Traders Buy Shares of Biogen Inc. (BIIB) on Weakness
Investors bought shares of Biogen Inc. (NASDAQ:BIIB) on weakness during trading hours on Monday. $84.66 million flowed into the stock on the tick-up and $75.37 million flowed out of the stock on the tick-down, for a money net flow of $9.29 million into the stock. Of all stocks tracked, Biogen had the 8th highest net in-flow for the day. Biogen traded down ($2.04) for the day and closed at $306.13
A number of equities research analysts have recently issued reports on the stock. Jefferies Group reissued a “buy” rating on shares of Biogen in a report on Tuesday, August 23rd. Morgan Stanley lowered their price target on shares of Biogen from $385.00 to $368.00 and set an “overweight” rating on the stock in a report on Wednesday, August 17th. Piper Jaffray Cos. reissued a “neutral” rating and issued a $333.00 price target (up from $293.00) on shares of Biogen in a report on Tuesday, August 16th. Zacks Investment Research raised shares of Biogen from a “hold” rating to a “buy” rating and set a $352.00 price target on the stock in a report on Friday, August 12th. Finally, Robert W. Baird reissued a “neutral” rating and issued a $284.00 price target on shares of Biogen in a report on Wednesday, August 10th. Eleven equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $345.44.
The stock has a market capitalization of $67.08 billion and a price-to-earnings ratio of 17.88. The company’s 50-day moving average is $295.87 and its 200 day moving average is $270.20.
Biogen (NASDAQ:BIIB) last issued its quarterly earnings data 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 firm had revenue of $2.89 billion for the quarter, compared to analysts’ expectations of $2.79 billion. During the same period last year, the company earned $4.22 earnings per share. The firm’s revenue was up 11.7% on a year-over-year basis. On average, equities research analysts forecast that Biogen Inc. will post $20.11 EPS for the current fiscal year.
In other news, EVP Adam Koppel sold 555 shares of the company’s stock in a transaction that occurred on Monday, June 6th. The stock was sold at an average price of $290.00, for a total transaction of $160,950.00. Following the sale, the executive vice president now directly owns 2,402 shares of the company’s stock, valued at approximately $696,580. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO George A. Scangos sold 157 shares of the company’s stock in a transaction that occurred on 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 directly owns 54,779 shares in the company, valued at $15,338,120. The disclosure for this sale can be found here.
An institutional investor recently raised its position in Biogen stock. US Bancorp DE boosted its stake in Biogen Inc. (NASDAQ:BIIB) by 3.0% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 71,143 shares of the biotechnology company’s stock after buying an additional 2,076 shares during the period. US Bancorp DE’s holdings in Biogen were worth $21,793,000 as of its most recent filing with the SEC.
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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