Traders Buy Biogen Inc. (BIIB) on Weakness After Insider Selling
Traders bought shares of Biogen Inc. (NASDAQ:BIIB) on weakness during trading hours on Thursday 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 companies 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 business’s stock in a transaction on Thursday, September 22nd. The shares were sold at an average price of $314.00, for a total value of $8,656,980.00. Following the sale, the director now directly owns 19,663 shares of the company’s stock, valued at approximately $6,174,182. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO George A. Scangos sold 157 shares of the business’s stock in a transaction on Thursday, July 21st. The shares were sold at an average price of $280.00, for a total transaction of $43,960.00. Following the completion of 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. 0.32% of the stock is currently owned by corporate insiders.
Several brokerages have issued reports on BIIB. Bank of America Corp. reiterated a “buy” rating on shares of Biogen in a research note on Thursday, June 30th. Zacks Investment Research upgraded shares of Biogen from a “hold” rating to a “buy” rating and set a $274.00 price target on the stock in a research note on Tuesday, July 5th. Vetr lowered shares of Biogen from a “strong-buy” rating to a “buy” rating and set a $261.63 price target on the stock. in a research note on Monday, July 4th. Morgan Stanley reiterated a “buy” rating on shares of Biogen in a research note on Thursday, June 30th. Finally, Jefferies Group reiterated a “buy” rating on shares of Biogen in a research note on Thursday, June 30th. Ten analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $347.34.
The firm has a 50 day moving average price of $308.50 and a 200 day moving average price of $279.69. The stock has a market capitalization of $66.96 billion, a P/E ratio of 17.85 and a beta of 0.95.
Biogen (NASDAQ:BIIB) last released its quarterly earnings results 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. Biogen had a net margin of 33.97% and a return on equity of 40.59%. The company had revenue of $2.89 billion for the quarter, compared to analyst estimates of $2.79 billion. During the same period last year, the firm earned $4.22 earnings per share. The firm’s revenue was up 11.7% on a year-over-year basis. On average, analysts forecast that Biogen Inc. will post $20.08 earnings per share for the current year.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Causeway Capital Management LLC bought a new stake in Biogen during the second quarter worth about $135,200,000. Primecap Management Co. CA increased its stake in Biogen by 2.8% in the first quarter. Primecap Management Co. CA now owns 16,246,726 shares of the biotechnology company’s stock worth $4,229,348,000 after buying an additional 436,101 shares during the period. Eaton Vance Management increased its stake in Biogen by 245.1% in the second quarter. Eaton Vance Management now owns 435,620 shares of the biotechnology company’s stock worth $105,342,000 after buying an additional 309,401 shares during the period. Senator Investment Group LP increased its stake in Biogen by 150.0% in the second quarter. Senator Investment Group LP now owns 500,000 shares of the biotechnology company’s stock worth $120,910,000 after buying an additional 300,000 shares during the period. Finally, Schroder Investment Management Group increased its stake in Biogen by 306.5% in the second quarter. Schroder Investment Management Group now owns 365,393 shares of the biotechnology company’s stock worth $88,360,000 after buying an additional 275,497 shares during the period. 86.21% of the stock is currently owned by institutional investors.
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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