Biogen (NASDAQ:BIIB) Sees Large Volume Increase

Biogen Inc. (NASDAQ:BIIB) shares saw strong trading volume on Wednesday . 904,201 shares changed hands during mid-day trading, a decline of 22% from the previous session’s volume of 1,159,178 shares.The stock last traded at $204.63 and had previously closed at $193.18.

Wall Street Analyst Weigh In

BIIB has been the topic of several research analyst reports. Needham & Company LLC reiterated a “buy” rating and set a $294.00 price target on shares of Biogen in a research note on Wednesday. Truist Financial reissued a “buy” rating and set a $340.00 price objective on shares of Biogen in a report on Monday, March 25th. UBS Group decreased their price objective on shares of Biogen from $250.00 to $214.00 and set a “neutral” rating on the stock in a report on Wednesday, April 17th. BTIG Research restated a “neutral” rating on shares of Biogen in a research report on Sunday, January 7th. Finally, JPMorgan Chase & Co. cut their target price on shares of Biogen from $270.00 to $240.00 and set a “neutral” rating for the company in a research report on Thursday, April 11th. Ten analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $295.35.

Biogen Stock Up 3.8 %

The stock has a market capitalization of $29.14 billion, a price-to-earnings ratio of 25.64, a PEG ratio of 1.85 and a beta of -0.02. The firm’s fifty day moving average is $213.55 and its 200-day moving average is $234.62. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.00 and a quick ratio of 1.26.

Biogen (NASDAQ:BIIB) last issued its earnings results on Tuesday, February 13th. The biotechnology company reported $2.95 earnings per share for the quarter, missing analysts’ consensus estimates of $3.18 by ($0.23). Biogen had a return on equity of 14.91% and a net margin of 11.81%. The business had revenue of $2.39 billion for the quarter, compared to analyst estimates of $2.47 billion. During the same period last year, the company posted $4.05 earnings per share. On average, sell-side analysts predict that Biogen Inc. will post 15.48 earnings per share for the current year.

Insider Activity at Biogen

In other Biogen news, insider Priya Singhal sold 262 shares of the company’s stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $221.23, for a total transaction of $57,962.26. Following the completion of the sale, the insider now directly owns 4,886 shares of the company’s stock, valued at $1,080,929.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, Director Eric K. Rowinsky purchased 455 shares of the stock in a transaction on Thursday, February 15th. The shares were bought at an average price of $222.54 per share, for a total transaction of $101,255.70. Following the completion of the acquisition, the director now directly owns 20,629 shares in the company, valued at approximately $4,590,777.66. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Priya Singhal sold 262 shares of the firm’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $221.23, for a total transaction of $57,962.26. Following the completion of the sale, the insider now owns 4,886 shares in the company, valued at approximately $1,080,929.78. The disclosure for this sale can be found here. Insiders sold 882 shares of company stock worth $202,030 in the last 90 days. Corporate insiders own 0.60% of the company’s stock.

Institutional Investors Weigh In On Biogen

Hedge funds and other institutional investors have recently modified their holdings of the stock. Livelsberger Financial Advisory acquired a new stake in shares of Biogen in the fourth quarter worth $26,000. OFI Invest Asset Management acquired a new stake in Biogen during the third quarter worth $26,000. Gladius Capital Management LP acquired a new stake in Biogen during the third quarter worth $28,000. Hexagon Capital Partners LLC boosted its stake in Biogen by 76.1% during the fourth quarter. Hexagon Capital Partners LLC now owns 118 shares of the biotechnology company’s stock worth $31,000 after buying an additional 51 shares in the last quarter. Finally, KB Financial Partners LLC boosted its stake in Biogen by 105.1% during the third quarter. KB Financial Partners LLC now owns 121 shares of the biotechnology company’s stock worth $31,000 after buying an additional 62 shares in the last quarter. Institutional investors and hedge funds own 87.93% of the company’s stock.

About Biogen

Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases in the United States, Europe, Germany, Asia, and internationally. The company provides TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; ADUHELM to treat Alzheimer's disease; FUMADERM to treat plaque psoriasis; BENEPALI, an etanercept biosimilar referencing ENBREL; IMRALDI, an adalimumab biosimilar referencing HUMIRA; FLIXABI, an infliximab biosimilar referencing REMICADE; and BYOOVIZ, a ranibizumab biosimilar referencing LUCENTIS.