Traders Buy Biogen Inc. (BIIB) on Weakness After Insider Selling
Investors bought shares of Biogen Inc. (NASDAQ:BIIB) on weakness during trading on Friday following insider selling activity. $73.91 million flowed into the stock on the tick-up and $61.95 million flowed out of the stock on the tick-down, for a money net flow of $11.96 million into the stock. Of all stocks tracked, Biogen had the 19th highest net in-flow for the day. Biogen traded down ($3.71) for the day and closed at $305.99Specifically, Director Caroline Dorsa sold 27,570 shares of the stock in a transaction on Thursday, September 22nd. The shares were sold at an average price of $314.00, for a total transaction of $8,656,980.00. Following the transaction, the director now directly owns 19,663 shares of the company’s stock, valued at $6,174,182. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Adriana Karaboutis sold 380 shares of the stock in a transaction on Monday, October 3rd. The shares were sold at an average price of $313.00, for a total transaction of $118,940.00. Following the transaction, the executive vice president now directly owns 7,172 shares in the company, valued at $2,244,836. The disclosure for this sale can be found here. Corporate insiders own 0.32% of the company’s stock.
Several research firms have issued reports on BIIB. Vetr downgraded shares of Biogen from a “hold” rating to a “sell” rating and set a $299.76 price objective on the stock. in a report on Tuesday, August 2nd. Credit Suisse Group AG reaffirmed a “hold” rating and set a $322.00 price objective on shares of Biogen in a report on Wednesday, August 3rd. Piper Jaffray Cos. reaffirmed a “neutral” rating on shares of Biogen in a report on Wednesday, August 3rd. Morgan Stanley reaffirmed a “buy” rating and set a $385.00 price objective on shares of Biogen in a report on Wednesday, August 3rd. Finally, Jefferies Group reaffirmed a “buy” rating and set a $319.00 price objective on shares of Biogen in a report on Thursday, August 4th. Eleven research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $347.34.
The firm has a market capitalization of $66.96 billion, a price-to-earnings ratio of 17.85 and a beta of 0.95. The company’s 50-day moving average is $308.72 and its 200-day moving average is $279.34.
Biogen (NASDAQ:BIIB) last released its earnings results on Thursday, July 21st. The biotechnology company reported $5.21 earnings per share (EPS) for the quarter, beating the Zacks’ 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. Biogen had a net margin of 33.97% and a return on equity of 40.59%. The firm’s quarterly revenue was up 11.7% on a year-over-year basis. During the same period in the prior year, the firm earned $4.22 EPS. On average, equities research analysts expect that Biogen Inc. will post $20.08 EPS for the current year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Advisory Services Network LLC raised its position in Biogen by 12.5% in the third quarter. Advisory Services Network LLC now owns 2,255 shares of the biotechnology company’s stock worth $706,000 after buying an additional 251 shares during the period. Catawba Capital Management VA purchased a new position in Biogen during the third quarter worth about $216,000. Woodstock Corp raised its position in Biogen by 0.6% in the third quarter. Woodstock Corp now owns 2,547 shares of the biotechnology company’s stock worth $797,000 after buying an additional 15 shares during the period. Baystate Wealth Management LLC raised its position in Biogen by 0.5% in the third quarter. Baystate Wealth Management LLC now owns 1,019 shares of the biotechnology company’s stock worth $319,000 after buying an additional 5 shares during the period. Finally, North Star Asset Management Inc. purchased a new position in Biogen during the third quarter worth about $207,000. Institutional investors own 86.21% of the company’s stock.
Biogen Company Profile
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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