Traders Buy Biogen Inc. (BIIB) on Weakness
Traders purchased shares of Biogen Inc. (NASDAQ:BIIB) on weakness during trading on Tuesday. $161.36 million flowed into the stock on the tick-up and $126.74 million flowed out of the stock on the tick-down, for a money net flow of $34.62 million into the stock. Of all stocks tracked, Biogen had the 10th highest net in-flow for the day. Biogen traded down ($0.31) for the day and closed at $287.04
Several research analysts have recently issued reports on BIIB shares. Jefferies Group reissued a “buy” rating on shares of Biogen in a research note on Sunday, April 24th. Goldman Sachs Group Inc. reissued a “hold” rating on shares of Biogen in a research note on Saturday, April 23rd. Cowen and Company reissued a “buy” rating on shares of Biogen in a research note on Sunday, April 17th. Vetr cut Biogen from a “hold” rating to a “sell” rating and set a $265.77 price target for the company. in a research note on Monday. Finally, Leerink Swann reissued a “market perform” rating and issued a $319.00 price target on shares of Biogen in a research note on Sunday. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and sixteen have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $321.61.
The company has a market cap of $62.90 billion and a price-to-earnings ratio of 16.77. The company’s 50-day moving average price is $249.92 and its 200 day moving average price is $262.50.
Biogen (NASDAQ:BIIB) last posted its quarterly earnings results on Thursday, July 21st. The biotechnology company reported $5.21 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $4.69 by $0.52. The company earned $2.89 billion during the quarter, compared to the consensus estimate of $2.79 billion. The firm’s revenue for the quarter was up 11.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $4.22 earnings per share. On average, equities research analysts expect that Biogen Inc. will post $19.86 earnings per share for the current year.
In other Biogen news, EVP Adam Koppel sold 555 shares of Biogen stock in a transaction dated Monday, June 6th. The stock was sold at an average price of $290.00, for a total transaction of $160,950.00. Following the transaction, the executive vice president now directly owns 2,402 shares in the company, valued at $696,580. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO George A. Scangos sold 157 shares of Biogen 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 transaction, the chief executive officer now owns 54,779 shares in the company, valued at $15,338,120. The disclosure for this sale can be found here.
A number of hedge funds and institutional investors have bought and sold shares of the company. FOURPOINTS Investment Managers S.A.S. raised its position in Biogen by 34.9% in the fourth quarter. FOURPOINTS Investment Managers S.A.S. now owns 15,900 shares of the biotechnology company’s stock valued at $4,871,000 after buying an additional 4,110 shares in the last quarter. Arrow Financial Corp raised its position in Biogen by 24.7% in the fourth quarter. Arrow Financial Corp now owns 13,366 shares of the biotechnology company’s stock valued at $4,095,000 after buying an additional 2,649 shares in the last quarter. Aviance Capital Partners LLC acquired a new position in Biogen during the fourth quarter valued at $1,600,000. RidgeWorth Capital Management LLC raised its position in Biogen by 0.3% in the fourth quarter. RidgeWorth Capital Management LLC now owns 62,278 shares of the biotechnology company’s stock valued at $19,079,000 after buying an additional 184 shares in the last quarter. Finally, Madison Investment Holdings Inc. raised its position in Biogen by 28.9% in the fourth quarter. Madison Investment Holdings Inc. now owns 58,460 shares of the biotechnology company’s stock valued at $17,909,000 after buying an additional 13,100 shares in 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.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.