Biogen Inc. (NASDAQ:BIIB) Short Interest Update

Biogen Inc. (NASDAQ:BIIBGet Rating) was the target of a large decline in short interest in the month of July. As of July 15th, there was short interest totalling 2,090,000 shares, a decline of 17.1% from the June 30th total of 2,520,000 shares. Approximately 1.4% of the company’s shares are short sold. Based on an average daily volume of 1,120,000 shares, the days-to-cover ratio is presently 1.9 days.

Hedge Funds Weigh In On Biogen

Several institutional investors have recently made changes to their positions in BIIB. Norges Bank bought a new position in shares of Biogen in the 4th quarter worth approximately $373,125,000. Southeastern Asset Management Inc. TN bought a new position in shares of Biogen in the 4th quarter worth approximately $205,977,000. RA Capital Management L.P. bought a new position in shares of Biogen in the 1st quarter worth approximately $153,111,000. BlackRock Inc. increased its holdings in Biogen by 2.8% in the 1st quarter. BlackRock Inc. now owns 14,121,097 shares of the biotechnology company’s stock worth $2,973,904,000 after acquiring an additional 384,143 shares in the last quarter. Finally, Pacer Advisors Inc. increased its holdings in Biogen by 2,510.5% in the 1st quarter. Pacer Advisors Inc. now owns 324,148 shares of the biotechnology company’s stock worth $68,266,000 after acquiring an additional 311,731 shares in the last quarter. Institutional investors own 83.92% of the company’s stock.

Wall Street Analysts Forecast Growth

BIIB has been the topic of a number of research analyst reports. UBS Group reduced their price objective on shares of Biogen to $238.00 in a research report on Friday, July 22nd. SVB Leerink reduced their price objective on shares of Biogen from $300.00 to $270.00 and set an “outperform” rating on the stock in a research report on Thursday, April 21st. Cowen reduced their price objective on shares of Biogen from $285.00 to $270.00 in a research report on Thursday, July 21st. Morgan Stanley reduced their price objective on shares of Biogen from $330.00 to $283.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 12th. Finally, Wells Fargo & Company raised shares of Biogen from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $235.00 to $265.00 in a research report on Monday, April 18th. Thirteen research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $257.36.

Biogen Price Performance

BIIB opened at $209.15 on Wednesday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.68 and a current ratio of 1.94. The stock has a market capitalization of $30.35 billion, a P/E ratio of 14.92, a P/E/G ratio of 1.00 and a beta of 0.40. The company’s 50-day simple moving average is $207.37 and its two-hundred day simple moving average is $209.56. Biogen has a 52-week low of $187.16 and a 52-week high of $351.86.

Biogen (NASDAQ:BIIBGet Rating) last issued its quarterly earnings data on Wednesday, July 20th. The biotechnology company reported $5.25 earnings per share for the quarter, topping the consensus estimate of $4.09 by $1.16. Biogen had a net margin of 19.36% and a return on equity of 22.36%. The firm had revenue of $2.59 billion for the quarter, compared to analysts’ expectations of $2.48 billion. During the same quarter in the prior year, the business earned $5.68 EPS. The business’s quarterly revenue was down 6.7% on a year-over-year basis. As a group, analysts predict that Biogen will post 16.1 EPS for the current year.

About Biogen

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

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