Traders Buy Biogen Inc. (BIIB) on Weakness
Traders bought shares of Biogen Inc. (NASDAQ:BIIB) on weakness during trading hours on Thursday. $138.18 million flowed into the stock on the tick-up and $115.66 million flowed out of the stock on the tick-down, for a money net flow of $22.52 million into the stock. Of all companies tracked, Biogen had the 8th highest net in-flow for the day. Biogen traded down ($2.48) for the day and closed at $306.85
Several equities analysts recently issued reports on the company. Leerink Swann restated a “positive” rating and set a $319.00 price target on shares of Biogen in a research note on Tuesday, May 3rd. Jefferies Group restated a “buy” rating on shares of Biogen in a research note on Sunday, May 29th. Vetr upgraded Biogen from a “sell” rating to a “hold” rating and set a $289.05 price target on the stock in a research note on Wednesday, July 27th. Piper Jaffray Cos. reiterated a “hold” rating on shares of Biogen in a research note on Tuesday, May 3rd. Finally, Zacks Investment Research lowered Biogen from a “buy” rating to a “hold” rating in a research note on Tuesday, July 12th. Eleven research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $345.44.
The company’s 50 day moving average price is $292.66 and its 200-day moving average price is $269.08. The stock has a market capitalization of $67.24 billion and a price-to-earnings ratio of 17.92.
Biogen (NASDAQ:BIIB) last announced its quarterly earnings data on Thursday, July 21st. The biotechnology company reported $5.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.69 by $0.52. The firm earned $2.89 billion during the quarter, compared to the consensus estimate of $2.79 billion. The business’s revenue was up 11.7% compared to the same quarter last year. During the same period last year, the business earned $4.22 earnings per share. On average, equities analysts expect that Biogen Inc. will post $20.11 earnings per share for the current year.
In related news, CEO George A. Scangos sold 842 shares of Biogen stock in a transaction that occurred on Friday, June 3rd. The shares were sold at an average price of $290.00, for a total value of $244,180.00. Following the transaction, the chief executive officer now directly owns 54,936 shares of the company’s stock, valued at $15,931,440. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO George A. Scangos sold 157 shares of Biogen stock in a transaction that occurred on Thursday, July 21st. The shares were sold at an average price of $280.00, for a total transaction of $43,960.00. Following the completion of the transaction, the chief executive officer now directly owns 54,779 shares in the company, valued at $15,338,120. The disclosure for this sale can be found here.
Other hedge funds and institutional investors have recently made changes to their positions in the company. Victory Capital Management Inc. boosted its position in shares of Biogen by 264.2% in the fourth quarter. Victory Capital Management Inc. now owns 4,177 shares of the biotechnology company’s stock worth $1,280,000 after buying an additional 3,030 shares during the period. Nicholas Co. Inc. WI boosted its stake in Biogen by 25.0% in the fourth quarter. Nicholas Co. Inc. WI now owns 10,010 shares of the biotechnology company’s stock worth $3,066,000 after buying an additional 2,005 shares during the last quarter. Finally, US Bancorp DE boosted its stake in Biogen by 3.0% in the fourth quarter. US Bancorp DE now owns 71,143 shares of the biotechnology company’s stock worth $21,793,000 after buying an additional 2,076 shares during the last quarter.
Biogen Inc, formerly Biogen Idec Inc, is a biopharmaceutical company. The Company operates in discovering, developing, manufacturing and delivering therapies to patients for the treatment of neurodegenerative diseases, hematologic conditions and autoimmune disorders segment. The Company markets products, including TECFIDERA, AVONEX, PLEGRIDY, TYSABRI and FAMPYRA for multiple sclerosis (MS), ELOCTATE for hemophilia A and ALPROLIX for hemophilia B, and FUMADERM for the treatment of severe plaque psoriasis.
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