Traders Buy Biogen Inc. (BIIB) on Weakness
Investors purchased shares of Biogen Inc. (NASDAQ:BIIB) on weakness during trading hours on Thursday. $180.85 million flowed into the stock on the tick-up and $165.59 million flowed out of the stock on the tick-down, for a money net flow of $15.26 million into the stock. Of all equities tracked, Biogen had the 14th highest net in-flow for the day. Biogen traded down ($6.78) for the day and closed at $314.56
BIIB has been the topic of a number of research reports. Morgan Stanley dropped their target price on Biogen from $419.00 to $404.00 in a report on Friday, April 8th. Vetr downgraded Biogen from a “strong-buy” rating to a “buy” rating and set a $273.44 price objective on the stock. in a report on Thursday, June 9th. Piper Jaffray Cos. restated a “hold” rating and issued a $293.00 price objective on shares of Biogen in a report on Tuesday, June 7th. Citigroup Inc. restated a “buy” rating and issued a $345.00 price objective on shares of Biogen in a report on Monday, April 11th. Finally, Robert W. Baird restated a “hold” rating on shares of Biogen in a report on Friday, April 15th. Ten research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Biogen presently has a consensus rating of “Buy” and an average target price of $342.74.
The company has a market capitalization of $68.93 billion and a PE ratio of 18.37. The stock has a 50-day moving average of $261.54 and a 200-day moving average of $264.17.
Biogen (NASDAQ:BIIB) last posted its quarterly earnings results on Thursday, July 21st. The biotechnology company reported $5.21 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $4.69 by $0.52. The company had revenue of $2.89 billion for the quarter, compared to analyst estimates of $2.79 billion. The firm’s revenue for the quarter was up 11.7% compared to the same quarter last year. During the same period last year, the firm earned $4.22 EPS. Equities research analysts anticipate that Biogen Inc. will post $19.98 EPS for the current fiscal year.
In other news, CEO George A. Scangos sold 3,855 shares of Biogen stock in a transaction that occurred on Wednesday, June 1st. The stock was sold at an average price of $289.74, for a total transaction of $1,116,947.70. Following the completion of the transaction, the chief executive officer now directly owns 56,265 shares in the company, valued at approximately $16,302,221.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO George A. Scangos sold 157 shares of Biogen stock in a transaction that occurred on Wednesday, May 25th. 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 59,633 shares of the company’s stock, valued at $16,697,240. The disclosure for this sale can be found here.
Several hedge funds and institutional investors have modified their holdings of BIIB. TCI Wealth Advisors Inc. increased its position in shares of Biogen by 2.7% in the fourth quarter. TCI Wealth Advisors Inc. now owns 6,856 shares of the biotechnology company’s stock valued at $2,100,000 after buying an additional 180 shares in the last quarter. Suntrust Banks Inc. increased its position in shares of Biogen by 1.0% in the fourth quarter. Suntrust Banks Inc. now owns 21,653 shares of the biotechnology company’s stock valued at $6,632,000 after buying an additional 213 shares in the last quarter. Fernwood Investment Management LLC increased its position in shares of Biogen by 3.5% in the fourth quarter. Fernwood Investment Management LLC now owns 11,805 shares of the biotechnology company’s stock valued at $3,616,000 after buying an additional 400 shares in the last quarter. Atlantic Trust Group LLC increased its position 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 in the last quarter. Finally, Veritable L.P. increased its position in shares of Biogen by 4.0% in the fourth quarter. Veritable L.P. now owns 13,006 shares of the biotechnology company’s stock valued at $3,984,000 after buying an additional 505 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.
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