratio of 25.15, a PEG ratio of 2.01 and a beta of -0.06. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.48 and a current ratio of 2.29.

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

Analyst Ratings Changes

A number of analysts recently weighed in on BIIB shares. Wells Fargo & Company reduced their target price on shares of Biogen from $240.00 to $225.00 and set an “equal weight” rating for the company in a report on Friday, August 2nd. Royal Bank of Canada restated an “outperform” rating and issued a $292.00 target price on shares of Biogen in a report on Thursday. Robert W. Baird reduced their target price on Biogen from $316.00 to $294.00 and set an “outperform” rating for the company in a report on Monday, July 29th. William Blair reiterated an “outperform” rating on shares of Biogen in a research report on Wednesday, July 3rd. Finally, StockNews.com upgraded Biogen from a “buy” rating to a “strong-buy” rating in a report on Monday, September 2nd. Eight equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $275.52.

Insiders Place Their Bets

In other Biogen news, insider Priya Singhal sold 431 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total value of $88,018.82. Following the completion of the sale, the insider now 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 Securities & Exchange Commission, which is available through this link. Company insiders own 0.16% of the company’s stock.

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.