Biogen (NASDAQ:BIIB) Sees Unusually-High Trading Volume on Better-Than-Expected Earnings

Biogen Inc. (NASDAQ:BIIB) saw unusually-strong trading volume on Wednesday following a stronger than expected earnings report. Approximately 904,201 shares changed hands during 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.

The biotechnology company reported $3.67 earnings per share for the quarter, topping analysts’ consensus estimates of $3.45 by $0.22. Biogen had a net margin of 12.07% and a return on equity of 14.83%. The company had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.31 billion. During the same period in the prior year, the business posted $3.40 earnings per share. Biogen’s revenue for the quarter was down 7.0% on a year-over-year basis.

Analysts Set New Price Targets

A number of brokerages recently commented on BIIB. Wedbush upped their target price on Biogen from $213.00 to $215.00 and gave the company a “neutral” rating in a report on Thursday. Canaccord Genuity Group dropped their target price on shares of Biogen from $310.00 to $305.00 and set a “buy” rating for the company in a research report on Tuesday, February 20th. Oppenheimer reduced their price target on shares of Biogen from $290.00 to $270.00 and set an “outperform” rating on the stock in a research report on Friday, April 19th. Robert W. Baird lowered their price objective on shares of Biogen from $333.00 to $316.00 and set an “outperform” rating for the company in a report on Wednesday, February 14th. Finally, Barclays decreased their target price on Biogen from $215.00 to $200.00 and set an “equal weight” rating for the company in a research report on Thursday. Ten analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $293.88.

Insider Buying and Selling at Biogen

In other news, insider Priya Singhal sold 419 shares of Biogen stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $239.45, for a total value of $100,329.55. Following the completion of the sale, the insider now directly owns 4,516 shares in the company, valued at $1,081,356.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Eric K. Rowinsky acquired 455 shares of Biogen stock in a transaction that occurred on Thursday, February 15th. The stock was 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 owns 20,629 shares in the company, valued at $4,590,777.66. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Priya Singhal sold 419 shares of the stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $239.45, for a total value of $100,329.55. Following the completion of the transaction, the insider now directly owns 4,516 shares in the company, valued at approximately $1,081,356.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 882 shares of company stock worth $202,030. Company insiders own 0.60% of the company’s stock.

Institutional Trading of Biogen

Large investors have recently added to or reduced their stakes in the business. ICICI Prudential Asset Management Co Ltd boosted its stake in shares of Biogen by 15.0% during the 4th quarter. ICICI Prudential Asset Management Co Ltd now owns 35,989 shares of the biotechnology company’s stock worth $9,313,000 after acquiring an additional 4,693 shares during the last quarter. Boone Capital Management LLC lifted its position in Biogen by 52.9% during the third quarter. Boone Capital Management LLC now owns 96,115 shares of the biotechnology company’s stock valued at $24,703,000 after purchasing an additional 33,238 shares in the last quarter. iA Global Asset Management Inc. grew its holdings in Biogen by 35.2% during the third quarter. iA Global Asset Management Inc. now owns 12,071 shares of the biotechnology company’s stock valued at $3,102,000 after purchasing an additional 3,145 shares during the period. Illinois Municipal Retirement Fund increased its position in Biogen by 13.8% in the third quarter. Illinois Municipal Retirement Fund now owns 68,391 shares of the biotechnology company’s stock worth $17,577,000 after buying an additional 8,291 shares in the last quarter. Finally, Dynamic Advisor Solutions LLC increased its position in Biogen by 6.2% in the fourth quarter. Dynamic Advisor Solutions LLC now owns 4,850 shares of the biotechnology company’s stock worth $1,251,000 after buying an additional 285 shares in the last quarter. 87.93% of the stock is currently owned by institutional investors.

Biogen Price Performance

The company has a quick ratio of 1.26, a current ratio of 2.10 and a debt-to-equity ratio of 0.41. The stock has a market cap of $29.43 billion, a P/E ratio of 25.28, a P/E/G ratio of 1.92 and a beta of -0.02. The firm has a 50 day moving average price of $212.76 and a 200 day moving average price of $234.17.

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.