Biogen (NASDAQ:BIIB) Sees Large Volume Increase on Earnings Beat

Biogen Inc. (NASDAQ:BIIB) shares saw an uptick in trading volume on Wednesday following a better than expected earnings announcement. 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.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on BIIB shares. Robert W. Baird cut their price target 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. Barclays decreased their price target on shares of Biogen from $215.00 to $200.00 and set an “equal weight” rating on the stock in a research report on Thursday. Canaccord Genuity Group cut their price objective on Biogen from $310.00 to $305.00 and set a “buy” rating for the company in a research report on Tuesday, February 20th. Needham & Company LLC restated a “buy” rating and issued a $294.00 target price on shares of Biogen in a report on Wednesday. Finally, HC Wainwright reduced their target price on Biogen from $325.00 to $300.00 and set a “buy” rating for the company in a report on Thursday. Ten investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $293.88.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

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

Biogen Trading Up 0.2 %

The firm has a market cap of $29.43 billion, a P/E ratio of 25.28, a PEG ratio of 1.92 and a beta of -0.02. The company’s 50 day moving average is $212.76 and its two-hundred day moving average is $234.17. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.10 and a quick ratio of 1.26.

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.