Traders Buy Biogen Inc. (BIIB) on Weakness
Investors purchased shares of Biogen Inc. (NASDAQ:BIIB) on weakness during trading hours on Wednesday. $576.36 million flowed into the stock on the tick-up and $541.22 million flowed out of the stock on the tick-down, for a money net flow of $35.14 million into the stock. Of all companies tracked, Biogen had the 23rd highest net in-flow for the day. Biogen traded down ($8.77) for the day and closed at $321.34
Several research analysts have recently issued reports on the company. Vetr raised Biogen from a “sell” rating to a “hold” rating and set a $317.79 price objective for the company in a research note on Wednesday. Piper Jaffray Cos. reaffirmed a “neutral” rating on shares of Biogen in a research note on Wednesday. Morgan Stanley reaffirmed a “buy” rating and issued a $385.00 price objective on shares of Biogen in a research note on Wednesday. Credit Suisse Group AG reaffirmed a “hold” rating and issued a $322.00 price objective on shares of Biogen in a research note on Wednesday. Finally, Standpoint Research downgraded Biogen from a “buy” rating to a “hold” rating in a research note on Tuesday. Ten research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company. Biogen currently has an average rating of “Buy” and an average target price of $342.74.
The stock’s 50 day moving average is $259.38 and its 200 day moving average is $263.80. The firm has a market capitalization of $70.41 billion and a PE ratio of 18.77.
Biogen (NASDAQ:BIIB) last posted its 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. During the same period last year, the firm posted $4.22 earnings per share. The business had revenue of $2.89 billion for the quarter, compared to analysts’ expectations of $2.79 billion. Biogen’s quarterly revenue was up 11.7% on a year-over-year basis. On average, equities research analysts predict that Biogen Inc. will post $19.98 earnings per share for the current year.
In related news, EVP Adam Koppel sold 555 shares of the company’s stock in a transaction on Monday, June 6th. The stock was sold at an average price of $290.00, for a total value of $160,950.00. Following the sale, the executive vice president now directly owns 2,402 shares of the company’s stock, valued at $696,580. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO George A. Scangos sold 842 shares of the company’s stock in a transaction on Friday, June 3rd. The stock was 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 directly owns 54,936 shares in the company, valued at $15,931,440. The disclosure for this sale can be found here.
A number of large investors have recently modified their holdings of the company. Atlantic Trust Group LLC boosted its stake in shares of Biogen by 3.7% in the fourth quarter. Atlantic Trust Group LLC now owns 13,158 shares of the biotechnology company’s stock valued at $4,031,000 after buying an additional 470 shares during the last quarter. Victory Capital Management Inc. boosted its stake in shares of Biogen by 264.2% in the fourth quarter. Victory Capital Management Inc. now owns 4,177 shares of the biotechnology company’s stock valued at $1,280,000 after buying an additional 3,030 shares during the last quarter. Whittier Trust Co. of Nevada Inc. boosted its stake in shares of Biogen by 12.4% in the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 8,383 shares of the biotechnology company’s stock valued at $2,568,000 after buying an additional 925 shares during the last quarter. Whittier Trust Co. boosted its stake in shares of Biogen by 71.9% in the fourth quarter. Whittier Trust Co. now owns 39,294 shares of the biotechnology company’s stock valued at $12,037,000 after buying an additional 16,434 shares during the last quarter. Finally, Mandatum Life Insurance Co Ltd purchased a new stake in shares of Biogen during the fourth quarter valued at $3,126,000.
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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