Traders Buy Biogen Inc. (BIIB) on Weakness
Traders bought shares of Biogen Inc. (NASDAQ:BIIB) on weakness during trading hours on Tuesday. $84.66 million flowed into the stock on the tick-up and $75.37 million flowed out of the stock on the tick-down, for a money net flow of $9.29 million into the stock. Of all stocks tracked, Biogen had the 33rd highest net in-flow for the day. Biogen traded down ($2.04) for the day and closed at $306.13
Several analysts have weighed in on the company. Vetr downgraded Biogen from a “hold” rating to a “sell” rating and set a $299.76 target price on the stock. in a research note on Tuesday, August 2nd. Credit Suisse Group AG reaffirmed a “hold” rating and set a $322.00 target price on shares of Biogen in a research note on Wednesday, August 3rd. Piper Jaffray Cos. reaffirmed a “neutral” rating on shares of Biogen in a research note on Wednesday, August 3rd. Morgan Stanley reaffirmed a “buy” rating and set a $385.00 target price on shares of Biogen in a research note on Wednesday, August 3rd. Finally, Jefferies Group reaffirmed a “buy” rating and set a $319.00 target price on shares of Biogen in a research note on Thursday, August 4th. Ten investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $345.89.
The firm has a 50 day moving average price of $297.41 and a 200 day moving average price of $270.64. The company has a market capitalization of $67.46 billion and a P/E ratio of 17.98.
Biogen (NASDAQ:BIIB) last issued its earnings results on Thursday, July 21st. The biotechnology company reported $5.21 EPS for the quarter, beating the consensus estimate of $4.69 by $0.52. During the same quarter in the previous year, the firm posted $4.22 EPS. The business had revenue of $2.89 billion for 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. Equities analysts expect that Biogen Inc. will post $20.11 EPS for the current fiscal year.
In related news, CEO George A. Scangos sold 842 shares of the company’s stock in a transaction 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 completion of the sale, the chief executive officer now owns 54,936 shares in the company, valued at approximately $15,931,440. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Adam Koppel sold 555 shares of the company’s stock in a transaction on Monday, June 6th. The shares were sold at an average price of $290.00, for a total transaction of $160,950.00. Following the completion of the sale, the executive vice president now owns 2,402 shares of the company’s stock, valued at approximately $696,580. The disclosure for this sale can be found here.
A hedge fund recently raised its stake in Biogen stock. US Bancorp DE boosted its position in shares of Biogen Inc. (NASDAQ:BIIB) by 3.0% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 71,143 shares of the biotechnology company’s stock after buying an additional 2,076 shares during the period. US Bancorp DE’s holdings in Biogen were worth $21,793,000 as of its most recent filing with the SEC.
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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