Traders Buy Biogen Inc. (BIIB) on Weakness After Insider Selling
Traders 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 company’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 completion of the transaction, the director now owns 19,663 shares in the company, valued at approximately $6,174,182. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Adriana Karaboutis sold 262 shares of the company’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 value of $81,728.28. Following the completion of the transaction, the executive vice president now owns 7,579 shares of the company’s stock, valued at approximately $2,364,193.26. The disclosure for this sale can be found here. 0.32% of the stock is owned by company insiders.
A number of equities analysts have weighed in on the company. JPMorgan Chase & Co. restated an “overweight” rating and issued a $386.00 price target on shares of Biogen in a report on Friday. Jefferies Group decreased their price target on Biogen from $323.00 to $316.00 and set a “hold” rating for the company in a report on Wednesday. Vetr cut Biogen from a “buy” rating to a “hold” rating and set a $321.54 price target for the company. in a report on Tuesday. BMO Capital Markets reiterated a “market perform” rating and set a $304.00 target price on shares of Biogen in a research note on Tuesday. Finally, RBC Capital Markets reiterated a “buy” rating and set a $375.00 target price on shares of Biogen in a research note on Tuesday. Eleven research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Biogen has an average rating of “Buy” and an average target price of $347.34.
The firm has a market cap of $66.96 billion, a P/E ratio of 17.85 and a beta of 0.95. The company’s 50-day moving average price is $308.72 and its 200 day moving average price is $279.34.
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Biogen (NASDAQ:BIIB) last announced its quarterly earnings data on Thursday, July 21st. The biotechnology company reported $5.21 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $4.69 by $0.52. Biogen had a return on equity of 40.59% and a net margin of 33.97%. The company had revenue of $2.89 billion for the quarter, compared to analyst estimates of $2.79 billion. During the same quarter last year, the firm earned $4.22 EPS. Biogen’s revenue for the quarter was up 11.7% compared to the same quarter last year. On average, equities research analysts predict that Biogen Inc. will post $20.08 EPS for the current fiscal year.
Several hedge funds have recently made changes to their positions in BIIB. Howard Hughes Medical Institute purchased a new stake in shares of Biogen during the first quarter valued at $135,000. Kings Point Capital Management purchased a new stake in shares of Biogen during the second quarter valued at $145,000. Signaturefd LLC raised its stake in shares of Biogen by 217.7% in the second quarter. Signaturefd LLC now owns 718 shares of the biotechnology company’s stock valued at $174,000 after buying an additional 492 shares during the last quarter. Lakeview Capital Partners LLC purchased a new stake in shares of Biogen during the second quarter valued at $205,000. Finally, BLB&B Advisors LLC purchased a new stake in shares of Biogen during the second quarter valued at $206,000. 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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