Short Interest in Biogen Inc (NASDAQ:BIIB) Increases By 39.1%

Biogen Inc (NASDAQ:BIIB) was the recipient of a large increase in short interest in August. As of August 31st, there was short interest totalling 3,310,000 shares, an increase of 39.1% from the August 15th total of 2,380,000 shares. Based on an average daily volume of 1,500,000 shares, the short-interest ratio is presently 2.2 days. Approximately 2.1% of the company’s stock are short sold.

BIIB stock opened at $276.39 on Thursday. The company has a quick ratio of 2.19, a current ratio of 2.46 and a debt-to-equity ratio of 0.66. The firm’s 50-day simple moving average is $281.37 and its 200 day simple moving average is $292.68. The stock has a market cap of $43.76 billion, a PE ratio of 8.10, a price-to-earnings-growth ratio of 0.79 and a beta of 0.55. Biogen has a fifty-two week low of $219.70 and a fifty-two week high of $374.99.

Biogen (NASDAQ:BIIB) last announced its quarterly earnings results on Wednesday, July 22nd. The biotechnology company reported $10.26 EPS for the quarter, beating the consensus estimate of $8.03 by $2.23. The company had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.44 billion. Biogen had a net margin of 40.91% and a return on equity of 50.10%. During the same quarter last year, the business earned $9.15 earnings per share. Equities analysts forecast that Biogen will post 35.4 EPS for the current fiscal year.

A number of institutional investors have recently made changes to their positions in BIIB. First Manhattan Co. lifted its holdings in Biogen by 54.2% in the first quarter. First Manhattan Co. now owns 185 shares of the biotechnology company’s stock worth $58,000 after purchasing an additional 65 shares during the period. Buckingham Asset Management LLC lifted its stake in shares of Biogen by 3.9% in the 1st quarter. Buckingham Asset Management LLC now owns 875 shares of the biotechnology company’s stock worth $277,000 after acquiring an additional 33 shares during the period. Bartlett & Co. LLC bought a new position in shares of Biogen in the first quarter valued at approximately $80,000. JGP Global Gestao de Recursos Ltda. acquired a new position in shares of Biogen during the first quarter valued at approximately $231,000. Finally, Oppenheimer Asset Management Inc. raised its holdings in Biogen by 8.5% during the first quarter. Oppenheimer Asset Management Inc. now owns 33,458 shares of the biotechnology company’s stock worth $10,586,000 after purchasing an additional 2,623 shares in the last quarter. 83.74% of the stock is currently owned by hedge funds and other institutional investors.

Several brokerages have recently weighed in on BIIB. Oppenheimer raised their target price on Biogen from $325.00 to $360.00 and gave the company an “outperform” rating in a research note on Friday, August 7th. Mizuho restated a “hold” rating and set a $316.00 target price on shares of Biogen in a research note on Wednesday, July 22nd. Sanford C. Bernstein downgraded Biogen from an “outperform” rating to a “market perform” rating and lowered their target price for the company from $360.00 to $297.00 in a research note on Tuesday, June 9th. Piper Sandler lowered their target price on Biogen from $307.00 to $260.00 and set a “neutral” rating for the company in a research note on Friday, June 19th. Finally, BidaskClub downgraded Biogen from a “sell” rating to a “strong sell” rating in a research note on Thursday, June 11th. Six analysts have rated the stock with a sell rating, sixteen have issued a hold rating and eleven have given a buy rating to the stock. Biogen presently has a consensus rating of “Hold” and an average target price of $310.36.

About Biogen

Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases worldwide. The company offers TECFIDERA, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for the treatment of multiple sclerosis (MS); SPINRAZA for the treatment of spinal muscular atrophy; and FUMADERM for the treatment of plaque psoriasis.

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