Investors Buy Shares of Biogen Inc. (BIIB) on Weakness After Analyst Downgrade
Investors bought shares of Biogen Inc. (NASDAQ:BIIB) on weakness during trading on Friday after Leerink Swann lowered their price target on the stock to $355.00. $78.55 million flowed into the stock on the tick-up and $57.64 million flowed out of the stock on the tick-down, for a money net flow of $20.91 million into the stock. Of all companies tracked, Biogen had the 8th highest net in-flow for the day. Biogen traded down ($0.73) for the day and closed at $305.20
A number of other equities analysts have also recently issued reports on BIIB. Vetr upgraded shares of Biogen from a “buy” rating to a “strong-buy” rating and set a $346.47 price objective on the stock in a research report on Monday, September 12th. Piper Jaffray Cos. restated a “neutral” rating and issued a $333.00 price objective (up previously from $293.00) on shares of Biogen in a research report on Tuesday, August 16th. Jefferies Group restated a “buy” rating and issued a $319.00 price objective on shares of Biogen in a research report on Sunday, September 4th. Bank of America Corp. reiterated a “buy” rating and set a $374.00 price target on shares of Biogen in a research report on Thursday, September 22nd. Finally, BMO Capital Markets boosted their price target on shares of Biogen from $286.00 to $304.00 and gave the company a “market perform” rating in a research report on Monday, August 1st. Nine investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company. Biogen has a consensus rating of “Buy” and an average target price of $339.38.
In related news, EVP Adriana Karaboutis sold 262 shares of the firm’s stock in a transaction on Tuesday, October 4th. The shares were sold at an average price of $311.94, for a total transaction of $81,728.28. Following the completion of the transaction, the executive vice president now directly owns 7,579 shares of the company’s stock, valued at $2,364,193.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Caroline Dorsa sold 27,570 shares of the firm’s 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 disclosure for this sale can be found here. Corporate insiders own 0.32% of the company’s stock.
Institutional investors have recently bought and sold shares of the stock. Assetmark Inc. raised its position in Biogen by 10.4% in the third quarter. Assetmark Inc. now owns 415 shares of the biotechnology company’s stock valued at $130,000 after buying an additional 39 shares during the period. Winfield Associates Inc. raised its position in Biogen by 10.0% in the third quarter. Winfield Associates Inc. now owns 440 shares of the biotechnology company’s stock valued at $138,000 after buying an additional 40 shares during the period. Balentine LLC raised its position in Biogen by 685.7% in the third quarter. Balentine LLC now owns 440 shares of the biotechnology company’s stock valued at $138,000 after buying an additional 384 shares during the period. Quadrant Capital Group LLC raised its position in Biogen by 7.8% in the third quarter. Quadrant Capital Group LLC now owns 470 shares of the biotechnology company’s stock valued at $136,000 after buying an additional 34 shares during the period. Finally, Penserra Capital Management LLC acquired a new position in Biogen during the third quarter valued at approximately $184,000. 87.75% of the stock is owned by institutional investors.
The firm has a market capitalization of $66.40 billion, a price-to-earnings ratio of 17.26 and a beta of 0.75. The company’s 50-day moving average is $300.18 and its 200-day moving average is $287.01.
Biogen (NASDAQ:BIIB) last posted its earnings results on Wednesday, October 26th. The biotechnology company reported $5.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.97 by $0.22. Biogen had a net margin of 34.03% and a return on equity of 40.02%. The firm earned $2.96 billion during the quarter, compared to analysts’ expectations of $2.91 billion. During the same period in the previous year, the business posted $4.48 EPS. The business’s revenue was up 6.4% compared to the same quarter last year. Equities research analysts forecast that Biogen Inc. will post $20.22 EPS for the current fiscal year.
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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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