Todays Report: Today, Traders Buy Biogen Inc. (BIIB) on Weakness Following Analyst Downgrade

Today, Traders Buy Biogen Inc. (BIIB) on Weakness Following Analyst Downgrade

Investors purchased shares of Biogen Inc. (NASDAQ:BIIB) on weakness during trading hours on Monday after Leerink Swann lowered their price target on the stock from $365.00 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 stocks tracked, Biogen had the 21st highest net in-flow for the day. Biogen traded down ($0.73) for the day and closed at $305.20

A number of other research analysts also recently issued reports on BIIB. BMO Capital Markets lifted their price target on shares of Biogen from $286.00 to $304.00 and gave the stock a “market perform” rating in a research note on Monday, August 1st. Robert W. Baird reiterated a “positive” rating and issued a $284.00 price target (up previously from $268.00) on shares of Biogen in a research note on Monday, August 1st. Raymond James Financial Inc. raised their price objective on shares of Biogen from $360.00 to $375.00 and gave the stock a “strong-buy” rating in a report on Tuesday, August 2nd. Standpoint Research cut shares of Biogen from a “buy” rating to a “hold” rating in a report on Tuesday, August 2nd. Finally, Vetr cut 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. Nine investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $338.93.

In related news, EVP Adriana Karaboutis sold 380 shares of the business’s stock in a transaction dated Monday, October 3rd. The shares were sold at an average price of $313.00, for a total value of $118,940.00. Following the sale, the executive vice president now directly owns 7,172 shares in the company, valued at approximately $2,244,836. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Caroline Dorsa sold 27,570 shares of the business’s stock in a transaction dated Thursday, September 22nd. The stock was sold at an average price of $314.00, for a total transaction of $8,656,980.00. Following the completion of the sale, the director now owns 19,663 shares in the company, valued at $6,174,182. The disclosure for this sale can be found here. 0.32% of the stock is currently owned by corporate insiders.

Several large investors have recently added to or reduced their stakes in BIIB. Baystate Wealth Management LLC raised its stake in Biogen by 0.5% in the third quarter. Baystate Wealth Management LLC now owns 1,019 shares of the biotechnology company’s stock valued at $319,000 after buying an additional 5 shares in the last quarter. Reilly Financial Advisors LLC increased its position in shares of Biogen by 0.9% in the third quarter. Reilly Financial Advisors LLC now owns 915 shares of the biotechnology company’s stock valued at $286,000 after buying an additional 8 shares during the last quarter. Intrust Bank NA increased its position in shares of Biogen by 0.5% in the third quarter. Intrust Bank NA now owns 1,794 shares of the biotechnology company’s stock valued at $562,000 after buying an additional 9 shares during the last quarter. Buckingham Asset Management LLC increased its position in shares of Biogen by 1.8% in the second quarter. Buckingham Asset Management LLC now owns 865 shares of the biotechnology company’s stock valued at $209,000 after buying an additional 15 shares during the last quarter. Finally, Woodstock Corp increased its position in shares of Biogen by 0.6% in the third quarter. Woodstock Corp now owns 2,547 shares of the biotechnology company’s stock valued at $797,000 after buying an additional 15 shares during the last quarter. Institutional investors and hedge funds own 86.43% of the company’s stock.

The stock has a market capitalization of $66.09 billion, a PE ratio of 17.18 and a beta of 0.75. The firm’s 50-day moving average is $299.83 and its 200 day moving average is $287.80.

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

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