Traders Buy Shares of Biogen Inc. (BIIB) on Weakness After Insider Selling
Traders purchased shares of Biogen Inc. (NASDAQ:BIIB) on weakness during trading on Friday 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 42nd highest net in-flow for the day. Biogen traded down ($3.71) for the day and closed at $305.99Specifically, Director Caroline Dorsa sold 27,570 shares of the stock in a transaction on 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 owns 19,663 shares in the company, valued at $6,174,182. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO George A. Scangos sold 157 shares of the firm’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 transaction, 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. Insiders own 0.32% of the company’s stock.
Several research firms recently issued reports on BIIB. Vetr upgraded Biogen from a “hold” rating to a “buy” rating and set a $321.54 price target on the stock in a report on Monday. Credit Suisse Group AG set a $322.00 price target on Biogen and gave the company a “hold” rating in a report on Sunday, September 18th. Zacks Investment Research cut Biogen from a “buy” rating to a “hold” rating in a report on Tuesday, July 12th. Morgan Stanley reiterated a “buy” rating and issued a $385.00 price target on shares of Biogen in a report on Wednesday, August 3rd. Finally, Leerink Swann raised their price target on Biogen from $360.00 to $367.00 and gave the company a “market perform” rating in a report on Monday, August 1st. Ten equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $347.34.
The stock has a market capitalization of $66.96 billion, a price-to-earnings ratio of 17.85 and a beta of 0.95. The stock’s 50 day moving average is $308.50 and its 200-day moving average is $279.69.
Biogen (NASDAQ:BIIB) last announced its quarterly earnings data on Thursday, July 21st. The biotechnology company reported $5.21 earnings per share for the quarter, beating the consensus estimate of $4.69 by $0.52. Biogen had a return on equity of 40.59% and a net margin of 33.97%. The business earned $2.89 billion during the quarter, compared to analyst estimates of $2.79 billion. During the same period in the prior year, the company earned $4.22 earnings per share. Biogen’s revenue was up 11.7% compared to the same quarter last year. Analysts predict that Biogen Inc. will post $20.08 earnings per share for the current fiscal year.
A number of institutional investors have recently made changes to their positions in BIIB. Kings Point Capital Management purchased a new position in shares of Biogen during the second quarter valued at $145,000. Signaturefd LLC raised its position in shares of Biogen by 217.7% in the second quarter. Signaturefd LLC now owns 718 shares of the biotechnology company’s stock valued at $174,000 after buying an additional 492 shares during the period. Lakeview Capital Partners LLC purchased a new position in shares of Biogen during the second quarter valued at $205,000. BLB&B Advisors LLC purchased a new position in shares of Biogen during the second quarter valued at $206,000. Finally, Bienville Capital Management LLC purchased a new position in shares of Biogen during the second quarter valued at $207,000. 86.21% of the stock is owned by institutional investors and hedge funds.
Biogen Company Profile
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.