Prime Capital Investment Advisors LLC Sells 5,201 Shares of Biogen Inc. (NASDAQ:BIIB)

Prime Capital Investment Advisors LLC lowered its position in Biogen Inc. (NASDAQ:BIIB) by 50.6% in the third quarter, HoldingsChannel.com reports. The fund owned 5,079 shares of the biotechnology company’s stock after selling 5,201 shares during the quarter. Prime Capital Investment Advisors LLC’s holdings in Biogen were worth $984,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the company. Plato Investment Management Ltd increased its position in Biogen by 82.8% during the first quarter. Plato Investment Management Ltd now owns 117 shares of the biotechnology company’s stock worth $25,000 after buying an additional 53 shares during the last quarter. Itau Unibanco Holding S.A. acquired a new stake in Biogen during the 2nd quarter valued at $33,000. Versant Capital Management Inc increased its holdings 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 valued at $36,000 after purchasing an additional 85 shares during the last quarter. EntryPoint Capital LLC acquired a new stake in shares of Biogen during the 1st quarter worth about $36,000. Finally, Ashton Thomas Securities LLC bought a new position in Biogen in the 3rd quarter valued at about $33,000. 87.93% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. TD Cowen lowered their target price on Biogen from $300.00 to $275.00 and set a “buy” rating on the stock in a research note on Thursday, October 31st. Morgan Stanley lowered shares of Biogen from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $285.00 to $204.00 in a research report on Thursday, October 31st. StockNews.com raised shares of Biogen from a “buy” rating to a “strong-buy” rating in a report on Monday, September 2nd. Citigroup assumed coverage on Biogen in a research report on Thursday. They set a “neutral” rating and a $190.00 price target on the stock. Finally, Wells Fargo & Company cut their target price on Biogen from $240.00 to $225.00 and set an “equal weight” rating for the company in a research report on Friday, August 2nd. Eleven research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Biogen has a consensus rating of “Moderate Buy” and a consensus target price of $258.72.

Insiders Place Their Bets

In other news, insider Priya Singhal sold 431 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total transaction of $88,018.82. Following the transaction, the insider now directly owns 5,316 shares of the company’s stock, valued at $1,085,633.52. This represents a 7.50 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.16% of the company’s stock.

Biogen Price Performance

Shares of NASDAQ BIIB opened at $164.89 on Friday. The company has a quick ratio of 0.80, a current ratio of 1.26 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $24.03 billion, a PE ratio of 14.90, a P/E/G ratio of 1.60 and a beta of -0.06. The firm has a fifty day simple moving average of $187.54 and a 200 day simple moving average of $208.07. Biogen Inc. has a twelve month low of $163.35 and a twelve month high of $268.30.

Biogen (NASDAQ:BIIB) last released its earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, topping the consensus estimate of $3.77 by $0.31. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The business had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.43 billion. During the same quarter last year, the firm posted $4.36 earnings per share. The firm’s revenue was down 2.5% on a year-over-year basis. On average, sell-side analysts forecast that Biogen Inc. will post 16.4 EPS for the current year.

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.