C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors Takes $751,000 Position in Biogen Inc. (NASDAQ:BIIB)

C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new stake in Biogen Inc. (NASDAQ:BIIB - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 4,913 shares of the biotechnology company's stock, valued at approximately $751,000.

A number of other hedge funds have also recently modified their holdings of BIIB. Pacer Advisors Inc. boosted its stake in Biogen by 13,574.7% during the fourth quarter. Pacer Advisors Inc. now owns 2,667,531 shares of the biotechnology company's stock worth $407,919,000 after acquiring an additional 2,648,024 shares in the last quarter. Van ECK Associates Corp raised its holdings in Biogen by 977.9% in the fourth quarter. Van ECK Associates Corp now owns 1,066,460 shares of the biotechnology company's stock worth $163,083,000 after buying an additional 967,523 shares during the last quarter. International Assets Investment Management LLC raised its holdings in Biogen by 19,722.9% in the third quarter. International Assets Investment Management LLC now owns 358,992 shares of the biotechnology company's stock worth $695,870,000 after buying an additional 357,181 shares during the last quarter. Mizuho Securities USA LLC raised its holdings in shares of Biogen by 2,715.9% during the third quarter. Mizuho Securities USA LLC now owns 316,000 shares of the biotechnology company's stock valued at $61,253,000 after purchasing an additional 304,778 shares during the last quarter. Finally, Erste Asset Management GmbH purchased a new position in shares of Biogen during the third quarter valued at approximately $55,826,000. Hedge funds and other institutional investors own 87.93% of the company's stock.

Biogen Stock Up 2.4 %

Shares of NASDAQ:BIIB traded up $3.25 during trading on Friday, reaching $140.33. The stock had a trading volume of 1,146,896 shares, compared to its average volume of 1,428,282. Biogen Inc. has a one year low of $128.51 and a one year high of $238.00. The company has a market capitalization of $20.54 billion, a P/E ratio of 12.53, a PEG ratio of 1.47 and a beta of -0.08. The company has a current ratio of 1.35, a quick ratio of 0.90 and a debt-to-equity ratio of 0.27. The firm's 50-day simple moving average is $145.34 and its 200 day simple moving average is $171.22.

Biogen (NASDAQ:BIIB - Get Free Report) last released its earnings results on Wednesday, February 12th. The biotechnology company reported $3.44 EPS for the quarter, topping analysts' consensus estimates of $3.43 by $0.01. Biogen had a net margin of 16.87% and a return on equity of 14.98%. As a group, research analysts expect that Biogen Inc. will post 15.84 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Royal Bank of Canada reduced their target price on shares of Biogen from $231.00 to $225.00 and set an "outperform" rating for the company in a report on Thursday, February 13th. Truist Financial dropped their price target on shares of Biogen from $220.00 to $210.00 and set a "buy" rating for the company in a research report on Thursday, February 13th. Citigroup dropped their target price on shares of Biogen from $160.00 to $145.00 and set a "neutral" rating for the company in a research report on Thursday, February 13th. StockNews.com lowered shares of Biogen from a "strong-buy" rating to a "buy" rating in a research report on Saturday, December 28th. Finally, Jefferies Financial Group lowered shares of Biogen from a "buy" rating to a "hold" rating and lowered their price objective for the company from $250.00 to $180.00 in a research report on Monday, December 9th. Seventeen equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $211.85.

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.