Investors Sell Shares of Biogen Inc. (BIIB) on Strength (BIIB)
Investors sold shares of Biogen Inc. (NASDAQ:BIIB) on strength during trading hours on Tuesday. $69.33 million flowed into the stock on the tick-up and $95.20 million flowed out of the stock on the tick-down, for a money net flow of $25.87 million out of the stock. Of all companies tracked, Biogen had the 0th highest net out-flow for the day. Biogen traded up $1.73 for the day and closed at $307.86
BIIB has been the subject of several recent research reports. Morgan Stanley restated a “buy” rating on shares of Biogen in a research report on Thursday, June 30th. Sanford C. Bernstein initiated coverage on shares of Biogen in a research report on Wednesday, June 29th. They set an “outperform” rating and a $282.00 target price for the company. Citigroup Inc. lowered shares of Biogen from a “buy” rating to a “neutral” rating and cut their target price for the company from $345.00 to $295.00 in a research report on Tuesday, June 7th. Piper Jaffray Cos. reiterated a “neutral” rating and issued a $333.00 price target (up from $293.00) on shares of Biogen in a research report on Tuesday, August 16th. Finally, Zacks Investment Research upgraded shares of Biogen from a “hold” rating to a “buy” rating and set a $321.00 price target for the company in a research report on Wednesday, July 27th. Ten investment 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. Biogen currently has a consensus rating of “Buy” and an average price target of $345.89.
The firm has a market cap of $67.46 billion and a P/E ratio of 17.98. The stock has a 50-day moving average of $297.41 and a 200 day moving average of $270.64.
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 analysts’ consensus estimates of $4.69 by $0.52. The firm earned $2.89 billion during the quarter, compared to analysts’ expectations of $2.79 billion. During the same quarter in the previous year, the business posted $4.22 EPS. The company’s revenue for the quarter was up 11.7% on a year-over-year basis. On average, equities analysts anticipate that Biogen Inc. will post $20.11 earnings per share for the current year.
In other Biogen news, CEO George A. Scangos sold 842 shares of the firm’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 transaction, the chief executive officer now owns 54,936 shares in the company, valued at approximately $15,931,440. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Adam Koppel sold 555 shares of the firm’s stock in a transaction on Monday, June 6th. The shares were sold at an average price of $290.00, for a total value of $160,950.00. Following the completion of the transaction, the executive vice president now owns 2,402 shares in the company, valued at approximately $696,580. The disclosure for this sale can be found here.
A hedge fund recently raised its stake in Biogen stock. US Bancorp DE boosted its position in shares of Biogen Inc. (NASDAQ:BIIB) by 3.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor 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 at the end of the most recent 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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