Traders Buy Biogen Inc. (BIIB) on Weakness After Insider Selling
Traders bought shares of Biogen Inc. (NASDAQ:BIIB) on weakness during trading on Wednesday following insider selling activity. $104.53 million flowed into the stock on the tick-up and $71.53 million flowed out of the stock on the tick-down, for a money net flow of $33.00 million into the stock. Of all stocks tracked, Biogen had the 15th highest net in-flow for the day. Biogen traded down ($1.78) for the day and closed at $309.70Specifically, 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 transaction of $43,960.00. Following the sale, the chief executive officer now owns 54,779 shares of the company’s stock, valued at $15,338,120. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Caroline Dorsa sold 27,570 shares of the business’s stock in a transaction dated Thursday, September 22nd. The stock was sold at an average price of $314.00, for a total transaction of $8,656,980.00. Following the sale, the director now directly owns 19,663 shares in the company, valued at approximately $6,174,182. The disclosure for this sale can be found here. Corporate insiders own 0.32% of the company’s stock.
Several research analysts have recently issued reports on the stock. Credit Suisse Group AG set a $322.00 target price on shares of Biogen and gave the stock a “hold” rating in a research note on Sunday, September 18th. Vetr downgraded shares of Biogen from a “buy” rating to a “hold” rating and set a $321.54 target price on the stock. in a research note on Tuesday. Zacks Investment Research downgraded shares of Biogen from a “buy” rating to a “hold” rating in a research note on Tuesday, July 12th. Morgan Stanley reiterated a “buy” rating and issued a $385.00 target price on shares of Biogen in a research note on Wednesday, August 3rd. Finally, Wells Fargo & Co. restated a “buy” rating on shares of Biogen in a research report on Wednesday, June 8th. Eleven equities 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. The stock currently has an average rating of “Buy” and an average target price of $347.34.
The company has a market cap of $67.86 billion, a P/E ratio of 18.09 and a beta of 0.95. The company has a 50-day moving average of $309.05 and a 200-day moving average of $278.92.
Biogen (NASDAQ:BIIB) last released its earnings results on Thursday, July 21st. The biotechnology company reported $5.21 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $4.69 by $0.52. Biogen had a net margin of 33.97% and a return on equity of 40.59%. The business earned $2.89 billion during the quarter, compared to analyst estimates of $2.79 billion. During the same quarter in the prior year, the firm earned $4.22 earnings per share. The company’s revenue for the quarter was up 11.7% compared to the same quarter last year. On average, analysts forecast that Biogen Inc. will post $20.10 earnings per share for the current fiscal year.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Causeway Capital Management LLC bought a new position in Biogen during the second quarter worth approximately $135,200,000. Primecap Management Co. CA boosted its position in Biogen by 2.8% in the first quarter. Primecap Management Co. CA now owns 16,246,726 shares of the biotechnology company’s stock worth $4,229,348,000 after buying an additional 436,101 shares during the last quarter. Eaton Vance Management boosted its position in Biogen by 245.1% in the second quarter. Eaton Vance Management now owns 435,620 shares of the biotechnology company’s stock worth $105,342,000 after buying an additional 309,401 shares during the last quarter. Senator Investment Group LP boosted its position in Biogen by 150.0% in the second quarter. Senator Investment Group LP now owns 500,000 shares of the biotechnology company’s stock worth $120,910,000 after buying an additional 300,000 shares during the last quarter. Finally, Schroder Investment Management Group boosted its position in Biogen by 306.5% in the second quarter. Schroder Investment Management Group now owns 365,393 shares of the biotechnology company’s stock worth $88,360,000 after buying an additional 275,497 shares during the last quarter. 86.21% of the stock is currently owned by institutional investors.
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.
Receive News & Ratings for Biogen Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Biogen Inc. and related companies with MarketBeat.com's FREE daily email newsletter.