Biogen (NASDAQ:BIIB) Sees Unusually-High Trading Volume on Earnings Beat

Biogen Inc. (NASDAQ:BIIB) shares saw strong 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, 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 firm had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.31 billion. During the same period last year, the firm posted $3.40 earnings per share. The business’s revenue was down 7.0% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Canaccord Genuity Group dropped their target price on Biogen from $310.00 to $305.00 and set a “buy” rating for the company in a report on Tuesday, February 20th. HC Wainwright decreased their target price on shares of Biogen from $325.00 to $300.00 and set a “buy” rating on the stock in a research note on Thursday. Bank of America cut their price target on shares of Biogen from $280.00 to $260.00 and set a “neutral” rating on the stock in a report on Friday, April 12th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $364.00 price objective on shares of Biogen in a research note on Tuesday, March 5th. Finally, StockNews.com cut Biogen from a “buy” rating to a “hold” rating in a research note on Tuesday, February 20th. Ten research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $293.88.

Insider Activity

In related news, insider Priya Singhal sold 419 shares of the company’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $239.45, for a total value of $100,329.55. Following the transaction, the insider now owns 4,516 shares in the company, valued at approximately $1,081,356.20. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, insider Priya Singhal sold 419 shares of the business’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $239.45, for a total value of $100,329.55. Following the completion of the transaction, the insider now directly owns 4,516 shares in the company, valued at approximately $1,081,356.20. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Eric K. Rowinsky acquired 455 shares of the stock in a transaction that occurred on Thursday, February 15th. The stock was acquired at an average cost of $222.54 per share, for a total transaction of $101,255.70. Following the completion of the transaction, the director now directly owns 20,629 shares in the company, valued at approximately $4,590,777.66. The disclosure for this purchase can be found here. Insiders sold 882 shares of company stock worth $202,030 over the last three months. 0.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Biogen

Institutional investors have recently modified their holdings of the business. AE Wealth Management LLC grew its stake in shares of Biogen by 31.4% in the third quarter. AE Wealth Management LLC now owns 1,666 shares of the biotechnology company’s stock worth $428,000 after acquiring an additional 398 shares during the period. Impact Partnership Wealth LLC grew its position in Biogen by 3,433.3% in the 3rd quarter. Impact Partnership Wealth LLC now owns 212 shares of the biotechnology company’s stock worth $54,000 after purchasing an additional 206 shares during the period. DAVENPORT & Co LLC raised its stake in Biogen by 28.5% during the 3rd quarter. DAVENPORT & Co LLC now owns 1,360 shares of the biotechnology company’s stock valued at $350,000 after buying an additional 302 shares during the last quarter. GHP Investment Advisors Inc. lifted its holdings in shares of Biogen by 5.5% during the 3rd quarter. GHP Investment Advisors Inc. now owns 2,894 shares of the biotechnology company’s stock valued at $759,000 after buying an additional 150 shares during the period. Finally, Czech National Bank boosted its stake in shares of Biogen by 47.7% in the 3rd quarter. Czech National Bank now owns 25,312 shares of the biotechnology company’s stock worth $6,505,000 after buying an additional 8,178 shares during the last quarter. 87.93% of the stock is owned by hedge funds and other institutional investors.

Biogen Stock Up 0.2 %

The company has a market cap of $29.43 billion, a P/E ratio of 25.28, a price-to-earnings-growth ratio of 1.92 and a beta of -0.02. The company has a quick ratio of 1.26, a current ratio of 2.10 and a debt-to-equity ratio of 0.41. The company has a fifty day moving average of $212.76 and a 200 day moving average of $234.17.

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.