Prelude Capital Management LLC Has $3.15 Million Stake in Biogen Inc. (NASDAQ:BIIB)

Prelude Capital Management LLC boosted its position in shares of Biogen Inc. (NASDAQ:BIIB) by 18.6% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 11,322 shares of the biotechnology company’s stock after buying an additional 1,772 shares during the period. Prelude Capital Management LLC’s holdings in Biogen were worth $3,148,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the company. State of Michigan Retirement System boosted its stake in shares of Biogen by 1.0% in the 1st quarter. State of Michigan Retirement System now owns 42,461 shares of the biotechnology company’s stock valued at $11,805,000 after purchasing an additional 400 shares in the last quarter. Zhang Financial LLC boosted its stake in shares of Biogen by 7.0% in the 1st quarter. Zhang Financial LLC now owns 1,178 shares of the biotechnology company’s stock valued at $328,000 after purchasing an additional 77 shares in the last quarter. Jennison Associates LLC acquired a new stake in shares of Biogen in the 1st quarter valued at approximately $17,179,000. Tredje AP fonden boosted its stake in shares of Biogen by 8.3% in the 4th quarter. Tredje AP fonden now owns 9,097 shares of the biotechnology company’s stock valued at $2,519,000 after purchasing an additional 700 shares in the last quarter. Finally, Louisiana State Employees Retirement System boosted its stake in shares of Biogen by 0.6% in the 1st quarter. Louisiana State Employees Retirement System now owns 16,600 shares of the biotechnology company’s stock valued at $4,615,000 after purchasing an additional 100 shares in the last quarter. 85.99% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on BIIB. BMO Capital Markets reduced their price target on shares of Biogen from $347.00 to $336.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 8th. Piper Sandler dropped their price objective on shares of Biogen from $380.00 to $350.00 in a report on Monday, August 7th. Bank of America dropped their price objective on shares of Biogen from $310.00 to $290.00 in a report on Monday, August 7th. StockNews.com assumed coverage on shares of Biogen in a report on Thursday, August 17th. They issued a “buy” rating for the company. Finally, Wedbush dropped their price objective on shares of Biogen from $276.00 to $269.00 in a report on Monday, August 7th. Five research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $325.36.

Insiders Place Their Bets

In other news, insider Priya Singhal sold 431 shares of Biogen stock in a transaction on Tuesday, September 5th. The stock was sold at an average price of $269.43, for a total transaction of $116,124.33. Following the sale, the insider now directly owns 3,354 shares in the company, valued at approximately $903,668.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.60% of the company’s stock.

Biogen Stock Down 0.7 %

NASDAQ BIIB traded down $1.85 during mid-day trading on Wednesday, hitting $256.59. The company’s stock had a trading volume of 198,431 shares, compared to its average volume of 1,015,094. The company has a current ratio of 3.27, a quick ratio of 2.86 and a debt-to-equity ratio of 0.43. The firm has a market capitalization of $37.16 billion, a price-to-earnings ratio of 13.98, a PEG ratio of 2.83 and a beta of 0.13. The company’s 50 day simple moving average is $269.85 and its 200 day simple moving average is $282.30. Biogen Inc. has a twelve month low of $194.45 and a twelve month high of $319.76.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings data on Tuesday, July 25th. The biotechnology company reported $4.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.77 by $0.25. The firm had revenue of $2.46 billion for the quarter, compared to the consensus estimate of $2.36 billion. Biogen had a net margin of 26.72% and a return on equity of 17.33%. The business’s revenue for the quarter was down 5.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $5.25 EPS. Analysts anticipate that Biogen Inc. will post 15.25 earnings per share for the current year.

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 offers 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.