Investors Buy Biogen Inc. (BIIB) on Weakness on Insider Selling
Investors purchased shares of Biogen Inc. (NASDAQ:BIIB) on weakness during trading hours on Thursday following insider selling activity. $73.91 million flowed into the stock on the tick-up and $61.95 million flowed out of the stock on the tick-down, for a money net flow of $11.96 million into the stock. Of all stocks tracked, Biogen had the 19th highest net in-flow for the day. Biogen traded down ($3.71) for the day and closed at $305.99Specifically, EVP Adriana Karaboutis sold 380 shares of the business’s stock in a transaction dated Monday, October 3rd. The stock was sold at an average price of $313.00, for a total transaction of $118,940.00. Following the sale, the executive vice president now owns 7,172 shares in the company, valued at approximately $2,244,836. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO George A. Scangos sold 157 shares of the business’s stock in a transaction dated Thursday, July 21st. The stock was sold at an average price of $280.00, for a total value of $43,960.00. Following the sale, the chief executive officer now owns 54,779 shares in the company, valued at approximately $15,338,120. The disclosure for this sale can be found here. 0.32% of the stock is currently owned by company insiders.
Several analysts have issued reports on BIIB shares. Vetr upgraded Biogen from a “buy” rating to a “strong-buy” rating and set a $343.10 price objective on the stock in a report on Thursday, September 29th. JPMorgan Chase & Co. reaffirmed a “buy” rating and set a $386.00 target price on shares of Biogen in a research note on Friday, September 16th. BMO Capital Markets reaffirmed a “market perform” rating and set a $304.00 target price on shares of Biogen in a research note on Tuesday. HC Wainwright reaffirmed a “buy” rating and set a $360.00 target price on shares of Biogen in a research note on Thursday, September 8th. Finally, Robert W. Baird reaffirmed a “neutral” rating and set a $268.00 target price on shares of Biogen in a research note on Wednesday, June 22nd. 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’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $347.34.
The company has a 50 day moving average of $308.94 and a 200 day moving average of $279.14. The firm has a market cap of $67.05 billion, a P/E ratio of 17.87 and a beta of 0.95.
Biogen (NASDAQ:BIIB) last released its quarterly earnings results on Thursday, July 21st. The biotechnology company reported $5.21 earnings per share (EPS) for the quarter, beating 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. Biogen had a return on equity of 40.59% and a net margin of 33.97%. The firm’s quarterly revenue was up 11.7% on a year-over-year basis. During the same period in the previous year, the company posted $4.22 EPS. On average, equities analysts expect that Biogen Inc. will post $20.10 EPS for the current fiscal year.
Hedge funds have recently added to or reduced their stakes in the stock. Los Angeles Capital Management & Equity Research Inc. increased its stake in Biogen by 9.5% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 3,909 shares of the biotechnology company’s stock valued at $1,018,000 after buying an additional 338 shares during the period. Howard Hughes Medical Institute purchased a new stake in Biogen during the first quarter valued at about $135,000. Massmutual Trust Co. FSB ADV increased its stake in Biogen by 6.5% in the first quarter. Massmutual Trust Co. FSB ADV now owns 2,585 shares of the biotechnology company’s stock valued at $673,000 after buying an additional 157 shares during the period. Columbia Partners L L C Investment Management increased its stake in Biogen by 0.3% in the first quarter. Columbia Partners L L C Investment Management now owns 9,540 shares of the biotechnology company’s stock valued at $2,483,000 after buying an additional 26 shares during the period. Finally, Provident Investment Management Inc. increased its stake in Biogen by 4.9% in the first quarter. Provident Investment Management Inc. now owns 64,899 shares of the biotechnology company’s stock valued at $16,895,000 after buying an additional 3,004 shares during the period. Institutional investors and hedge funds own 86.21% of the company’s stock.
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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