Biogen (NASDAQ:BIIB) Sees Strong Trading Volume

Shares of Biogen Inc. (NASDAQ:BIIB) saw strong trading volume on Wednesday . 904,201 shares traded 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

Several equities analysts have recently commented on the company. Piper Sandler reduced their price objective on Biogen from $350.00 to $325.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 14th. BMO Capital Markets reduced their price objective on Biogen from $295.00 to $285.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 14th. JPMorgan Chase & Co. reduced their price objective on Biogen from $270.00 to $240.00 and set a “neutral” rating on the stock in a research report on Thursday, April 11th. Canaccord Genuity Group reduced their price target on Biogen from $310.00 to $305.00 and set a “buy” rating on the stock in a research report on Tuesday, February 20th. Finally, Wedbush reduced their price target on Biogen from $245.00 to $213.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 17th. Ten investment 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 stock presently has an average rating of “Moderate Buy” and an average target price of $295.35.

Biogen Stock Up 3.8 %

The stock has a 50 day simple moving average of $213.55 and a 200-day simple moving average of $234.62. The firm has a market cap of $29.14 billion, a PE ratio of 25.64, a PEG ratio of 1.85 and a beta of -0.02. 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 posted its earnings results on Tuesday, February 13th. The biotechnology company reported $2.95 EPS for the quarter, missing analysts’ consensus estimates of $3.18 by ($0.23). The business had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.47 billion. Biogen had a return on equity of 14.91% and a net margin of 11.81%. During the same period in the previous year, the business posted $4.05 EPS. Sell-side analysts predict that Biogen Inc. will post 15.48 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Priya Singhal sold 262 shares of Biogen stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $221.23, for a total value of $57,962.26. Following the completion of the sale, the insider now owns 4,886 shares of the company’s stock, valued at $1,080,929.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Priya Singhal sold 262 shares of Biogen 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 transaction, the insider now directly owns 4,886 shares in the company, valued at $1,080,929.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Eric K. Rowinsky bought 455 shares of the stock in a transaction that occurred 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 transaction, the director now directly owns 20,629 shares of the company’s stock, valued at approximately $4,590,777.66. The disclosure for this purchase can be found here. Insiders sold 882 shares of company stock valued at $202,030 over the last 90 days. Company insiders own 0.60% of the company’s stock.

Hedge Funds Weigh In On Biogen

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Simplicity Wealth LLC purchased a new position in shares of Biogen in the first quarter valued at about $445,000. Kirr Marbach & Co. LLC IN purchased a new stake in shares of Biogen in the first quarter worth about $4,797,000. Wesbanco Bank Inc. bought a new stake in Biogen during the first quarter worth approximately $321,000. Raymond James Financial Services Advisors Inc. increased its stake in Biogen by 0.5% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 14,898 shares of the biotechnology company’s stock worth $3,212,000 after acquiring an additional 80 shares during the last quarter. Finally, Rovin Capital UT ADV increased its stake in Biogen by 15.4% during the first quarter. Rovin Capital UT ADV now owns 2,380 shares of the biotechnology company’s stock worth $513,000 after acquiring an additional 318 shares during the last quarter. 87.93% of the stock is currently owned by hedge funds and other institutional investors.

Biogen Company Profile

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.