Trade Report: Today, Investors Buy Shares of Biogen Inc. (BIIB) on Weakness After Analyst Downgrade

Today, 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 issued reports on BIIB. Credit Suisse Group AG set a $322.00 target price on shares of Biogen and gave the stock a “hold” rating in a research report on Sunday, September 18th. Vetr upgraded shares of Biogen from a “sell” rating to a “hold” rating and set a $317.79 target price on the stock in a research report on Wednesday, August 3rd. Morgan Stanley restated a “buy” rating and set a $385.00 target price on shares of Biogen in a research report on Wednesday, August 3rd. HC Wainwright restated a “buy” rating on shares of Biogen in a research report on Thursday, October 27th. Finally, Stifel Nicolaus reaffirmed a “hold” rating on shares of Biogen in a report on Friday, September 16th. Nine research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $339.38.

In related news, EVP Adriana Karaboutis sold 262 shares of the business’s stock in a transaction that occurred on Tuesday, October 4th. The stock was sold at an average price of $311.94, for a total transaction of $81,728.28. Following the transaction, the executive vice president now directly owns 7,579 shares of the company’s stock, valued at approximately $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 business’s stock in a transaction that occurred on Thursday, September 22nd. The stock was sold at an average price of $314.00, for a total value of $8,656,980.00. Following the transaction, the director now directly owns 19,663 shares in the company, valued at $6,174,182. The disclosure for this sale can be found here. Corporate insiders own 0.32% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in BIIB. Assetmark Inc. raised its position in shares of Biogen by 10.4% in the third quarter. Assetmark Inc. now owns 415 shares of the biotechnology company’s stock worth $130,000 after buying an additional 39 shares during the last quarter. Quadrant Capital Group LLC raised its position in shares of Biogen by 7.8% in the third quarter. Quadrant Capital Group LLC now owns 470 shares of the biotechnology company’s stock worth $136,000 after buying an additional 34 shares during the last quarter. Winfield Associates Inc. raised its position in shares of Biogen by 10.0% in the third quarter. Winfield Associates Inc. now owns 440 shares of the biotechnology company’s stock worth $138,000 after buying an additional 40 shares during the last quarter. Balentine LLC raised its position in shares of Biogen by 685.7% in the third quarter. Balentine LLC now owns 440 shares of the biotechnology company’s stock worth $138,000 after buying an additional 384 shares during the last quarter. Finally, Kings Point Capital Management acquired a new position in shares of Biogen during the second quarter worth about $145,000. 87.75% of the stock is currently owned by hedge funds and other institutional investors.

The firm has a market cap of $66.40 billion, a P/E ratio of 17.26 and a beta of 0.75. The stock’s 50-day moving average price is $300.18 and its 200 day moving average price is $287.01.

Biogen (NASDAQ:BIIB) last posted its quarterly earnings results on Wednesday, October 26th. The biotechnology company reported $5.19 earnings per share for the quarter, beating the consensus estimate of $4.97 by $0.22. The firm had revenue of $2.96 billion for the quarter, compared to analyst estimates of $2.91 billion. Biogen had a return on equity of 40.02% and a net margin of 34.03%. Biogen’s quarterly revenue was up 6.4% on a year-over-year basis. During the same period in the previous year, the firm earned $4.48 earnings per share. On average, equities research analysts anticipate that Biogen Inc. will post $20.22 earnings per share for the current year.

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