Biogen Inc. (NASDAQ:BIIB) Short Interest Update

Biogen Inc. (NASDAQ:BIIB) was the target of a significant decline in short interest in April. As of April 15th, there was short interest totalling 3,260,000 shares, a decline of 8.2% from the March 31st total of 3,550,000 shares. Approximately 2.3% of the company’s shares are sold short. Based on an average trading volume of 1,220,000 shares, the short-interest ratio is presently 2.7 days.

Biogen Trading Up 3.2 %

BIIB stock traded up $6.60 during mid-day trading on Monday, hitting $215.50. 2,055,986 shares of the company were exchanged, compared to its average volume of 1,215,861. The company has a quick ratio of 1.32, a current ratio of 2.10 and a debt-to-equity ratio of 0.41. The firm has a market capitalization of $31.38 billion, a P/E ratio of 27.06, a PEG ratio of 2.13 and a beta of -0.02. The business has a fifty day simple moving average of $212.55 and a 200-day simple moving average of $233.34. Biogen has a 12-month low of $189.44 and a 12-month high of $319.76.

Biogen (NASDAQ:BIIB) last announced its earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 earnings per share for the quarter, topping the consensus estimate 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 quarter last year, the firm posted $3.40 earnings per share. Biogen’s revenue was down 7.0% compared to the same quarter last year. On average, equities research analysts predict that Biogen will post 15.57 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on BIIB. Oppenheimer reaffirmed an “outperform” rating and issued a $270.00 price objective on shares of Biogen in a research report on Monday. StockNews.com cut shares of Biogen from a “buy” rating to a “hold” rating in a research note on Tuesday, February 20th. Piper Sandler cut their target price on shares of Biogen from $350.00 to $325.00 and set an “overweight” rating for the company in a report on Wednesday, February 14th. Needham & Company LLC reaffirmed a “buy” rating and set a $294.00 target price on shares of Biogen in a report on Wednesday, April 24th. Finally, BMO Capital Markets cut their target price on shares of Biogen from $295.00 to $285.00 and set an “outperform” rating for the company in a report on Wednesday, February 14th. Ten research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $293.88.

Insider Activity at Biogen

In related news, insider Priya Singhal sold 419 shares of the business’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $239.45, for a total transaction of $100,329.55. Following the sale, the insider now owns 4,516 shares of the company’s stock, valued at $1,081,356.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Biogen news, Director Eric K. Rowinsky bought 455 shares of Biogen stock in a transaction on Thursday, February 15th. The stock was acquired at an average cost of $222.54 per share, with a total value of $101,255.70. Following the completion of the acquisition, the director now owns 20,629 shares in the company, valued at $4,590,777.66. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Priya Singhal sold 419 shares of the stock in a transaction on Monday, February 12th. The stock was sold at an average price of $239.45, for a total transaction of $100,329.55. Following the completion of the sale, the insider now directly owns 4,516 shares of the company’s stock, valued at $1,081,356.20. The disclosure for this sale can be found here. Insiders have sold a total of 882 shares of company stock worth $202,030 over the last quarter. Corporate insiders own 0.60% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. OFI Invest Asset Management acquired a new stake in Biogen in the third quarter valued at approximately $26,000. Livelsberger Financial Advisory acquired a new stake in Biogen in the fourth quarter valued at approximately $26,000. Rise Advisors LLC acquired a new stake in Biogen in the first quarter valued at approximately $27,000. Gladius Capital Management LP acquired a new stake in Biogen during the third quarter worth approximately $28,000. Finally, KB Financial Partners LLC raised its holdings 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 purchasing an additional 62 shares in the last quarter. Hedge funds and other institutional investors 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.