Investors Buy Shares of Biogen Inc. (BIIB) on Weakness
Traders bought shares of Biogen Inc. (NASDAQ:BIIB) on weakness during trading 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 stocks 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
A number of research firms have recently weighed in on BIIB. Leerink Swann restated a “positive” rating and set a $319.00 target price on shares of Biogen in a research report on Tuesday, May 3rd. Jefferies Group restated a “buy” rating on shares of Biogen in a research report on Sunday, May 29th. Vetr upgraded Biogen from a “sell” rating to a “hold” rating and set a $289.05 target price for the company in a research report on Wednesday, July 27th. Piper Jaffray Cos. restated a “hold” rating on shares of Biogen in a research report on Tuesday, May 3rd. Finally, Zacks Investment Research downgraded Biogen from a “buy” rating to a “hold” rating in a research report on Tuesday, July 12th. Eleven investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $345.44.
The stock’s 50 day moving average is $294.35 and its 200-day moving average is $269.49. The firm has a market cap of $67.53 billion and a PE ratio of 18.00.
Biogen (NASDAQ:BIIB) last posted its quarterly earnings data on Thursday, July 21st. The biotechnology company reported $5.21 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $4.69 by $0.52. The business earned $2.89 billion during the quarter, compared to the consensus estimate of $2.79 billion. The business’s revenue was up 11.7% on a year-over-year basis. During the same period last year, the business posted $4.22 earnings per share. Equities research analysts forecast that Biogen Inc. will post $20.11 EPS for the current fiscal year.
In related news, EVP Adam Koppel sold 555 shares of the business’s stock in a transaction dated Monday, June 6th. The stock was sold at an average price of $290.00, for a total value of $160,950.00. Following the completion of the sale, the executive vice president now directly owns 2,402 shares of the company’s stock, valued at approximately $696,580. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO George A. Scangos sold 157 shares of the business’s stock in a transaction dated Thursday, July 21st. The shares were sold at an average price of $280.00, for a total value of $43,960.00. Following the completion of the sale, the chief executive officer now directly owns 54,779 shares of the company’s stock, valued at $15,338,120. The disclosure for this sale can be found here.
Other hedge funds have recently modified their holdings of the company. US Bancorp DE raised its stake in shares of 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. Nicholas Co. Inc. WI raised its stake in shares of 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, Victory Capital Management Inc. raised its stake 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 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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