Avestar Capital LLC Sells 301 Shares of Biogen Inc. (NASDAQ:BIIB)

Avestar Capital LLC trimmed its holdings in shares of Biogen Inc. (NASDAQ:BIIB) by 12.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,187 shares of the biotechnology company’s stock after selling 301 shares during the period. Avestar Capital LLC’s holdings in Biogen were worth $424,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of BIIB. Primecap Management Co. CA increased its holdings in Biogen by 0.7% during the 2nd quarter. Primecap Management Co. CA now owns 16,338,294 shares of the biotechnology company’s stock valued at $3,787,543,000 after purchasing an additional 117,578 shares during the period. Charles Schwab Investment Management Inc. increased its position in Biogen by 1.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 913,029 shares of the biotechnology company’s stock valued at $176,982,000 after purchasing an additional 12,319 shares during the period. Massachusetts Financial Services Co. MA lifted its position in shares of Biogen by 29.6% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 711,184 shares of the biotechnology company’s stock worth $137,856,000 after purchasing an additional 162,511 shares during the period. abrdn plc boosted its stake in shares of Biogen by 6.2% during the 3rd quarter. abrdn plc now owns 568,510 shares of the biotechnology company’s stock valued at $110,123,000 after purchasing an additional 33,333 shares in the last quarter. Finally, Swiss National Bank raised its stake in Biogen by 0.4% in the third quarter. Swiss National Bank now owns 432,100 shares of the biotechnology company’s stock worth $83,758,000 after buying an additional 1,700 shares in the last quarter. 87.93% of the stock is owned by institutional investors.

Biogen Price Performance

Shares of NASDAQ:BIIB opened at $159.83 on Thursday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.26 and a quick ratio of 0.80. Biogen Inc. has a 1-year low of $153.62 and a 1-year high of $268.30. The firm’s 50 day simple moving average is $179.47 and its two-hundred day simple moving average is $203.91. The company has a market capitalization of $23.29 billion, a P/E ratio of 14.44, a P/E/G ratio of 1.50 and a beta of -0.06.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $4.08 EPS for the quarter, beating 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 for the quarter, compared to the consensus estimate of $2.43 billion. During the same period in the previous year, the business earned $4.36 earnings per share. The business’s revenue was down 2.5% on a year-over-year basis. Research analysts expect that Biogen Inc. will post 16.44 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Priya Singhal sold 431 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total transaction of $88,018.82. Following the completion of the transaction, the insider now owns 5,316 shares in the company, valued at $1,085,633.52. This trade represents a 7.50 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.16% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

BIIB has been the topic of a number of research analyst reports. Citigroup assumed coverage on Biogen in a report on Thursday, November 14th. They set a “neutral” rating and a $190.00 target price on the stock. Wedbush decreased their price objective on Biogen from $210.00 to $205.00 and set a “neutral” rating for the company in a report on Monday, September 23rd. Mizuho dropped their target price on shares of Biogen from $251.00 to $207.00 and set an “outperform” rating on the stock in a report on Thursday, November 21st. Cantor Fitzgerald reiterated an “overweight” rating and issued a $292.00 price target on shares of Biogen in a research note on Monday, September 9th. Finally, Scotiabank lowered their price target on shares of Biogen from $275.00 to $244.00 and set a “sector outperform” rating for the company in a research report on Friday, August 2nd. Thirteen analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Biogen has a consensus rating of “Moderate Buy” and an average target price of $257.20.

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.