Biogen Inc. (NASDAQ:BIIB – Get 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
Biogen (NASDAQ:BIIB – Get 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.
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.
- Get a free copy of the StockNews.com research report on Biogen (BIIB)
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